Technology parks (sometimes referred to as science parks) are open spaces that serve as business incubators for startups that are usually affiliated with a university. Technology parks have become the next frontier in the field of IT, and for the right reasons. These spaces have launched countless tech startups all over the world.
Like all public parks, technology parks must comply with basic infrastructure requirements such as clean facilities and ample working space. However, tech parks are also equipped with the latest technology and telecommunication facilities that make it easy to establish and manage a business. The purpose of these parks is to provide a place where innovative businesses could develop and prosper.
The main objective of technology parks is to support the creation and development of knowledge-based enterprises. The range of services offered by the parks is closely linked to the functions that they have to fulfill. The benefits of the technology parks are not limited to enterprises and tenants of the parks, but also for companies outside the parks. Here are the top 3 benefits of technology parks:
Boost in Economy
Most technology parks provide ample space for business development. Governments all over the world often invest in technology parks to boost their regional and national economies. For instance, Singapore invested more than $7 billion to develop the one-north technology park in response to the various overseas threats its manufacturing industries faced in the 90s. Today, a technology park contributes more than $3 billion to Singapore’s economy.
Technology parks house all types of companies, from emerging startups to established multinational organizations. Since most of the corporations in a technology park are IT-based companies, the park contains tons of sensitive data. To prevent data theft and vandalism, technology parks are equipped with state-of-the-art security features. From surveillance cameras to a network of security guards, these parks have several measures in place to reduce the likelihood of criminal activities.
Unlike office buildings, technology parks are large outdoor spaces that facilitate business growth and expansion. These parks contain adequate office space, fully-equipped laboratories, proper storage and warehouse facilities, and high-quality conference rooms and meeting centers. Today, most technology parks all over the world have gyms, shopping centers, restaurants, and nurseries. At the very basic, a tech park has proper office space and parking. Once a tech park grows in size, the government can even add more amenities along the way.