Fostering Innovation and Micro, Small and Medium Enterprise Development in the Philippines through Agri-Aqua Technology Business Incubators
Abstract
Innovation and technology are recognized as fundamental drivers of economic growth. In the Philippines, promoting innovation is seen as a key strategy to recover from the pandemic, accelerate its growth, and achieve high-income status by 2040. Universities, as sources of knowledge and centers of innovation, contribute directly to national economic development through the incubation of startup firms, commercialization, and technology transfer mechanisms. Research and development experts from these Universities generate new knowledge and commercially viable technologies that could be transferred to develop more micro, small and medium enterprises, which could significantly increase job and wealth creation. Government support mechanisms include the establishment of Technology Business Incubators (TBIs) to bridge the gap between knowledge creation and markets. TBIs actively support the process of the creation of startups or new companies through technology transfer. This presentation describes the relevance and engagement of university-led TBIs in the Philippines. Agri-Aqua TBIs funded by the Department of Science and Technology are potentially tapped as engines and accelerators of commercialization of research outcomes of selected State Universities in the Philippines. It is recommended that innovative technologies in the agriculture and aquaculture sector be strengthened and sustainably developed to achieve the long-term goals of innovation, technological advancement and sustainable growth of the country.
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