Abstract

The importance of research and development (R&D) Eco-System for socio-economic, scientific and technological developmental continuum is apparent. The R&D and technology transfer Eco-System itself is made-up of knowledge creation and innovation and knowledge application, and commercialization dynamics. This process is vital for enhancing sustainable economic development at mega, macro, mezzo and micro levels of the national software and hardware economic power structures. The relevance of basic research at both developed and emerging nations can be made clearer if one considers how the created knowledge complements the application, commercialization of knowledge for productive use and successful value creating innovation. If the created knowledge is not applied, commercialized and transferred to the needy producers and value conscious consumers, the socioeconomic returns cannot be achieved as desired. Furthermore, the developmental continuum can be negatively impacted (Kumpe & Bolwijn,1994).

Aspired achievements can be expressed in terms of means and practical initiatives that are vital for the alleviation of poverty, higher wealth creation and the advancement of knowledge based society in all developmental stages. In sum, the acquisition and diffusion of knowledge has a mandate of creating suitable conditions for practical achievements in building solid foundations of broadly outreached innovation and entrepreneurial led economic development (Kumpe, 1994;  Schumpeter, J. A. (2000)). The end result is ostensible: nations can develop faster and achieve competitive advantage in the vital developmental dimensions.

The Commonwealth of Pennsylvania (PENN) is highly endowed State with the abundance of physical/natural, human, scientific and technological, financial, informational and entrepreneurial resources and capabilities.  This is true at all levels of the social strata including at the grassroots and all the way up to the intellectual and scientific community. This immense potential should be realized with the entrepreneurial spirit, innovation and dedication of the population at large. Towards these endeavors, entrepreneurs in the State have a noble role in placing themselves at a center stage. They can do this by actively involved in the process of converting created knowledge and innovation into developmental driving forces for the further advancement of the state economy and through that for contributing to the national economic development.

This paper therefore aims to engage in an inquiry research focused on: what should be done to enhance the role of PENN entrepreneurs in the knowledge creation and application process for enhancing developmental continuum? The paper will also focus on providing helpful recommendations and strategies that are centered on establishing a framework expressing how PENN entrepreneurs can coordinate their contributions with the activities of other major stakeholders in the scene. The paper is conceptual and mainly deals with the following: (a) conceptual discussion on the KNOW-HOW and KNOW-WHAT of the knowledge creation, application, commercialization and transfer process; (b) critical discourse on the raised issues focused on: how the knowledge creation and application process can be reviewed in multidimensional attributes and from the objective reality on the ground; (c) formulation of a framework intended for helping how to successfully engage with this important knowledge creation and application complementarity process for fostering economic development of Pennsylvania and of the nation in general; (d) to provide helpful recommendations and conclusion

Selected Reference

Braunerhjelm, P., Acs, Z. J., Audretsch, D. B., & Carlsson, B. (2010). The missing link: knowledge diffusion and entrepreneurship in endogenous growth. Small Business Economics, 34(2), 105-125.

Kumpe, T., & Bolwijn, P. T. (1994). Toward the innovative firm-challenge for R&D management. Research-Technology Management, 37(1), 38.