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Complete 9 pages APA formatted article: Discuss the role of university research in innovation in the knowledge economy.
Complete 9 pages APA formatted article: Discuss the role of university research in innovation in the knowledge economy. Basic research is a study aimed at greater understanding of the phenomenon under study. The main objective of applied research is to answer and address real-world challenges. It includes systematic analysis of practical part of science. It deals with practical challenges and uses experimental methodologies to solve them. Research and innovation is linked to social and economic development of a country. In Europe, most projects contribute to minimizing regional disparities by improving innovation and research potential. Research has been growing since the end of Second World War. Most firms participate in applied research because it can be marketed easily. Most industries can collaborate with universities specialized in applied technology. Mechanism of Research Governments have made policies to structure innovations and research in the universities. They ensure that there is a return on public investments in terms of social prosperity and economic growth (Rothaermel &. David 2008, p.17). The role of different actors in the field, their abilities to conduct the research currently are on transnational research networks. Information on research and innovation is necessary for policymakers so that they may be able to see how they can help the universities to promote their innovation and research in the market.