A research park, science park, or science and technology park is an area with a collection of buildings dedicated to scientific research on a business footing. There are many approximate synonyms for "science park", including research park, technology park, technopolis and biomedical park. The appropriate term typically depends on the type of science and research in which the park's entities engage. Often, science parks are associated with or operated by institutions of higher education (colleges and universities).
These parks differ from typical high-technology business districts in that science parks and the like are more organized, planned, and managed. They differ from science centres in being concerned with future developments in science and technology. Typically businesses and organizations in the parks focus on product advancement and innovation as opposed to industrial parks that focus on manufacturing and business parks that focus on administration.
Besides building area, these parks offer a number of shared resources, such as uninterruptible power supply, telecommunications hubs, reception and security, management offices, restaurants, bank offices, convention center, parking, internal transportation, entertainment and sports facilities, etc. In this way, the park offers considerable advantages to hosted companies, by reducing overhead costs with these facilities.
Science and technology parks are encouraged by local government, in order to attract new companies to towns, and to expand their tax base and employment opportunities to citizens. Land and other taxes are usually waived or reduced along a number of years, in order to attract new companies for the science and technological parks.
Read more about Science Park: History, Examples, Management
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