The Innovation Diplomacy Concept and the Hellenic-American Innovation Bridge as a Special Case-in-Point

Abstract

Developed and developing economies alike face increased resource scarcity and competitive rivalry. Science and technology increasingly appear as a main source of competitive and sustainable advantage for nations and regions alike. However, the key determinant of their efficacy is the quality and quantity of entrepreneurship-enabled innovation that unlocks and captures the pecuniary benefits of the science enterprise in the form of private, public, or hybrid goods. In this context, linking university basic and applied research with the market, via technology transfer and commercialization mechanisms including government-university-industry partnerships and risk capital investments, constitutes the essential trigger mechanism and driving device for sustainable competitive advantage and prosperity. In short, university researchers properly informed, empowered, and supported are bound to emerge as the architects of a prosperity that is founded on a solid foundation of scientific and technological knowledge, experience, and expertise and not in fleeting and conjectural " financial engineering" schemes. Building on these constituent elements of technology transfer and commercialization, Innovation Diplomacy encompasses the concept and practice of bridging distance and other divides (cultural, socio-economic, technological, etc.) with focused and properly targeted initiatives to connect ideas and solutions with markets and investors ready to appreciate them and nurture them to their full potential. © 2011 Springer Science+Business Media, LLC.