Top 8 Benefits of Technology Parks

Technology ParkTechnology parks (also called science parks or technopoles) are open spaces that serve as business incubators for startups that are affiliated with a university.

Ever since the first technology park was created near Stanford University in the 1950s, these spaces have launched countless tech startups all over the world.

Technology parks have become the next frontier in the field of IT, and for the right reasons.

If you’re planning to launch a tech-based startup soon, here are eight reasons to choose a technology park as your initial base of operations.

1.     Boost Economy

Governments all over the world often invest in technology parks to boost their regional and national economies. For instance, Singapore invested more than $7 billion to develop the one-north technology park in order to respond to the various overseas threats its manufacturing industries faced in the 90s. Similarly, the Riyadh Techno Valley (RTV) initiative is aimed to promote greater collaboration between private and public sectors and facilitate startups in the Kingdom of Saudi Arabia.

2.     Provide Abundant Space for Growth

Unlike office buildings, technology parks are large outdoor spaces that facilitate business growth and expansion. These parks contain adequate office space, fully-equipped laboratories, proper storage and warehouse facilities, and high-quality conference rooms and meeting centers. Since most startups have limited funds and high preliminary expenses, they can benefit from these facilities.

3.     Encourage Business Development

As startups grow, they often require bigger offices and more facilities. Most technology parks provide ample space for business development.

Take the case of University of Arizona Science and Technology Park. During the first few years of its operations, the park was able to accommodate two companies with more than 700 employees. Today, the park houses more than 40 companies and supports over 7000 employees. The park spreads over an area of 1300 acres of land and nearly 2 million square feet of office, production, and research space. The technology park also contributes more than $3 billion toward the economy.

4.     Facilitate Training Sessions

Technology parks offer access to a wide variety of education and training resources. For instance, the University of Arizona Science and Technology Park is one of the first tech parks in the United States that houses a high school. The students at this school have greatly benefitted from the vast technical training opportunities offered at the UA Tech Park.

5.     Include the Latest Technology

Like all public parks, technology parks must comply with basic infrastructure requirements such as clean bathrooms and ample walking space. However, tech parks are also equipped with high-speed broadband internet and telecommunication facilities that make it easy to establish and manage a business.

Technology parks are primarily located in certain places that have been designated as IT hubs by the government. For instance, the Kista Science City is the largest information and communications technology center in Europe. It is located in Stockholm (Sweden), about 15 minutes away from the Arlanda airport and Stockholm city center.

At present, Sweden’s largest company Ericsson is headquartered in this park. Other businesses that operate from within the Kista Science City include Miscrosoft, Sun, and IBM. The entire park complex is equipped with broadband internet and several other amenities.

6.     Come with a Range of Amenities

When technology parks were initially introduced in the 50s, they were designed as business incubators. The purpose of these parks was to provide a place where innovative businesses could develop and prosper. The earliest tech parks were built around university campuses, since most of the startups were funded by the universities.

However, technology parks have now grown in size and complexity. Some of the largest tech parks in the world have housing facilities that can accommodate thousands of people at once. The influx of employees and their families to these parks has created “smart cities.”

Today, technology parks all over the world have gyms, shopping centers, restaurants, and nurseries. At the very basic, a tech park has proper office space and parking. Once a tech park grows in size, the government can add more amenities along the way.

7.     Promote Rest & Recreation

Over the past few years, corporations all over the world have been investing in their employees’ health and wellbeing. From increasing paid leaves to reducing working hours, there are several ways companies are contributing toward employee welfare.

Working at a tech park has its perks. The park typically spreads over a large and green area. When tired from their work, employees can simply head out and enjoy a refreshing stroll across the park.

Technology parks are also equipped with gyms, and these fitness centers are usually free of charge. If your startup is located in a technology park, you can easily hit the gym after a long and tiring day. You may not have to pay any charges.

8.     Equipped with Various Security Features

Technology parks house all types of companies, from emerging startups to established multinational organizations. Since most of the corporations in a technology park are IT-based companies, the park contains tons of sensitive data.

To prevent data theft and vandalism, technology parks are equipped with state-of-the-art security features. From surveillance cameras to a network of security guards, these parks have several measures in place to reduce the likelihood of criminal activities.

A good example of a secure technology park is the Studsvik Tech Park in Sweden. The park is heavily guarded by a team of security professionals who work 24/7 all-year round. The area is surrounded by a deep-water harbor that can easily receive ships. However, all ships and shipments leaving and entering the park must have the highest security specifications.

Setting up a company in a technology park isn’t enough. To make your business grow, you’ll need to streamline various businesses processes by investing in IT tools and technologies. If you require customized and high-quality IT solutions, call one of our experts today!

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