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…. Government support is not enough in most institutions. In most cases, universities collaborate with industries in conducting research. Universities have people, units, and functions, which are involved in partnership actions that have an effect on technological and economic development. They do this by licensing and spin-offs. Universities differ in the way they organize their programs or activities so as to foster innovation. Research institutions, majorly in the United States, are more concerned about their societies in the recent past. This is because they represent the inner resources of knowledge in those societies. Competency of individuals, knowledge and skills and their application has improved significantly in the economy where these individuals work. Most countries focus on the development, application, preservation, and discovery of all forms of knowledge and skills. These are the humanistic, scientific, and social knowledge. They therefore assist publicly and privately funded universities. The institutions then appreciate these contributions by appropriately contributing to the development in economy. They enhance knowledge linking activities, which improve technology commercialization, enhance workers’ competency, and assist community and organizational change and increase competency of professionals (Chen, K Kenney, M 2007, p 1056). They also provide social, economic, and cultural organizational analyses to train and educate individuals and to bring individuals and groups concerned about rational, informed discourse on matters of common concern (Gebauer et al 2005, p.650). The capabilities of these universities are vest in many places, not only schools of business and