The working paper released by the National Bureau of Economic Research argues that a strong university research component is critical to local tech-based economic development. Spillovers from university patenting also was found to be more localized than industrial patenting. The paper also suggests spillover from new products, although weaker than patent spillovers, are still more localized for universities than industrial product development.
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Available for purchase at: http://www.nber.org/papers/w8292