This book illustrates that, although innovation has always mattered in economic development, simply increasing expenditure in creating knowledge may not be the answer: we need to look at the whole system through which such knowledge translates to value creation.

Increasingly universities are seen to be one of the key actors in national innovation systems (Bessant & Venables,2008; Cosh, Lester, & Hughes, 2006; Etzkowitz, Webster, Gebhardt, & Terra, 2000; Lundvall, Johnson, Andersen, &Dalum, 2002). Firms reach out to universities as a source of knowledge and support...