Challenges and Solutions in Running an Innovation Center at University With a Case Study in FIIS-FTU Innovation and Incubation Space at Foreign Trade

Abstract

University-based innovation centers play a pivotal role in fostering entrepreneurship, research, and technological advancements, not only benefiting the institutions themselves but also empowering their students. Despite their potential, these centers encounter unique challenges that demand innovative solutions for sustained success. This comprehensive chapter thoroughly examines the multifaceted challenges faced by university-based innovation centers and strategically presents effective solutions to overcome them. The focal point of this chapter is a case study of the university innovation landscape in Vietnam, with a particular emphasis on the FIIS (FTU Innovation and Incubation Space) at Foreign Trade University in Hanoi. By delving into the specific experiences and outcomes of this innovation center, the chapter provides a rich context for understanding the dynamics of university-based innovation in a real-world setting. The analysis of challenges includes the delicate balance between academic goals and commercial outcomes, fostering active engagement from faculty and students, navigating the complexities of intellectual property management, and bridging the industry-academia gap, drawing insights from the FIIS - FTU Innovation and Incubation Space as a reference point. The latter part of the chapter transitions into offering actionable insights and best practices derived from the experiences of running a successful innovation center within a university environment.