Software Technology Park (STP) is a niche area or facility designated for propagation of software and information technology (IT) sector with specialized infrastructure, support and service. The reason behind these parks is to support a position that gives the environment to develop software, improve research, and technology invention. Governments or private groups that are often formed with an aim of strengthening the distribution of software industry, foreign trade growth, creating job opportunities, etc.
Key Features of Software Technology Parks
1.Infrastructure and Facilities:
a) High-speed Internet: A review might reveal that most of the STPs should provide dependable and fast internet connection that is vital in software development
.
b) Office Spaces: These parks provide turnkey ready office space, laboratory and coworking spaces fitted with current technologies and everyday necessities.
c) Power Supply: Main electrical supply system as well as back up systems (generator and UPS) helps in maintaining the flow of operations without disturbances.
2.Tax Incentives and Government Support:
1.A good number of STPs, especially in the developing world notably India, provided certain tax incentives for organizations that establish setup within the park. Such incentives can be as follows; Tax credit on income tax, and customs and excise duties on equipment for the development of software.
2.Software parks are funded by government agencies/development authorities as these come with financial assistance in the form of soft loans, grants and subsidies to encourage existing firms especially start-ups to establish their software technology parks.
3.Business Incubation and Support for Startups:
Incubation programs are also common in STPs, which will typically support new generation technology innovators with things like venture capital and advice.
Special advantages are in efficient utility of subsidiaries, access to experienced consultants and the ability to cooperate with other businesses in the park.
4.Research and Development (R&D) Facilities:
Offering support in a variety of ways, R&D is another important resource offered by many parks; these establishments provide laboratory space, and other basic infrastructures that are necessary for perfecting new software products, product prototypes, and solutions.These parks, relations between different tech companies, as well as with research institutions and universities, are often prompted as a key to creativity.
5.Networking and Collaboration Opportunities:
As many software companies are located in one building, STPs promote cooperation, exchange of information and contacts.
These parks provide facilities where the industry events, seminars and workshops are conducted so that the employees and the wannabes are aware with the various trends and the technologies.
6.Security and Accessibility:
STPs supplement other security attributes such as; surveillance, access, physical security for intellectual property & business data of an organization.
A location must be accessible by the transport networks such as roads, rail or air thus the parks are always located at strategic positions in relation to transport networks.