DIT, Fraunhofer announce the set up of intellectual capital framework

The agreement signed by Mr. Hamad Al Hashemi, Managing Director, Dubai Institute of Technology and Prof. Dr.-Ing. Kai Mertins, Director at Fraunhofer IPK, will accelerate the progress of knowledge creation in the Middle East.

Intellectual Capital (IC) collectively refers to all resources that determine the value and the competitiveness of an enterprise. IC comprises three key elements, Human Capital, Structural Capital as well as Relational Capital.

Hamad Al Hashemi said:

"Today, more than three-fourths of economic value creation is based on intellectual resources. Companies need to effectively measure and employ their resources for better value creation. As technology continues to transform the workplace and markets, Intellectual Capital and its successful management become increasingly important to foster innovation and economic development in the region. The partnership with a widely respected research organisation like Fraunhofer shows our commitment on excellence in all areas of DIT's development."

Prof. Dr. Ing. Kai Mertins said: "Capability building in cross-cutting issues like applied research and innovation management is the pathway to establishing knowledge economies. With this initiative and others, DIT will become the driving force of R&D driven development in the region."

DIT and Fraunhofer are also collaborating on other key elements of DIT, including setting up of two core elements of DIT's development plan - the Dubai Institute of Sustainability and the University Programme that will have five faculties, offering Bachelors, Masters and PhD courses.

Designing a business incubation programme to help entrepreneurial companies and the development of a support programme for Small and Medium Enterprises (SMEs) is in the works.

The two sides will also work on the development of the Network of Excellence - aimed at strengthening scientific and technological excellence in specific subject areas and a legal framework for public research institutes in Dubai on Intellectual Property Rights issues.

The development of a framework for the DIT Science Museum, a globally attractive permanent technological scientific exhibition centre, is also among the initiatives planned.

DIT, ultimately, will offer a full fledged innovation ecosystem in one place that includes businesses as well as research and learning centres.