PPPs typically involve a formal agreement outlining the roles, responsibilities, and contributions of each party. Key components include:
1. Funding: Governments may provide grants or subsidies, while private companies might offer direct investment or in-kind contributions such as equipment or facilities. 2. Research and Development: Academic institutions often lead fundamental research, while private companies focus on applied research and commercialization. 3. Intellectual Property: Agreements must address the ownership and management of intellectual property (IP) generated through the partnership. 4. Regulatory and Compliance: Government agencies can assist in ensuring that new technologies comply with regulatory standards and guidelines.
