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Science parks are business clusters situated in a particular geographical location, originally conceptualized by local universities, local government and businesses. In recent times, science park stakeholders and tenants are starting to pursue social value and even how to manage. This study aims to clarify the understanding of social value in an innovation ecosystem.

This study combines existing literature studies and concepts, observations in a real-life innovation ecosystem – a Bioscience Park – and interviews of key personnel managing the science park.

Science Park Social Value (SPSV) is a value resulting from interaction among groups and not just the pursuit of a single firm-level goal. SPSV emanates from the firms within the science park in reaction to the demands of the actors or entities within and outside the innovation ecosystem of the science park: internal operations, external stakeholders and infexternal or broader societal impact. In addition to this, the author has conceptualized a framework for social value of an innovation ecosystem, which will require further research.

This paper creates a link between concepts about social value, innovation ecosystem (e.g. science park) and stakeholder theory.

SPSV will be useful for science park orchestrators or managers to manage expectations of social and non-social actors.

Social value of a science park will bring a new light on the stigma that science parks are only money-making ventures and are not in touch with social issues.

This study theorized and researched previously unrelated concepts.