Developed economies have been setting up projects to plan and build science parks since 1970s (Kim and Jung 2010; Hu et al. 2013; Yun and Lee 2013). They realized the primordial importance of innovation after the oil crisis of 1970 and science parks emerged as viable instruments for its implementation (Kim and Jung 2010; Salvador and Rolfo 2011; McCorkle 2012). These parks proved beneficial not only for economies but also facilitated innovation at local and international levels (Fukugawa 2006; Kim and Jung 2010; Wonglimpiyarat 2010; Yun and Lee 2013). Consequently, the following quarter century saw a myriad of science parks emerging within the globe. According to United Nations Educational, Scientific, and Cultural Organization (UNESCO), there are over 400 science parks worldwide and their number is still increasing. The United States of America leads with more than 150 science parks and Japan comes next with 111 science parks. China began developing science parks in the mid-1980s and now has around a 100. This proliferation reflects the recognition of science parks globally and indicates that future economic growth and competitiveness lies in instituting a robust innovation driven economy through science parks (Oh and phillips 2014). The relatively developing countries have seen a very high transmission of science parks in the last decade (Sun 2011; Fikirkoca and Saritas 2012; Zhang and Wu 2012; Yun and Lee 2013; Jongwanich et al. 2014). Incorporation of science parks by India, Iran, Egypt, Morocco, Tunisia, and many more has resulted in fostering regional innovation and economic development, which subsequently created several thousand new jobs, R&D opportunities, entrepreneurship, and emergence of small and medium enterprise (SME) with increased role of information and communication technologies (ICT). Egypt’s science and technology venture known as Smart Villages opened in 2003. It gave a 14.6 percent boost to the ICT sector in 2009 and heavily contributed in sustaining Egyptian economic growth in the *Correspondence to : Muhammad Umer Wasim Policy and Research Analyst, Global Think Tank Network (GTTN), National University of Sciences and Technology (NUST), Islamabad, Pakistan E-mail : umer.wasim@nust.edu.pk