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What are the conditions for success of University Research Park andwhat should the Korean government and universities have to do for meeting theconditions? We found out the factors that impact on the success of UniversityResearch Park through literature review and, applied them for University of Illi-nois. Previous researches emphasized on university policies, intellectual emi-nence, characteristics of research, venture capital as the critical factors for suc-cess of University Research Park. As a promising case, University ResearchPark of Illinois has the favorable environments except for external venture capi-tal. Although none could surely assert that University Research Park of Illinoiswill follow the previous success stories of Silicon Valley, Research Triangle,and Route 128, we could say that it has good conditions, and high possibilitiesfor success. We analyzed critical success factors of University of Illinois com-pared with Stanford University, and drew some policy implications for improv-ing Korean University Research Park: Government had better allocate moremoney in promoting excellent University Research Park, and universitiesrearrange university-industry collaboration polices such as incubator and licens-ing share, and foster supporting organization and internal venture capital.