Islamic countries are entering a new phase of economic development with emphasis on the crucial role of the private sector and its potential impact on different branches of economy. Thus, they are urging their private sector to invest in technology in order to maintain their industrial or economic competitiveness relative to the industrialized countries.

Techonomics approach – which incorporates technology as a core driver of economic changes, and redefines the tools and strategies that can be adopted by firms, industries, or regions to improve competitive advantage and build success – could be considered as an ideal system for linking universities with the private sector.

The QWP will establish a mechanism for screening science and technology information to help universities to cooperate with the private sector for presenting models for scientific creative ideas that could be transformed into products and processes as well as setting up commercially viable science-based enterprises. This could help in creating employment and reducing poverty in IDB rural community as well as promoting knowledge-based economy in high and medium income IDB countries.

The QWP could use COMSTECH##$$s programme entitled (the Virtual Incubator for Science-based Business "VISB" as a model to promote links between selected  universities and private sector in the fields of agriculture, nanotechnology and information & communication technologies.