what is the triple helix portal model of innovations

The triple helix model of innovation refers to constant interactions between academia, industry and governments to foster economic and social development. The model emphasizes on boosting innovation for a development. It describes the role of university to join hands with industry and government. It explains social formats for the production, transfer and application of knowledge. Triple Helix covers the creative destruction – a concept coined by Joseph Schumpeter in 1942 which describes that new innovations kill the older ones. Innovation arises within each of the three spheres – university, industry and government.