driving the next generation of economic development research education outreach economic engagement
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Driving the Next Generation of Economic Development
ResearchEducationOutreach
Economic Engagement
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Science, Technology, and Economic Growth
“Prospects for economic growth now depend importantly on a country's capacity to develop and apply new technologies.”
“Leadership of state policymakers will be a key element in promoting an environment in which states can join with others in business, labor and education to realize the potential that technological change has for bringing substantial and lasting benefits to our economy.”
- Alan GreenspanChairman of theFederal Reserve Board
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PrivateInvestment
Science Research
TechnologicalAdvance
ProductivityGrowth
EconomicGrowth
Job Growth
NewCompanies
New Industries
PublicInvestment
Science, Technology, Economic GrowthMulti-directionality
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Science and TechnologyBroad Investment
Econometric studies have shown that a strong correlation exists between public and private investment [in science]. Specifically, public investment leverages private investment and makes it more efficient, thereby increasing the economy's growth rates of productivity and output.
- Greg Tassey, Senior Economist , National Institute of Standards and Technology (NIST) in Technology and Economic Growth.
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Science, Technology, and Regional Economic Growth
Spillovers: When knowledge is produced, the benefits not only accrue to the producer, they “spill over” to the local economy.
State Investment: Through targeted investment in the building blocks of knowledge infrastructure, states can draw private capital to invest in the building of regional strength in science and innovation and act as catalysts for regional and national economic growth.
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“Leadership of state policymakers will be a key element in promoting an environment in which states can join with others in business, labor and education to realize the potential that technological change has for bringing substantial and lasting benefits to our economy.”
- Alan GreenspanChairman of theFederal Reserve Board
Science, Technology, Regional Economic Growth and State Policymaking
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Universities, Science, Technology, and Economic Growth
American universities have since the passage of the Bayh-Dole Act:
• Spun off more than 2,200 firms to commercialize innovations born of research.
• Created 260,000 jobs in the process.
• Now contribute $40 billion annually to the American economy.
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Academic SuccessEconomic Strength
Per capita income (1999) Source: U.S. Census Bureau,Census 2000 Summary File 3, Matrix P82
http://www.casa.ucl.ac.uk/citations/citations_maps.htm
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Regional Economic Impacts of University R&D: SBA Findings
University R&D expenditures influence local economic growth through the birth of new firms.
Spillover effects are at work in and around universities, proportional to the amount of R&D spending at the universities.
The effect of R&D expenditures on firm formation endures annually for at least five years after the R&D spending occurs due to:
» growth of the newly formed entrepreneurial firms based on inventions derived from university R&D.
» secondary effects of the employment growth resulting from the births of those firms.
Source: “The Influence of R&D Expenditures on New Firm Formation and Economic Growth,” a research report for the Office of Economic Research, Office of Advocacy, SBA
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Raise the Bar for Economic Engagement
ASU must be the economic driver for a future metroplex of 6M people
Focus on increased resources and increased expectations
Interventionist leadership
From agency to enterprise
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Technology-based Economic Development Mechanisms
Entrepreneurial and Innovative Activities
Technology Commercialization
& Transfer
Technology Commercialization
& Transfer
Research & Knowledge Development
Entrepreneurial and Innovative Activities
Regional Prosperity
Integrated Value Chain
Individual Opportunity
Source: Greater Phoenix Economic Council
AzTE
ASU TechnopolisIntellectual Assets
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Direct Engagement
Tempe Campus
Capitol Center Campus
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Cross-sector Collaboration for S&T
Reconceptualized Prop 301 – focused biodesign agenda
New research facilities: Institute for Computing and Information Science and Engineering, AzBio I, AzBio II, AzBio III, Flat panel ($300M)
FDI Center facility in ASU Research Park
Arizona Biodesign Institute
Brickyard: Ira A. Fulton School including INCISEAZTE
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$200 Million totalInvestment
3,000 jobs
$10.2 Million (state tax revenue)
$2.3 Million (county tax revenue)
$2.3 Million (city tax revenue)
$330 million in total immediate, local
economic impact
Crafting a Strategy for Arizona Research Infrastructure
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Research InfrastructureMedium-Term Benefits
$1 of expenditures creates $5 - $7 of regional economic activity
Therefore:
$50 million per year new external funding from federal, industry and private foundation sources
Will yield:
Minimum $250 million per year return on the $14 million annual investment
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Research InfrastructureLong-Term Benefits
Conservatively assume a direct
additional economic impact of
$25 million per year
New Technologies
New Companies
New Industries
New Jobs
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Research InfrastructureInvestments
Arizona Biodesign Institute Phase II $73,000,000
Interdisciplinary Science & Technology Building I $74,000,000
Interdisciplinary Science & Technology Building II $18,000,000
Interdisciplinary Science & Technology Building III $12,000,000
Arizona Biomedical Collaborative $10,000,000
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Build on Strengths:Exemplar Investments (more than 30 focused investments in first year)
AZ Biodesign Institute and School of Life Sciences
Virginia G. Piper Center for Creative Writing Institute for Computer Sciences and Engineering WINTECH: Wireless Integrated
Nanotechnologies Center for the Study of Law, Science &
Technology Center for the Study of Religion and Conflict Arts, Media and Engineering Initiative
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Establish University-Community Frameworks for Investing in S&T
1. Leveraging Place
2. Societal Transformation
3. ASU as Entrepreneur
4. Use-Inspired Research: Pasteur’s Principle
5. A Focus on the Individual
6. Intellectual Fusion
7. Social Embeddedness
8. Global Engagement
ResearchEducationOutreach
Economic Engagement