University/Industry Partnerships for Excellence in Education and Research

Design an Economic Development Agenda Create an explicit economic development strategy Include meaningful industry dialog Develop focused economic goals Create a high level administrator to oversee the effort Make university resources available

A Strategy for Driving Economic Prosperity

Driving Economic Prosperity “The capacity for regional innovation is often driven by industry clusters (IFCs)—broad networks of companies, suppliers, service firms, academic institutions and organizations in relevant industries that, together, bring new products or services to the market.”

Components of “Industry Clusters” End product or service company Locally-based suppliers of specialized inputs Financial institutions Firms in related industries Producers of complementary products Infrastructure providers Special government departments/agencies Trade associations or private collectives

Components of IFC’s “Industry Cluster” Institutions or agencies that supply – Specialized training – Education – Information research – Technical support IFC

How IFCs Support Economic Development IFCs possess the primary elements needed to transform ideas into prosperity – Universities/research centers—develop new knowledge – Companies—transform knowledge into new services or products – Suppliers—provide critical components or equipment – Marketing/distribution firms—deliver products to customers

Economic Development and Competitiveness IFCs Enhance Competitiveness – Improve productivity – Foster innovation – Facilitate commercialization of innovation

Economic Development and Competitiveness (cont.) Regions with successful IFCs enjoy – Higher employment rates – Higher average wages – Higher productivity and profit – Higher rates of new business innovation

Emphasis Areas and Economic Development

Emphasis Areas and Economic Development (con’t)

Universities become economic drivers by: Developing new knowledge Taking new knowledge to market (technology transfer) Producing the next generation of – Ethical leaders – Entrepreneurs Developing a work force of – Critical thinkers – Collaborators Increasing the pipeline supply of K-12 students – Mathematics – Science – Technology Promoting global awareness and understanding

Business and Industry can support colleges and universities: Share in real estate development Invest in building projects Provide state-of-the-art equipment Assist in attracting knowledge generators Enhance the science and technology workforce pipeline Support centers and institutes

Business and Industry can support colleges and universities (cont.): Assist with research commercialization Participate in incubators and start-up companies Involve university in business forums and associations Serve on college and departmental advisory boards Participate in university-applied learning opportunities Include leaders on policy boards

Feel the Power! and Help Light Our Way to Economic Prosperity