Harnessing brainpower to create jobs
Many states have taken progressive measures to harness the power of their research universities to drive economic development.
North Carolina’s Research Triangle Park, created in 1959, was one of the earliest attempts to build a knowledge-based economy on the strength of nearby research universities Duke and UNC-Chapel Hill. Today, it’s home to more than 100 R&D facilities employing more than 37,000 people with a combined income of $1.2 billion.
(Source: www.rtp.org)
The Georgia Research Alliance was founded in 1990 as a partnership of research universities, industry and state government to foster economic development by leveraging the universities’ research capabilities. Through fiscal year 1998, the state had invested $200 million, which attracted $50 million in private support and $500 million in sponsored research.
(Source: 1999 report by the Milken Institute)
According to Georgia Tech’s 2001 annual report, the school’s economic development activity has generated more than $691 million in revenue, provided over 4,600 jobs through its incubator facility, attracted more than $41.8 million in capital investment to Georgia, and created or saved 662 jobs in the state. Over the past 20 years, Georgia Tech has spun off 79 successful start-up companies.
(Source: www.gatech.edu)
The University of Illinois-Urbana opened a new research park in January 2001, which is already home to nine companies and research centers employing 475 people. A year later, the park was full and broke ground for a fifth facility, built through a public-private partnership that allows private development on university property. A 40,000 square-foot incubator opened in January 2003.
(Source: www.illinois.edu)
By contrast, more than 20 years after opening, the Clemson Research Park houses four private companies employing 121 people, according to the South Carolina Research Authority.