Economic Development Is No Longer Optional
Economic Development Is No Longer Optional
The prosperity of regional economies is inescapably linked to the health of their colleges and universities. Economic development has evolved from a by-product of higher education to a public expectation. Schools both big and small have emerged as crucial economic engines often taking the place of Fortune 500 corporations as a major generator of jobs and tax revenue. Economic impact can be maximized by developing a clear strategy, streamlining technology transfer, effectively managing conflicts of interest and developing mechanisms for bridging the chasm between the academy and the commercial world. It is critical that economic development be encouraged in service of the core mission of the university: research and teaching.
Keywords: economic development, engines of innovation, economic engines, growth of regional economies, higher education as a public good
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