Driving Regional Innovation and Growth
As national and regional economies recover from the most severe global recession since the Great Depression of the 1930’s, there is a growing emphasis on the importance of innovation for sustained economic growth and competitiveness in today’s global, fast-paced, knowledge-based economy. Not only is innovation critical for industry development, it directly impacts the standard of living found in a nation and its regions. University research parks are a successful way to advance innovation and create economic growth in regions across North America, according to a new report, “Driving Regional Innovation and Growth,” prepared by Battelle’s Technology Partnership Practice (TPP) in partnership with AURP. Further, university research parks are an effective way to create new employment opportunities for existing technology companies, according to the report.
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The Power of Place 2.0: The Power of Innovation
The Association of University Research Parks (AURP) released The Power of Place 2.0: The Power of Innovation in 2010. The Power of Innovation, an update to The Power of Place: A National Strategy for Building America’s Communities of Innovation, outlines the role the federal government can take to use research parks and other innovation assets to create jobs and remain a front runner in the global technology competition.
Download the Power of Place 2.0.
The Power of Place
The Power of Place: A National Strategy for Building America's Communities of Innovation calls for specific legislative and policy reforms to encourage:
- Development into designated Communities of Innovation
- Inflow of financial and facility capital into these zones
- Cluster creation development
- Support for private companies and academic research within these Innovation Zones
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Understanding Research, Science and Technology Parks: Global Best Practices
The National Research Council report details findings from a symposium held in 2008 spotlighting parks' contributions to government missions and commercializing university research. It highlights the broad range of S&T parks, including both university- and laboratory-based parks as well as large- scale industrial models. Read report here
Economic Impact of University Research Parks
University research, science and technology parks are strong economic engines and contribute to the economic development of local communities, states, and nations. Below are studies that illustrate the economic impact of university research parks.
The systematic development of linked Communities of Innovation greatly influences the economic health of regions, as shown in the reports below. For more information on AURP and university research parks, contact AURP Headquarters.
Sandia Science & Technology Park (SS&TP) Economic Impact Analysis
The Sandia Science & Technology Park (SS&TP) is a 300+ acre master-planned technology community. Affiliated with Sandia National Laboratories and adjacent to Kirtland Air Force Base, companies have access to world-class facilities, technologies, scientists, and engineers.
The results of an economic impact analysis conducted every two years by the Mid-Region Council of Governments (MRCOG), assessed the Park’s economic impact from its inception in May 1998 through the end of 2015. The new, independent report highlights that the SS&TP has benefitted the local economy for nearly 19 years through job creation, increases in state and local tax revenues, and higher-than-average wages for its employees when compared with the average wage in the Albuquerque metro area.
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An Economic Catalyst For Greater Philadelphia
Graduate firms and current residents of the University City Science Center’s business incubators support one out of every 100 jobs in Greater Philadelphia and drive nearly $13 billion in economic activity in the region, according to new analysis released today by the Economy League of Greater Philadelphia and Econsult Solutions, Inc. The University City Science Center: An Economic Catalyst for Greater Philadelphia study quantifies benefits associated with the Science Center’s business incubation services including job growth, salaries and wages, economic output, and fiscal impact.
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The University of Wisconsin-Madison Economic Impact Report 2015
The University of Wisconsin-Madison, UW Hospital and Clinics and the university’s affiliated organizations — including the University Research Park — and startup companies support 193,310 Wisconsin jobs and generate more than $847.5 million in state and local tax revenue. That’s up from 128,146 jobs and $614 million in tax revenue the last time a similar study was completed in 2011.
The UW–Madison is the fourth largest research institution in the nation, with awards in 2013 reaching more than $1.1 billion, and has consistently ranked among the top five universities overall for research funding secured from all sources —federal, private and state — for more than 20 years.
UW-Madison research has fostered the formation of at least 311 startup companies in Wisconsin. The startup companies support more than 24,972 jobs and contribute approximately $2.3 billion to the Wisconsin economy, bringing the total estimated economic impact to $15 billion.
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The University of Arizona Tech Park Economic Impact Executive Summary 2015
The UA Tech Park is a significant economic engine for Tucson, Pima County and the state of Arizona. The Tech Park helps to attract new businesses, grow established businesses, launch new companies, commercialize new technologies and create high-paying jobs.
Some figures from the UA Tech Park’s most recent economic impact analysis:
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University City Science Center 2014 Annual Review
The University City Science Center is a hub for innovation, entrepreneurship and technology commercialization. For more than 50 years, they have aided scientists, entrepreneurs, startups, and growing and established companies throughout the Greater Philadelphia region as they move their technologies into the marketplace, where they can benefit the region and the world.
The 2014 Annual Review follows the example of their innovators — through a fresh, sustainable and entrepreneurial presentation approach — by being completely digital with their micro-site. The site embraces the Science Center’s tagline: Ambition needs an ecosystem.
The Review highlights the two paths that one can take through the Science Center—the literal and the metaphorical. The stories outlined in their annual review and the profiles of the people behind them illustrate both paths.
View the micro-site or download the full 2014 Annual Review