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A New Model for Economic Development: The University and Greenhouse Roles

A New Model for Economic Development: The University and Greenhouse Roles Don Smith VP for Economic Development, MPC University Director of Economic Development University of Pittsburgh and Carnegie Mellon University January 31, 2005 Why are the Universities playing a bigger role?

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A New Model for Economic Development: The University and Greenhouse Roles

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  1. A New Model for Economic Development: The University and Greenhouse Roles Don Smith VP for Economic Development, MPC University Director of Economic Development University of Pittsburgh and Carnegie Mellon University January 31, 2005

  2. Why are the Universities playing a bigger role? • The economy has changed • Talent, Technology play central role • Universities are more important than ever • There is great interdependence with the region • A stronger Pittsburgh aids faculty and student recruitment • Local company partners improve the research and education quality • University leadership understands their roles

  3. A New Collaboration • Newly formed collaboration on economic development • Designed to make actively the connections with the private economy • The “friendly front door” to the universities • Actively seek collaborative opportunities • Sharpen focus on economic development • Leverage complementary strengths • Focus on Oakland for physical development

  4. University Resources: Students Alumni Networks Faculty Experts Specialized Equipment Research and Technology Entrepreneurial Education Technology Transfer University Innovators Faculty Innovators Staff Innovators Student Entrepreneurs Tech Commercialization Alliance Innovation Exchange JEDI Businesses and the Community: Regional Entrepreneurs Regional Companies Venture Capitalists Companies in other regions Economic Development: Pittsburgh Greenhouses Pittsburgh Regional Alliance Innovation Works Technology Council Commonwealth

  5. Technology Commercialization Major Changes Underway • Innovation Exchange at CMU • Technology Commercialization Alliance at Pitt • Both take a more holistic approach to tech commercialization • Focus on startups • Streamline the process • Provide access to additional resources • Improve the entrepreneurial culture at both universities

  6. What’s a Region to Do? • Utilize Cluster Strategies to leverage Innovation • Invest in Technology Development linked to Technology Commercialization • Focus development around Technology/Talent Districts • Invest in Amenities tied to local clusters

  7. PLSG Mission The PLSG Exists to Create an Environment to Grow Pittsburgh’s Life Sciences Economy The PLSG’s Mission: • Accelerate the creation of new Start-Ups • Retain and grow the existing base of regional companies • Invest in academic facilities and research facilities • Attract companies to the Region

  8. PLSG Mission and Programs People Capital Connectivity Space University/Research Startup Company Existing Companies PLSG Stars PLSG Talent PLSG Executive Corps PBDC PLSG Seed Fund PLSG TechnologyDevelopment Fund University Development Fund PLSG SBIR Advance PLSG VC Outreach PLSG Attraction PLSG & PTC Biomedical Network PLSG Facilities PLSG Incubator

  9. Cluster Initiatives: Pittsburgh Digital Greenhouse • Cluster development targeting Chip Design • www.digitalgreenhouse.com Academic Research amd Talent Strength Market Growth Opportunities Regional Industry Strength

  10. Digital Greenhouse • Partnership of State, 3 Universities, Local Economic Development/Civic Organizations • All about market focus, and making the linkages • 25 member companies • $6.2M in research • Tech transfer focus

  11. Bridging the Party Lines • Universities – • “Fund research and economic development will happen” • But, weak local “absorptive capacity” • Community – • “Universities have money, we can just build outside and ask them to give us the technology” • But, value is still inside the castle • Have to build on both sides of the wall, as well as building portals through the walls

  12. Making it Work: Principles • Build region’s capacity to capture innovation • Must invest in both sides of the equation • Create the relationships that transfer knowledge • Make contact with universities easier and more collaborative

  13. What are the net outcomes? • Higher leverage of university assets • Greater connection to regional economy • More and better jobs • Greater investment in the region • Lower costs to working with the universities

  14. Enlightened Self Interest • Not doing good for its own sake. Rather, • Doing well by doing good • Benefits to university • Access to state and federal funds • Traction with benefactors • Links to alumni, business and civic leaders • More research, new faculty slots, better students, additional infrastructure

  15. Community Benefits • Strengthen Key Institutions • Leverage university assets for regional growth • Integrate Economic-Education-Cultural drivers • Neutral broker for regional organizing • “Catch Basin” for the fountain of youth, innovation, and wealth flowing from universities

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