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Stimulating the Illinois Economy Through Research and Innovation

On December 10, 2013, UI Research Vice President Larry Schook outlined how the University of Illinois (UI) fosters economic growth. By creating new technologies through discovery research, UI impacts Illinois's competitiveness and supports startups. In 2013, UI reported 378 patents filed and 96 issued, alongside $25.4M in royalties. Externally funded research, totaling $1B annually, supports 10,000-12,000 high-paying jobs. Furthermore, the university's focus on STEM education contributes significantly to producing skilled graduates, underpinning a technology-oriented economy and boosting local businesses.

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Stimulating the Illinois Economy Through Research and Innovation

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  1. stimulating the illinois economy: UI Research Vice president Larry schook December 10, 2013

  2. Defining roles and outcomes • Creating new technologies through discovery research • Direct economic impact of externally funded research • Increasing the competitiveness of Illinois companies • Creating and supporting global businesses and UI startups • Providing the human capital to underpin a technology oriented economy

  3. Creating new technologies through discovery research(2013) • Patents filed were 378 • Patents issued were 96 • Licenses and options were 96 • Start ups were 11 • Royalties were $25.4M

  4. economic impact of research Research driven Ecosystem

  5. Research funding- direct Economic Growth and job creation $1B annual external research funding is approximately $750M for salaries or 10,000-12,000 high paying technology jobs and income taxes!

  6. Increasing the competitiveness of Illinois companies • EnterpriseWorks • Business incubators offering entrepreneurial support to startups • IllinoisVentures • Provides startup capital with >500K follow on funding • Half of research park companies • Research Park • Provides access to faculty and students • Provides access to infrastructure (computing, etc.) • Provides access I-START, EIR and training programs

  7. CREATING & Supporting global BUSINESSES AND UI STARTUPS $175M in annual economic impact and almost $15M in annual taxes

  8. Providing the human capital to underpin a technology oriented economy (STEM) • 5th ranked College of Engineering (US News and World Report); global top ten • 2nd ranked institution for number of international students • More STEM grads than all other Illinois public universities combined • 400+ companies funded research UI last year involving students

  9. UI providing tomorrow’s global innovators and technology entrepreneurs • More than 9,000 engineering undergrads enrolled across UI campuses each year – that’s more than Stanford, MIT, Berkeley, and CalTech combined • Top 3 colleges* in quality of undergraduates by corporate recruiters • Top 10 most innovative universities shaking up education (Edudemic, 2013) Urbana-ChampaignEngineering Electrical/Computer Engineering Computer Science 6763 2758 1860 947 473 441

  10. conclusion • UI is a direct economic engine through external funding research • UI discoveries drive new business development in the state of Illinois • UI research directly and indirectly increases the competitiveness of Illinois companies • UI STEM students provide the human capital for Illinois companies to compete

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