Technology-based Economic Development
It is now widely acknowledged that research universities are economic development engines, especially with their growing emphasis on technology transfer. Through proactive tech transfer and technology-based venture creation, research universities are leveraging their resources for job creation.
The winter 2004 Economic Development America newsletter focused on university-based partnerships in Economic Development. This issue described areas that universities can focus on to stimulate economic development. According to the EDA, these areas include: building strong research partnerships with industries; promoting technology transfer; and creating entrepreneurial ecosystems.
Technology-based ED Activities:
- Venture Creation- Cornell University is committed to entrepreneurial efforts as part of its mission to bring Cornell technology to market for the benefit of the University and society. CCTEC is responsible for the pro-active facilitation of start-up companies based on Cornell University technology. Start-ups based on Cornell research are launched in several ways. Cornell researchers will, at times, approach CCTEC with an idea for a company based on their own invention. At other times, outside entrepreneurs approach CCTEC with an idea for a company based on public documents such as an issued patent. And now increasingly, CCTEC's technology transfer specialists are on the lookout for technologies that could provide foundation for a new venture. In all these cases, CCTEC orchestrates the process of creating a company to fully exploit the technology. But venture creation is more than a just a process, it's an exciting and stimulating way for people to work together to creative innovative new companies.
- Technology "Grafting" - With a goal of increased job creation, Cornell, through CCTEC, is continuing to develop its capacity to work with local and regional technology companies. Through this "grafting" of a compatible, new technology "bud" onto a growing company "tree," CCTEC facilitates increased future competitiveness for firms. Pilot projects with local firms are designed to explore the prospects for technology grafting and CCTEC's ability to facilitate their access to other campus resources, including development of research collaborations, consulting and facilities.
For more information on technology-based activities, please click on the links below:
Research and technology transfer are important ways that universities contribute to economic development.