Incubators for Economic Development: The Role of Regional State Colleges and Universities in Driving New, High-Impact Ventures

By Janosky, Janine E.; Babcock, Renee L. et al. | University Business, March 2009 | Go to article overview

Incubators for Economic Development: The Role of Regional State Colleges and Universities in Driving New, High-Impact Ventures


Janosky, Janine E., Babcock, Renee L., Brentin, Robert P., University Business


UNIVERSITY-BASED Research is responsible for many significant and remarkable discoveries, stimulating breakthrough products and technologies that have improved quality of life and created jobs and new industries. To maximize the results of university-produced research and technology, it is important for higher ed administrators to engage the broad reach of multiple regional state colleges and universities in catalyzing and incubating efforts that will lead to new, high-impact ventures.

State colleges and universities located in urban areas offer an ideal route for discoveries and incubation of new businesses, as there are ample resources. Additionally, when universities are in close geographical proximity and combine resources, their ability to provide a rich, diverse, collaborative network of new business development is enhanced, as evidenced by the University Research Corridor in Michigan.

The combined patent, licensing revenue, and start-up company statistics from the three universities that form the URC--Michigan State, the University of Michigan, and Wayne State University--are impressive. But an urban university is only one of many economic resources within the overall metropolitan area. Thus, the proportionate impact of a university in an urban area compared to other resources impacting economic development should be considered.

Traditionally, critical mass has been viewed as a new business development requirement. But through our globally connected world, what the smaller or geographically isolated university lacks in resources for the implementation phase can be gained or accessed through collaborative relationships with industry or other universities. So the opportunity for economic impact from universities in rural settings is real and viable. Indeed, their impact can be even more profound than that of universities located in an urban setting, as the rural universities may often be the only or one of the only large institutions in the geographic setting.

[ILLUSTRATION OMITTED]

CHALLENGES FOR SMALLER COMMUNITIES

States face tough economic times. In urban settings there are many incentives for companies to locate and offer jobs. That's not necessarily the case for smaller communities. And while some smaller communities may be home to large universities, there's often a disconnect between the information derived from university-conducted research and the community at large. Researchers may also overlook the possibility of applying their work to affect their local communities positively.

Some might suggest that it's more efficient to address ideas and innovations originating in urban centers in the same way that companies focus resources in serving their top customers. But with technological development, increased competition, and globalization, it is practical and essential to develop goods and services for geographically and economically extended markets.

Chris Anderson, editor-in-chief of Fred magazine and author of the book The Long Tail.. Why the Future of Business Is Selling Less of More (Hyperion, 2006), notes that our culture and economy are increasingly shifting away from a focus on a relatively small number of "hits" (mainstream products and markets) at the head of the demand curve and toward a huge number of niches in the tail. Extrapolating from that premise, the sources for ideas should be as numerous and diverse as the consumption side of the equation. The harvesting and incubation of those ideas requires a distributed expertise network, a role that regional colleges and universities are well suited to address.

Several regional state institutions have successful traction in moving research into the commercial arena. Even with modest research and development budgets, they have succeeded through utilizing a combination of partnerships, incentives, and federal and local funding. BusinessWeek highlighted several examples of smaller universities that have been successful in entrepreneurship initiatives in its October 2007 article "Small Schools' Big Tech Dreams. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Incubators for Economic Development: The Role of Regional State Colleges and Universities in Driving New, High-Impact Ventures
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.