News and Progress
Universities partner for economic development
Chancellors Brady Deaton and Mark Wrighton speak in St. Louis
Nov. 25, 2008
MU Chancellor Brady Deaton and Washington University Chancellor Mark Wrighton
Under a cloud of national economic uncertainty, the leaders of Missouri’s two largest research universities spoke to a semiannual gathering of more than 150 St. Louis business leaders, telling a positive story about the tremendous impact research institutions have on the state’s economic development.
Headlining the University of Missouri-sponsored Corporate Roundtable breakfast at the Sheraton Clayton Plaza hotel, MU Chancellor Brady Deaton and Washington University Chancellor Mark Wrighton spoke at length about partnerships between the two institutions, the infusion of talent they provide to the state’s business community, and the significance of external funding that flows into the state through the universities.
Research funding translates into new jobs
“MU is a major recipient of capital from the National Science Foundation and has seen significant growth in this funding over the past ten years,” Deaton said. “MU receives more support from the NSF than any university in Missouri. Because of our significant level of funding, both MU and Washington University serve as powerful engines for economic growth in our region. Chancellor Wrighton and I are committed to working together to encourage more partnerships with industry with the goal of strengthening the region’s economy.”
See Chancellor Brady Deaton's presentation.
See Chancellor Mark Wrighton's presentation.
Richard Fleming, president and CEO of the St. Louis Regional Chamber and Growth Association, echoed those statements, citing specific numbers that reflect the economic impact provided by the two universities.
“It is noteworthy that Washington University and MU combined attract some $800 million in federal research funding each year,” Fleming said. “In terms of economic development and job creation, every new external $1 committed to [MU] generates $1.94 in economic impact. Every $1 million creates 39 new jobs. This translates into an annual economic impact in the state of Missouri of $1.5 billion, supporting more than 31,000 jobs.”
Read Richard Fleming's remarks.
Universities initiate new business
One tangible result that demonstrates economic impact is the creation of new businesses within the state. For research institutions, this is often sparked by technology developed at the university that becomes ready for commercial deployment. Deaton said that since 2005, MU faculty and students have started 20 new businesses within the state, six of which are the direct result of technology developed at the university.
The glue that holds this structure together, Deaton said, is the region’s ability to produce strong industry/university partnerships, which often provide a strategic advantage when it comes to applying for external funding. In his view, one of MU’s most important roles is to serve as a bridge linking research institutions, industry and chamber organizations to foster economic growth. This includes serving as a bridge between the St. Louis and Kansas City communities.
“MU’s Kansas City to St. Louis connections are especially important when it comes to securing major federal grants,” Deaton said. “These grants go to projects with a regional scope. One organization needs to connect all the beneficiaries, and the one organization in Missouri that connects all major scientific research on both sides of the state is MU.”
Deaton specifically focused on MU’s strengths in plant science research, which includes extensive partnerships with Monsanto, Washington University and the Danforth Plant Sciences Center in St. Louis, and animal health research that stretches from Columbia and well into Kansas, a region that includes corporations representing about 40 percent of the global animal health market.
An ecosystem for innovation
Similarly, Wrighton spoke of what he referred to as an “ecosystem for innovation.” At the heart of the ideal ecosystem, Wrighton said you would find strong research universities, a good mix of new and mature corporations, research institutes and government labs, entrepreneurs and motivated business leaders, incubators and venture capital – all of which he sees as strengths within the region.
The traditional sticking point, however, has been the corporate view that universities aren’t responsive enough to meet the needs of industry. Jim O’Neill, vice president of integrated logistics at the Boeing Company, has seen the benefit of corporate/university partnerships firsthand, and closed the meeting by saying his experience contradicts that thought.
“Yes, it does demand added effort to make room for collaboration meetings, presentations, and planning events, and MU has demonstrated an eagerness to move forward,” O’Neill said. “Certainly I can attest to MU’s willingness to refocus on applied research with specific intended applications and become involved in the hectic, results-oriented corporate community.”