Research and innovation are key to America’s future in a competitive global market place. Where do many of the freshest ideas and new technologies come from? Research universities.
In fact, my own school, Temple University in Philadelphia, just surpassed the 1 million dollar mark for revenues related to research licensing. Temple is just getting started.
The lead earner is NYU, who in one year, received $157 million in research licensing revenues. Forbes Magazine compiled the research licensing revenues of the 189 top earning Universities. Total research-related income generated by all 189 schools: $1.5 billion. The most lucrative fields thus far have been biomedics, nanotechnology, agriculture and computer science.
This is some serious cash, but more importantly it represents valuable creations and inventions which lead to spin off companies, industry development and job creation.
Federal and state government budgets, for the past number of years have been cutting funding for universities (this year Pennsylvania cut it’s annual funding for Temple University by HALF!).
“In his budget, Gov. Tom Corbett proposed slashing Temple’s state funding by nearly $90.3 million for next year, reducing it to $82.5 million.“ This is happening all throughout the country.
Money invested into universities pays back double: through research and technology development and through the overall benefits of higher education for the masses. Why are we sabotaging one of the key components in America’s economic engine and divesting in our populace?