Search

Noting a growing need for additional education to meet workforce needs, several states have announced programs focusing on education and workforce needs, channeling state funding to grants that will focus on aligning learning opportunities with business and industry needs, or creating new initiatives in the private sector. Reaching a higher educational attainment among a greater percentage of the workforce by 2025 is also a goal set by several of the states.

While many universities maintain startup investment funds targeted at growing university-affiliated startups, several universities are looking beyond their walls for investment opportunities that will create a return on investment (ROI), but also support economic prosperity. Through these investment funds, universities are able to make strategic investment in startups that will contribute to the future growth of their community, region and state. Massachusetts provides a recent example where MIT will invest $25 million in local startups.

While some researchers contend that university-industry collaboration may corrupt the academic ideal of open sciences and reduce academic productivity, researchers from the London Business School (LBS) and University of Southern California (USC) found that university-industry research collaborations – in certain situations – can lead to more publications but fewer patents than similar academic studies without industry partners. These findings would indicate that such collaboration can actually stimulate open science and increase academic productivity, rather than weaken it.

In an attempt to make college more affordable and accelerate the number of students completing degree programs in Rhode Island, Gov. Gina Raimondo has proposed a new program guaranteeing two years of free college for Rhode Island students. The program, Rhode Island’s Promise, would cover the entire cost of tuition and mandatory fees for full-time students who qualify for in-state tuition earning an associate’s degree and graduating on time from the Community College of Rhode Island. At Rhode Island College and the University of Rhode Island, the scholarship would cover tuition and fees for a student’s junior and senior years.

Two states are looking to make college more affordable through state programs aimed at decreasing or eliminating tuition costs. The New York legislature will decide the fate of a new proposal for free tuition at its state universities for middle income earners there, while in Kentucky students may be eligible for financial aid through the Work Ready Kentucky Scholarship Program.

Nearly half of the U.S. states and the District of Columbia saw a 10 percent or greater increase in higher education R&D expenditures from FY 2010 to FY 2015 with five of those states (Connecticut, Georgia, Massachusetts, Nebraska, and Utah) seeing at least a 20 percent change, according to the National Science Foundation’s (NSF) Higher Education Research and Development (HERD) survey for 2015. Between FY10-15 overall U.S. research and development (R&D) spending at U.S.

Over the last two months, the Economic Development Administration (EDA) has made nearly $35 million in investments intended to spur economic prosperity across the country including nearly $28 million for communities impacted by transformations in the energy industry. These efforts are intended to unlock the potential of regional assets including community members, local institutions of higher education, and regional industies by funding entrepreneurship, innovation, research and development (R&D) activities, and other capacity-building efforts.

More than 40 percent of people trained as scientists and engineers indicate they are either working outside their field of study or working in a field only somewhat related, according to a recent study. Findings reveal that the majority of those working outside their academic major choose to do so voluntarily, and they are more likely to become entrepreneurs. Less than 25 percent of educational mismatches occur because of labor market conditions. Instead, workers are choosing different jobs due to changing career interests or family obligations.

The big data technology and services market is expected to grow at a compound annual rate of 23.1 percent over the 2014-2019 forecast period, with annual spending projected to reach$48.6 billion in 2019, according to a 2015 study from IDC – a market research firm. Hoping to leverage this exponential growth into research and economic development opportunity, several universities are fund raising to establish new big data R&D Centers in the communities they serve.

A popular development strategy at the state and regional level, incubators seek to support economic growth by providing entrepreneurs with business assistance, access to capital, and networking. As of 2012, approximately one-third of the 1,250 business incubators in the United States were connected with universities, up from one-fifth in 2006, according to International (formerly National) Business Incubation Association data featured in The New York Times. Despite the proliferation of these programs at universities, there have been relatively few conclusions to date on the impacts of these incubators beyond anecdotes. Recent research from faculty at the University of Central Florida (UCF), however, finds evidence that firms in university incubators experience positive growth in number of employees and sales at a statistically significant rate compared to non-university incubated firms. On average, the authors find that university incubated firms were responsible for 3.965 more jobs than non-university incubated firms.

The National Science Foundation (NSF) is entertaining proposals to support “academe-industry partnerships, which are led by an interdisciplinary academic research team collaborating with at least one industry partner in order to carry out research to advance, adapt, and integrate technology(ies) into a specified, human-centered smart service system.” Through the Building Innovation Capacity (BIC) element of the Partnerships for Innovation program, NSF intends to make up to $10 million in grants to support research partnerships working on projects that operate in the post-fundame

Over the last few weeks, Indiana and Michigan have announced the launch of manufacturing-focused innovation centers to help transform manufacturing sectors that are long-standing drivers of economic prosperity in their respective state into 21st century global hubs for manufacturing innovation. In partnership with key local industry partners, these centers are intended to help spur job creation while reimaging the role of manufacturing in their state through innovation.

In an effort to advance entrepreneurship among their student bodies and grow their regional entrepreneurship ecosystems, six historically black colleges and universities (HBCUs) will receive up to $24,000 in support services as part of a new program from the Delta Regional Authority. Funds from the HBCU Entrepreneurial Ecosystem Initiative will primarily be used for universities to work with partners to identify entrepreneurial resources within the regional system, categorize strengths and weaknesses, and to strategically build around opportunities. Additionally, the selected schools will each host a two-day technical assistance and rapid acceleration workshop that seeks to teach student entrepreneurs about the types of skills and resources needed to launch and scale businesses. Student entrepreneurs will then pitch their ideas for a chance to be selected to present at Founders Weekend, where finalists will receive mentorship with successful minority entrepreneurs, business model development, and other services.

A new report from the White House Council of Economic Advisers provides a broad overview of student loan-debt in the United States and yields some potentially surprising conclusions: while the $1.3 trillion in total student-loan debt in the U.S. may seem like a staggering amount, the authors of Investing in Higher Education: Benefits, Challenges, and the State of Student Loan Debt contend that this is helping, not hurting the nation’s economy. The authors posit that college is best viewed as an investment that typically yields a high return, even with the high upfront costs.

Sixty percent of students drop out or transfer from science, technology, engineering and math (STEM) fields, and more than 50 percent of students pursuing STEM in community colleges never graduate, according to new research from researchers at the University of Missouri (UM) and other partner institutions.

Attracting and retaining talented workers is a critical element in a technology-based economy.  In the U.S., a major source of this talent comes from international students, many of whom stay in the United States to work after graduation – especially in STEM industries. New research from economists at the University of California at Santa Barbara examines why international students may choose to study in the U.S., as well as what compels them to either remain in the country or go elsewhere after earning their degrees.

Indiana Gov. Mike Pence announced plans to invest $1 billion over the next 10 years to advance innovation and entrepreneurship in the state, and to ensure the Hoosier State plays a leading role in solving 21st century challenges, while supporting Indiana’s long-term economic growth, job creation and talent attraction.

The National Science Foundation (NSF) released its Strategic Framework for Investments in Graduate Education for FY 2016-FY 2020 that addresses NSF’s goals in supporting graduate education and formulates a set of strategic objectives to meet those goals by 2020. The three goals outlined by NSF include:

In 2012, the President’s Council of Advisors on Science and Technology (PCAST) released Engage to Excel – a five point strategy to increase the STEM pipeline by an additional one million workers. To achieve this goal of one million additional STEM workers, PCAST highlighted the importance of freshman research experiences for STEM students.

The University System of Maryland (USM) recently announced a $25 million fund to invest in USM-affiliated companies or startups created by students, faculty and recent graduates.  Companies already based in USM research parks or university incubators are also eligible for funding.

In addition to several new moonshot R&D initiatives and other joint research efforts, several universities recently have announced public-private partnerships that will build multi-million dollar, world-class R&D facilities.

As the 2015-2016 academic calendar comes to an end, several universities announced large financial contributions from foundations to address large societal issues including cancer and a variety of neurological disorders.  These large-scale initiatives will be undertaken at universities in California, Indiana, New York, Pennsylvania, and Texas.