A recent report, “Oklahoma Higher Education: Challenging the Conventional Wisdom” published by the Oklahoma Council of Public Affairs and written by Matthew Denhart and Christopher Matgouranis of The Center for College Affordability and Productivity in Washington, D.C., asserts that state investment in universities bears little fruit with respect to economic development. However, recent data assembled by the Association of University Technology Managers says just the opposite: There is a positive correlation between money spent on research and economic development.
The metrics that go to the bottom line: royalties generated on inventions and the formation of startup companies — those that come about as a result of research activities. An analysis of the AUTM data shows that the top 25 universities in the nation have average research expenditures of $709 million per year. On average, this produces 261 inventions and generates $28 million in royalties for each of those universities. These royalties stem directly from an estimated $560 million per year in revenues to companies based on university research.
To read the full, original article click on this link: Economic development benefits from research | NewsOK.com
Author: STEVEN PRICE
