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High-tech magnets – Universities use economic-development partnerships to attract other funding

Economic development may not be public universities’ primary mission, but it’s increasingly seen as a better way to attract new sources of research funding, retain faculty and students, increase commercialization of research and bolster the state’s tax base so they can receive stronger funding.

The state’s three largest research schools, the University of Michigan, Michigan State University and Wayne State University are leading the pack with tech-based economic development initiatives.

Partnerships with private industry provide public universities with additional resources to fund applied research which bolsters their capacity to do basic, pure research, said Lt. Gov. John Cherry.

Through their involvement in technology-based economic development, “universities can tap an external source of funding that is beyond state funding, alumni or tuition,” Cherry said.

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Full Story: http://www.crainsdetroit.com/cgi-bin/article.pl?articleId=27262

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