Elson S. Floyd, Ph.D. - 8/1/07
WSU: Economic Development Leader
In the late 18th and early 19th centuries, the Industrial
Revolution transformed our nation from an agrarian to a
manufacturing
economy. Today’s ongoing transformation is just as
dramatic, as
the world’s economy is changing from one based on
resources to one based on knowledge and human
capital.
Those of us in higher education are in the knowledge
business. And the modern research university must play a
central role in that economic renewal.
The great economic development potential in Washington is
a major reason that I was excited to come back to this
state. Clearly, Washington already is a technology
leader—the names of Boeing and Microsoft come
quickly to mind. But just as clearly, we have much more
work to do.
If your economy is based on resources, the winners and
losers (or the haves and have-nots) are well-defined. An
economy based on knowledge and human capital is far more
dynamic. People pick up and move to seek different
opportunities and a better way of life. Regions must
continue their efforts to educate and attract the next
generation of scientists and entrepreneurs. The
ever-quickening pace of economic competition means that a
state that doesn’t move boldly forward will soon
fall behind.
Washington State University is in an ideal position to be
an economic development leader. WSU’s faculty
members have a large and growing portfolio of research
funded through government and foundation grants. The WSU
Research Foundation is expanding its efforts to reach out
to venture capitalists who can bring more of that
research to the marketplace. In 2005 and 2006, the
research foundation’s licensing agreements produced
more than $2.7 million in income, a fourfold increase
from the previous two years.
As the state’s land-grant university, WSU is active
in each of Washington’s counties, providing
individualized attention to people in those unique
communities as they strengthen and diversify their
economies.
One of the first actions that I took as president of WSU
was the appointment of John Gardner as vice president for
economic development and extension to spearhead our
efforts statewide. Dr. Gardner, who filled a similar role
at the University of Missouri, offers a broad spectrum of
experience, both in the private sector and in
academia.
His main office will be in Seattle, which is the focus of
economic activity for the state of Washington and a major
economic player for the entire Pacific Rim. He also will
be active around the state -- on the Pullman campus, on
our Vancouver, Tri-Cities and Spokane campuses and with
WSU faculty and staff and community members at our
research and extension centers.
Nationwide, several areas – the research triangle
in North Carolina, California’s Silicon Valley,
Massachusetts’ Route 128 – invariably are
cited as examples of the sustained economic growth that
can happen when higher education, private business and
the public sector work together effectively.
In the future, when the experts talk about how higher
education can build public-private partnerships to make
the New Economy work, I want Washington State University
to be a prime example.
