| If the United States hopes to pull itself out of its | | | | What's needed? Buckets of money, such as grants |
| economic quagmire, both in the short- and long-term, | | | | that award $25,000 to hundreds, if not thousands, of |
| the success of that effort may hinge on the | | | | people in each community each year to get ideas off |
| successful partnership of research parks and | | | | the ground. We know most will fail. What we don't |
| universities. And with good reason. Research parks | | | | know is which ones will be wildly successful or which |
| have proven to be valuable job creators and | | | | entrepreneurs will learn from their failure and come up |
| economic development machines in the past decade. | | | | with even better ideas. |
| While their success has largely been dependent on the | | | | Some critics would argue that the role of government |
| drive and perseverance of highly motivated | | | | shouldn't compete with angel investors. True enough. |
| entrepreneurs and venture capitalists, cities and | | | | But what if by earmarking dollars for the very |
| universities alike have aligned to develop environments | | | | beginning of the company-generating process and |
| which foster such innovation and creativity. But there's | | | | taking the biggest risks, angel investors could reap the |
| still a lot of work to be done as numerous roadblock | | | | rewards of that strategy by then investing in those |
| stand in the way of accelerating these efforts. | | | | companies that emerge from the trial-by-fire with |
| Perhaps the biggest roadblock is simply a lack of | | | | legitimate products and viable markets? In other words, |
| capital. | | | | let government money reduce some of the risk by |
| For all of the talk of implementing innovation "zones" | | | | investing in the riskiest of ventures - the unproven |
| that trigger an avalanche of great business ideas, the | | | | business plan. That's win-win and a good use of |
| fact remains that money available to support and | | | | government resources. |
| nurture entrepreneurial pursuits is woefully inadequate, | | | | How can universities and research parks help? By |
| particularly in a weak economy. Outside of a few | | | | creating a nurturing, positive environment. People like |
| locations such as Silicon Valley, Boston and perhaps | | | | being in and around universities. In addition to the |
| Austin, can any city or county (or state for that | | | | numerous opportunities to learn new skills, hear bold |
| matter) say they are adequately supporting the | | | | ideas and take advantage of rich cultural resources, |
| growth of new ventures? Take the Triangle area of | | | | universities foster a cross pollination of people with |
| North Carolina, for example. Considered by many to | | | | different backgrounds. This open avenue keeps ideas |
| be a hub of entrepreneurial activity in the state, | | | | flowing and innovation on the minds of the young and |
| especially in biotechnology, the amount of dollars readily | | | | old alike. And by putting a research park inside the |
| available to entrepreneurs is minuscule. Not only are | | | | boundaries of a university, even greater cross |
| there few subsidized rent opportunities, but actual cash | | | | pollination occurs between researchers, students and |
| awards from grants or endowments don't measure up | | | | budding entrepreneurs. |
| to the need. | | | | Centennial Campus, the research park and campus of |
| Some say that nurturing startups is a role best suited | | | | NC State, is good example. Land that was initially |
| to angel investors and venture capitalists and that's | | | | sought to expand the main campus turned into a vision |
| true - in a booming economy when money just seems | | | | and bold experiment for government leaders in the |
| to flow out of the trees. But in bad times, the VC | | | | mid-1980s. The idea - to create a physical location for |
| community retreats and nurtures its current crop of | | | | collaboration to occur, which would result in |
| holdings or it chooses its opportunities even more | | | | accelerated innovation. And it has occurred, as |
| carefully. And angel investors - they're even worse off, | | | | companies start and leave on campus as they grow |
| having been singed by the drop in their portfolios. The | | | | or stay put and take advantage of the research at |
| end result - few deals get made and those that are | | | | their doorstep. |
| done - call them "near sure things" that have a decent | | | | But it's not enough, even at Centennial Campus, where |
| chance of success compared to the risk. To say that | | | | incubator space only scratches the surface at |
| investors are risk averse in a down economy is an | | | | providing needed space for the many would-be |
| understatement. Everybody hunkers down. | | | | entrepreneurs in the Triangle area. Dollars and space. If |
| Of course, many people would argue that regardless | | | | the U.S. is serious about investing in its future, then the |
| of the economy entrepreneurs will always find a way | | | | place to start is in the current and planned university |
| to start and build companies. That's true. Bootstrapping | | | | owned or operated research parks. Provide dollars for |
| can often be the best course for a startup, even if it | | | | startups. Make subsidized rent available. Give them |
| starts out as an absolute necessity and then becomes | | | | every chance to succeed. |
| a force of habit. But that won't cut if the U.S. as a | | | | All large companies first started small. They first had |
| whole hopes to compete with China's booming | | | | five or six or seven employees and then grew. |
| economic activity or it hopes create meaningful, | | | | Universities and their research parks have an |
| sustainable jobs. The fact of the matter is - economic | | | | enormous role to play in that economic sandbox. We |
| policy at all levels of government - is not providing the | | | | should be accelerating their contribution with |
| necessary "juice" for entrepreneurs to try to get | | | | much-needed capital to startups and entrepreneurs. |
| projects off the ground at an accelerated pace. | | | | |