PA Prosperity Partnership Initiative Envisioning the University Role

PA Prosperity Partnership Initiative: Envisioning the University Role in the Innovation Economy Irene J. Petrick, Ph. D. , Faculty Administrative Fellow Office of Economic & Workforce Development Professor of Practice, College of Information Sciences & Technology IST Statewide Faculty Meeting May 12, 2009

“Tough Choices Tough Times, The Report of the New Commission on the Skills of the American Workforce, ” National Center on Education and the Economy, 2007. Innovation Matters

Source: Bureau of Labor Statistics data as cited in The Rise of the Creative Class by Richard Florida, 2002 and 2006 data as classified per Recasting the Creative Class to Examine Growth Processes by David A. Mc. Granahan and Timothy R. Wojan, 2007 The Creative Class

Dynamic competitive environment which emphasizes ◦ Flexibility ◦ Adaptability ◦ Capacity to add value through intangible assets Knowledge workers and their talents become key economic differentiators Choices for employment are not bounded by traditional location/geographic characteristics What is the Innovation Economy?

Agrarian Industrial Innovation Land & labor create economic value Mechanical solutions replace & extend labor productivity Information technology extends human talent Economic value tied to the location of natural resources Economic value tied to access to capital and power Economic value tied to access to talent and communication networks The family farmer The Titans of Industry The Entrepreneur and Intrapreneur Evolution of the Innovation Economy

Megaregions of North America Richard Florida 2008 Map by Tim Gulden and Ryan Morris

Strategic Assets Competencies Capabilities Resources Pyramid of Regional Assets Complex Combinations Competitive Advantage Human Social Physical Financial Technological Organizational

Agrarian Economy Industrial Economy • Location-based expertise • Agricultural extension & training • Educator • Engineering & technical training • Technical R&D centers • University-industry collaboration • Educator Trainer Creator Innovation Economy • Technology partnerships • Talent hub & educator • Convener • Relationship broker Collaborator/Convener Changing University Roles

Patents/licenses, STEM & knowledge professionals, research, facilities & funding Business University Destination location, increased housing & recreation choices Revenue & profits, investments, job choices, new business creation Region Quality of Life Innovation Economy Cycle Growth, decreased out-migration, leveraged competitive advantage, infrastructure improvements

Leveraged space: Technology incubation, research and lab space Student engagement at all levels to support company business and technical needs Free access to university resources Training at multiple levels On-line learning and support Attracting talent to key research areas Public – private partnership funding models Heavy state support, often ranging from basic research to commercial activities How do Universities Participate?

, n o i t a s r e v n o c Identify needs and gaps , n n o o i i t t a a s s r r Consider transformative e e v v n n opportunities co Co Quality of Life GOALS: Understand the region (from the region’s perspective) Regional Assets Innovation & Talent Translate opportunities into University strategic initiatives Regional Engagement

http: //www. oewd. psu. edu/pa-prosperity-partnerships/ Undertaken by the Office of Economic and Workforce Development with the help of Tripp. Umbach Quality of Life Regional Assets A series of listening sessions at campuses – Spring to Summer Innovation & Talent Campus-centric leadership Internal listening sessions/focus groups – Summer Analysis, synthesis and strategic plan development – Fall PA Prosperity Partnership Initiative