Transcript Science & Technology-Based Recommendations to Further

Science & Technology-Based
Recommendations to Further
Economic Development Goals
Presented by Keith Aspinall
Arizona’s Economy
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2002 – First decrease in employment in 20
years
FY 2003 - $300 billion budget deficit
FY 2004 - $1 billion budget deficit
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Tax increases unlikely
Services to be cut
How to promote economic development?
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Key is strategic deployment of resources
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Fostering public-private partnerships
Increasing educational funding at all levels
Expanding the R&D Tax Credit
Receiving additional federal research funding
Attracting additional venture capital
Financing and building additional research facilities
Public-Private Partnerships
Diminishes burdens on any single group.
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Recruiting T-Gen and IGC
Georgia Research Alliance
NSF Engineering Research Center
Governor's Strategic Partnership for Economic
Development
Education funding
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Arizona ranks low in 8th grade math and science proficiency.
Arizona’s low high school graduation rates call into question the
quality of native workforce.
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Arizona ranks 41st in per capita spending on higher education.
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However…
Scientific and technological advancement
drives more than 50% of economic growth
R&D Tax Credit
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Credit went into effect in 1994—Private
research surged.
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Industry now provides 54% of Arizona’s
research funding
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Raise the limit of the credit?
Federal Research Funding
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U of A & ASU both Research I universities
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Amount of research funding tied to economic
growth
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Federal research dollars a shrinking part of the pie
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Federal dollars still heavily in military research
Attracting Venture Capital
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Arizona has above average levels of innovation
Arizona has very low levels of venture capital
investment – just 0.2% of state GDP
-- Need more university research
-- Need legislative action
Building Research Facilities
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Arizona has few non-university affiliated
research facilities
Additional facilities can broaden research goals
Must look into municipal bonding and capital
improvement programs.
Conclusion
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Use partnerships to meet needs
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To get support for education funding
To attract investment
To build facilities
To receive research funding
*Initiate action, share the costs, reap the rewards*