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Transcript of The Global Innovation Economy: Well-springs of Modern Economic Growth World View Community College...
The Global Innovation
Economy: Well-springs of Modern Economic Growth
The Global Innovation
Economy: Well-springs of Modern Economic Growth
World ViewCommunity College Global Education Symposium
Maryann Feldman
November 9, 2010
New Environment for Higher Education
¤ New technology platforms from Science Biotechnology Information and Computer Science Material Science
¤ All industrial activity has higher knowledge content
¤ Greater budgetary uncertainty Government funding Rising costs
¤ Formalized in U.S. Bayh-Dole Act 1980 Many countries emulate
¤ Third mission of economic development
Changing Role of Higher Education
¤ The winner in the Knowledge Economy
¤ That means more than market domination
¤ Stewardship Largest employers in many places Many places are pinning their hopes on
institutions of higher education
Economic Development Defined
¤ Sustained increase in income Higher standards of living Greater accumulation of wealth Greater productivity
¤ Processes and policies by which a nation improves the economic and social well-being of its people
The Paradox of Globalization
¤ Growth is local & grounded Predicated on face to face interaction common meaning and language Characteristics of knowledge
¤ Firms benefit through strategic location
• Not by relocation but by investing
¤ Its all about Innovation
Wellsprings of Growth¤ Recognition that growth is local
Not about the geographic concentration of production
Local as locus of innovative activity• Innovation as cognitive, contextual process
– Predicated on face to face interaction, common meaning and language
• Firms benefit through strategic location– Not by relocation but by investing
¤ Higher Education’s role Certainly part of the Tech-Based Cluster
story Knowledge input supplier/convener
Research University Redux¤ Necessary but not sufficient
Every great tech region has at least one great research university, BUT great research university DOES NOT yield a great technology region
¤ Reasons Different Missions & Cultures Different ability of local economy to absorb
graduates Consider the structure of a company
• Depth in the labor force• Diverse Skills required for innovation
¤ Requires supporting higher education institutions
Lead to the Desired Outcome?
¤ Privatization of Knowledge Public good argument diminished Changing justification for public funding Can output be effectively evaluated by
private metrics? ¤ Rankings, Ratings and Beauty Contests
Emphasis will shift to the measurable Assessment force conformity
• Drives out diversity and experimentation
¤ Knowledge as a Means to What End? Greater purpose than profit Is competition the correct metaphor?
If Innovation is the Desired Outcome¤ Focus on Education
Broad-based education Ability to think creatively, write and analyze Different from training
• Noted problems with MBA education
¤ Focus on Basic Research Big ideas yield/build new platforms Long time horizons, important small steps Focus on applied R&D yields more
incremental ideas¤ Focus on local problems
Then scale to global markets
Policy Recommendation: How to Promote Local Economic
Growth ¤ No universal solution¤ Consensus on Desired Outcome
Maximize local wages, local wealth Viable, vibrant communities
¤ Designing economic development strategy may be the ultimate local innovation History is important Context and Culture matter
Reflective Conclusions ¤ Creativity & innovation are about doing things
differently
Will we force conformity & kill the desire outcomes • when we think about teaching innovation and creativity• Focus on measurement
You can’t teach innovation & entrepreneurship at a B-School
North Carolina’s growth strategy
¤ Innovation to what end? Amelioration of disease and human suffering Time for a new golden age