PA Prosperity Partnership Initiative: Envisioning the University Role in the Innovation Economy Irene J. Petrick, Ph.D., Faculty Administrative Fellow.

PA Prosperity Partnership Initiative: PA Prosperity Partnership Initiative: Envisioning the University Role in the Envisioning the University Role in the

Innovation EconomyInnovation Economy

Irene J. Petrick, Ph.D., Faculty Administrative FellowOffice of Economic & Workforce Development

Professor of Practice, College of Information Sciences & Technology

IST Statewide Faculty MeetingMay 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 MattersInnovation Matters

The Creative ClassThe Creative Class

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. McGranahan and Timothy R. Wojan, 2007

What is the Innovation Economy?What is the Innovation Economy?

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

Evolution of the Innovation EconomyEvolution of 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

Megaregions of North AmericaMegaregions of North America

Map by Tim Gulden and Ryan Morris

Richard Florida 2008

Human

Social

Physical

Financial

Technological

Organizational

Pyramid of Regional AssetsPyramid of Regional Assets

Changing University RolesChanging University Roles

Innovation Economy CycleInnovation Economy Cycle

Patents/licenses,STEM & knowledgeprofessionals, research, facilities & funding

Revenue & profits, investments, job choices,new business creation

Growth, decreasedout-migration, leveragedcompetitive advantage, infrastructure improvements

Destination location,increased housing &recreation choices

How do Universities Participate?How do Universities Participate?

Leveraged space: Technology incubation, research and lab spaceStudent engagement at all levels to support company business

and technical needsFree access to university resources Training at multiple levelsOn-line learning and supportAttracting talent to key research areasPublic – private partnership funding modelsHeavy state support, often ranging from basic research to

commercial activities

Regional EngagementRegional Engagement

GOALS:Understand the region (from the region’s perspective)

Identify needs and gaps

Consider transformative opportunities

Translate opportunities into University strategic initiatives

PA Prosperity Partnership InitiativePA Prosperity Partnership Initiative

Undertaken by the Office of Economic and Workforce Development with the help of TrippUmbach

A series of listening sessions at campuses – Spring to Summer

Campus-centric leadership

Internal listening sessions/focus groups – Summer

Analysis, synthesis and strategic plan development – Fall

http://www.oewd.psu.edu/pa-prosperity-partnerships/