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Measuring the Economic Impact of University-Based Research

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  • Bessette, Russell W

Abstract

University research has propelled the United States into world-class leadership, but continuing that momentum in the 21st century requires major funding. Both the public and private sector have risen to meet that financial challenge through increased support of university-based research. Since 1995, New York Governor George E. Pataki and the New York Legislature have fostered the growth of high technology and biotechnology industries by investing more than $1 billion in superlative research laboratories and academic centers. However, with this increased outlay comes the demand for greater accountability. Both public and private stakeholders expect applied research to have economic impact through a unique combination of good science plus good business producing wealth and opportunity for all citizens. However, measuring the economic impact of university research proves difficult. This paper suggests a possible method for a public funding agency to quantify and tabulate research outputs such that economic impacts are reported as a percent return on investment or ROI. With this model, multiple stakeholders can evaluate divergent research technologies using a measurement that is familiar to scientists, business leaders, elected officials, and the public. Copyright 2003 by Kluwer Academic Publishers

Suggested Citation

  • Bessette, Russell W, 2003. "Measuring the Economic Impact of University-Based Research," The Journal of Technology Transfer, Springer, vol. 28(3-4), pages 355-361, August.
    • Handle: RePEc:kap:jtecht:v:28:y:2003:i:3-4:p:355-61
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    Cited by:

    1. Joshua Drucker & Harvey Goldstein, 2007. "Assessing the Regional Economic Development Impacts of Universities: A Review of Current Approaches," International Regional Science Review, , vol. 30(1), pages 20-46, January.
    2. Guerrero, Maribel & Cunningham, James A. & Urbano, David, 2015. "Economic impact of entrepreneurial universities’ activities: An exploratory study of the United Kingdom," Research Policy, Elsevier, vol. 44(3), pages 748-764.
    3. Basuchoudhary, Atin & Reksulak, Michael, 2007. "Losing The Edge At The Final Frontier: A Relative Decline In Scientific Inputs And Its Consequences," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 7(2), pages 23-36.
    4. Mihail N. Diakomihalis, 2014. "Evaluation of High Educational Institutes Economic Impact with Satellite Accounting: An Empirical Application in Greece," Business and Economic Research, Macrothink Institute, vol. 4(2), pages 1-20, December.

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