Study finds USF has heavy impact on local economy
USF research may have a $400 million reach into the Florida economy, according to an impact report from the Washington Economic Group.
The economic impact report done by the Washington Economic Group, a third-party organization that looks at the impact of different organizations in different areas, shows that the USF Innovation Enterprise has an almost $400 million annual impact on the Florida economy each year.
The Innovation Enterprise is made up of the USF Research Park and the work that goes on in it, as well as the Technology Transfer Office (TTO) and the Tampa Bay Technology Incubator (TBTI), according to Senior Vice President of Research Paul Sanberg.
The TTO deals with companies who want to license USF technologies. The TBTI provides support for university, student and community start-ups during the beginning of their commercialization.
“The University of South Florida (USF) has become a leader in cutting-edge research and commercialization of new products, technology incubation and partnerships in the State of Florida and nationwide,” the report said. “This positive development generates significant economic development impacts for the Tampa Metropolitan Statistical Area (MSA) and throughout Florida.”
Sanberg said he was pleasantly surprised by the figure and the fact that it shows the Innovation Enterprise has both a direct and indirect impact on the state and the community. It was also important, he said, to get a baseline.
“If we want to improve ourselves, we need to know what our baseline is at this point so that as we do additional work in this area … we want to be able to show that we’ve improved things, and so, having a baseline, to me, was very important,” Sanberg said.
He said he hopes to see the impact increase in the future.
The $400 million number comes from the evaluation of multiple different factors. The impact looks at average salary jobs created by the different entities in the enterprise. The report found that they were knowledge-based jobs that were fairly high paying.
The report also looked at the effect on household income, as employees spend their money on housing and other goods and services and taxes.
“(The impact report) looks at these dollars and looks at how those dollars expand out into the community and really have an effect in the community,” he said.
The Innovation Enterprise is about research that is applied outside of the basic sciences. Sanberg gave the example of research one might do on a receptor in the human brain. One might study the receptor and publish research about what that receptor does. However, one might continue that research in developing a drug that effects that receptor, and once that shift happens, the work becomes part of the enterprise.
“It’s about more invention and innovation than basic science per say,” he said.
Sanberg said he feels that as a university, involvement in the community is a must have and said he thinks other universities should take a look at how they impact their communities when it comes to the area of innovation.
“We need to help our communities and help the economy and it’s not just about paying salaries of employees here, students paying tuition,” he said. “It’s really also about taking our discoveries, taking the ability to help other companies in the community to do better and to become a better economic engine.
"So that’s what we’re looking at now is what kind of economic engine are we in that area, and this is going to be very important, I think, in coming years because it really is about us becoming a significant partner, all universities becoming a significant partner in their communities where they live to help our economy.”
Get Top Stories Delivered Weekly
More usforacle News Articles
Recent usforacle News Articles
Discuss This Article
MOST POPULAR USFORACLE
GET TOP STORIES DELIVERED WEEKLY
FOLLOW OUR NEWSPAPER
LATEST USFORACLE NEWS
- As exams near, student stress levels soar
- Message to draftees: Don’t mess this up
- Bulls held scoreless in midweek loss to Stetson
- As need for cybersecurity grows, USF class offers solutions
- Florida should pass laws to help women
- Tampa continues to tackle public transportation issue
- Oracle sports staff tackles NFL mock drafts
FROM AROUND THE WEB
- Streaming Content Box Cuts Your Cable and Costs
- Non-Profit Venture Fund Seeks to Support The American Dream
- Sustained Happiness Starts from Within
- Reverse Mortgages Benefit Younger Seniors
- Sunshine State Shining New Light on the Banking Industry
- Honoring Moms : How 3 Inspiring Women are Changing the World
- Look Before You Buy: Virtual Reality Comes to Home...
- Olympic Power Couple Teams Up to Fight Blood Cancers with...
- Two Meals in One: Arborio Rice, Perfect for Risotto &...
- New Nighttime Grind Guard Relieves Jaw Pain
COLLEGE PRESS RELEASES
- American U. professor predicts Trump will be impeached in new book
- Comic Book and Sports Card Show
- A Harvard Dean's 5 Essential Questions for Success
- COLLEGE STUDENTS: DO THESE THREE THINGS THIS SUMMER TO BOOST YOUR FINANCES
- Annual PepsiCo/SWE Student Engineering Challenge Gives Undergraduates Real-World Engineering Practicum