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The Journal of Technology Transfer

, Volume 28, Issue 3–4, pp 355–361 | Cite as

Measuring the Economic Impact of University-Based Research

  • Russell W. Bessette
Article

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.

Keywords

Economic Impact Public Funding Research Output Funding Agency Multiple Stakeholder 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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References

  1. Ambrose, S., 2000, Nothing Like It in the World, New York: Simon & Schuster.Google Scholar
  2. Bailetti, A. and J. Callahan, 1992, ‘Assessing the Impact of University Interactions on an R&D Organization,’ R&D Management, 145–158.Google Scholar
  3. Bozeman, B. and J. Melkers, 1993, Evaluating R&D Impacts: Methods & Practice, Boston, MA: Kluwer Academic Publishers.Google Scholar
  4. Council on Competitiveness, 1996, Endless Frontiers, Limited Resources: U.S. R&D Policy for Competitiveness, Washington, DC.Google Scholar
  5. Link, A.N., 1999, ‘A Suggested Method for Assessing the Economic Impacts of University R&D: Including Identifying Roles for Technology Transfer Officers,’ Journal of the Association of University Technology Managers XI, 1–17.Google Scholar

Copyright information

© Kluwer Academic Publishers 2003

Authors and Affiliations

  • Russell W. Bessette
    • 1
  1. 1.Technology and Academic ResearchNew York State Office of ScienceAlbany

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