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Paving a Path to Competitiveness

Initial ConceptBusiness Development Business Growth. Steps to Competitiveness . Kentucky Science and Technology CorporationEducation, research, and economic developmentNew Economy LegislationDepartment of Commercialization and InnovationKentucky Engineering FoundationInnovation and Commercial

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Paving a Path to Competitiveness

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    1. Paving a Path to Competitiveness Wednesday, November 8, 2006 Lee T. Todd, Jr., President University of Kentucky

    2. Initial Concept Business Development Business Growth Initial concept Research, EPSCoR Business Development Business GrowthInitial concept Research, EPSCoR Business Development Business Growth

    3. Kentucky Science and Technology Corporation Education, research, and economic development New Economy Legislation Department of Commercialization and Innovation Kentucky Engineering Foundation Innovation and Commercialization Centers Reform of Higher Education UK Top 20 public research university UofL Premier metropolitan research university Bucks for Brains

    9. No Bubble

    11. Universities Used to be Known for Three Things Education Employment Entertainment Time to Add a Fourth E Economic Development

    12. 10 Things a University Must Do to Achieve Economic Development Success

    13. #1 - Institutional, Community and State Attitude Citizens and legislators should expect translational research All should accept that it is ok to be involved with industry All must understand that conflicts will occur and must be dealt with Entrepreneurship should be embraced Entrepreneurial activity should be acknowledged by the academic community

    14. #2 - The Chain of Economic Development E-Club Venture Club Angel Network On-campus incubator Venture capital investments Research campus IP brokers

    15. #3 - Hire Entrepreneurial Professors Many professors are not interested in working in/with industry and shouldnt Some professors want to be involved but stay with the university Some professors will leave the university for industry

    16. #4 - Remain Flexible with Exiting Professors Leaves of absence Directors of companies Ownership positions

    17. #5 - Develop Rules of Engagement with Business More agreements faster State clearly what the University will not allow

    18. #6 - Create Business-Friendly Environment Create business terms for equipment access List billable rates Create urgency! Own the business problem

    19. #7 - Create Connection to Support Services Lawyers, Accountants, Bankers, Investors Marketing and Public Relations

    20. #8 - Make Deals; Do Not Worry So Much About Patents Build good will Protect against mega-patents

    21. #9 - Cooperate with Other Institutions Helps with federal earmarks and state funds Helps with retention of faculty Allows more competitive proposals

    22. #10 - Cooperate with State and Industry Help build the states economy Belcan/Sikorsky Create clusters that spur innovation, creativity and uniqueness SECAT Painting Consortium Equine Industry Natural Products

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