"Bucks for Brains" Seeds New Economy Future
Google Protea Biosciences Inc. and the first thing that comes up on your computer screen is “Click here to discover employment opportunities…”
That’s one proof that what proponents say of tech-based economic development is true: investment in university-based research results in private-sector jobs.
That’s why Dr. Paul Hill, vice chancellor for science and research at the West Virginia Higher Education Policy Commission, is delighted that in this past session the West Virginia Legislature created the $50 million West Virginia Research Trust Fund, also known as “Bucks for Brains.”
“It’s perhaps the most forward-thinking investment the state has made in recent memory,” Hill says.
Protea, a Morgantown company that develops bio-tech products, is one of several companies that benefitted in its startup phase from seed funding provided by the Research Challenge Fund, a $4 million forerunner of “Bucks for Brains.” Hill says Protea, poised to expand employment and begin manufacturing a new patented medical diagnostic device, is a good example of what supporters of this brand of economic development say can happen on a larger scale.
How It Works
West Virginia’s two research universities, Marshall and WVU, will submit plans for developing endowments. Using money raised through their development offices to match money from the new state trust fund, they can attract faculty who then conduct scientific research on behalf of the state.
“’Bucks for Brains’ provides a permanent source of support for these innovators, who know when they are hired that part of their job description is to find ways to patent, license, and commercialize products that result from their research,” Hill says. “The ultimate goal is for West Virginia residents to reap financial benefits from industries this investment creates. The fund will enable opportunities all the way from bench chemistry to manufacturing.”
Hill’s case for the state’s investment is substantiated by studies showing regions populated with science, technology, engineering and mathematics professionals show more intellectual property creation, higher wages, positive health care statistics, more new business startups and jobs.
“Manufacturing facilities bring high-paying jobs, and they aren’t just for scientists,” Hill says. “Technical support positions are required at all skill and education levels. Some studies show six additional jobs for every bioscience job.”
He says “Bucks for Brains” allows Marshall and WVU to compete on an international level for up and coming scientists. “”We can guarantee a stable level of support for them now.”
For several years Hill’s office has studied the success of other states that have made similar investments. “Some states have been at this for quite a while and have developed this capacity that we’re now beginning to build in West Virginia,” Hill says.
“Billions of dollars in research grants from Congress and federal agencies go to colleges and universities every year. West Virginia has not captured very many of those dollars in the past. If you look at other areas such as the Research Triangle Park in North Carolina, built through the collaboration of Duke University, the University of North Carolina, and North Carolina State University, you’ll see the benefit of attracting the right people who can get grants and conduct research. They bring billions of dollars into the state.
“With the establishment of this fund, we will build opportunities to play in that arena in a bigger way than we have in the past,” Hill says.
Although Hill says the state has taken a vital step forward, he warns observers not to expect an overnight payoff. “States such as California and Ohio have been in this business for a long time,” he says. “Kentucky’s successful program is about ten years old. It has taken years to develop, but they’re in the right place now.”
Marshall and WVU have developed plans for their respective shares of the fund. Hill expects to distribute more than half of the funds in the first year, and the remainder in fiscal year 2009-2010.
Photo: Paul L. Hill, Ph.D., vice chancellor for science and research at the West Virginia Higher Education Policy Commission, also directs the West Virginia Experimental Program to Stimulate Competitive Research, a program of the National Science Foundation.