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Board approves $10 million for economic development fund |
| By
Matt Lockwood |
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Nov 18, 2008
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The University of Science and Technology Corridor not only has a new name — becoming Science, Technology and Innovation (STI) Enterprises — it now may ultimately have the ability to invest in economic development activities and help grow the local economy.
The UT Board of Trustees voted unanimously yesterday afternoon to approve $10 million from the University to STI Enterprises for the purpose of establishing a fund for potential investment opportunities.
While University-led economic development efforts have been ongoing the last couple of years, board member Bill Koester said the funding will give STI Enterprises some power to make things happen.
Mary Jo Waldock, special assistant to the president for economic development, added the fund will allow UT to “take active participation in the development of our community.”
While introducing the resolution, board member Bill Fall stressed the funds were coming from revenue earned through auxiliary services, not tuition dollars or student fees, and that any investments will have to be approved by an STI investment committee and its full board, which will be fully appointed by the University.
Approval of the resolution followed a presentation by Eva Klein, a consultant hired by the University to help further define its regional economic development engagement strategy.
Klein contends the world is experiencing a huge shift from an industrial to a knowledge-based economy, and that universities, including UT, are uniquely positioned to lead the transformation.
Her firm, Eva Klein & Associates, is expected to deliver a report for UT during the first quarter of 2009.
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