This is a fairly important piece tying several important ideas together. Recall that Minneapolis was not identified by Richard Florida as part of its own economic center (it's instead part of the Chi-Pitts megaregion). I will highlight several important points:
Thomas Lee Star Tribune:
1) Judging from the university’s recent track record of converting its vast reservoir of research into cash, the U faces an uphill climb. The school that’s known for inventing the pacemaker, the heart valve and one of the Web’s first Internet browsers is desperate for a hit.
At a time when the state’s economy is slowing and its medical device sector is maturing, the U’s long commercialization slump has attracted the urgent attention of lawmakers, venture capitalists and others concerned about where Minnesota’s next Medtronic or St. Jude will come from. 2) According to the U’s own business development people (see link to Powerpoint presentation at bottom http://www.cvm.umn.edu/img/assets/8965/Doug%20Johnson-Industry%20Academic%20Partnership.pdf), the 20-year success record of the U’s technology company spin-offs is only
half the university average nationally — and less than one-fourth the success record of the nation’s premier schools.
What’s more, in one recent year (2004), for example, the U of MN spun off only one company compared to 14 at the University of Michigan and 16 at the University of Illinois [Do you believe there is a correlation to this data and the fact that Michigan's business and law schools are ranked so highly?]. Why I am focusing here on spinoffs? Well, because, according the U’s own business development people, creating university spinoffs is “much more profitable than licensing (revenues)” to the school.
The University is a top 10 University (graduate) because of its link with the automobile industry in post-ww2 America. With America's main manufacturing base in 2009 being biotechnology and IT, if Minneapolis misses the opportunity it has with all of the surrounding companies, then it really deserves to be a middle-tier University forever.
Points to argue, America itself lacks the drive to be a manufacturing economy in any sector (this may very well be true) and so any effort on Minnesota's part is somewhat moot. Thoughts?
1) Thickens, Graeme. The Latest on U of M Technological Innovation and Commercialization.
An Article from minnov8 online magazine. Written Saturday October 18, 2009 and Accessed December 2, 2009.
http://minnov8.com/2008/04/19/the-latest-on-u-of-m-technology-innovation-and-commercialization/2) Stevens, Randall. See the
Richard Florida Article.
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