The U.S. Commerce Department’s Economic Development Administration (EDA) has announced that the University of Connecticut is one of 21 institutions across the country that will divide a total of $12 million in awards through the EDA’s University Center Program, which is designed to enhance regional economic development tools that will expand opportunity and create jobs.
The $483,830 five-year grant was awarded to the UConn Office of Technology Commercialization to boost economic development efforts that promote technology transfer and entrepreneurship, and assist local government and nonprofit organizations in planning and implementing regional economic development strategies.
“I thank the EDA for their support and investment – this is welcome news for UConn and for the statewide economy,” said Gov. Dannel P. Malloy. “UConn’s potential as an economic engine in Connecticut is tremendous. We have the components to make this a world-class research facility; we have the resources to attract top talent, research and development investment, and the best students that Connecticut and the world has to offer. This funding is an important step to attracting additional dollars that will help us achieve our overall goals of a stronger university and a stronger Connecticut economy.”
“UConn is in a position to attract this type of grant because of the investments we’ve made in the University over the last few years,” said Senate President Donald Williams. “There’s no doubt UConn’s emerging reputation and capacity as a research and technology center can spur economic growth. The creation of a tech-park at UConn, which the General Assembly and Governor Malloy approved just months ago, will build on this success and create high-quality jobs in Eastern Connecticut.”
University Centers provide targeted assistance with research commercialization, workforce development, and entrepreneurship, as well as business counseling services. The Centers also help local organizations conduct preliminary feasibility studies, analyze data, and convene customized seminars and workshops on topics such as regional strategic planning and capital budgeting. UConn has been a University Center for the last six years and has focused its Center on technology-based economic development.
“Universities have the ability and the responsibility to help drive economic growth in their states,” said UConn President Susan Herbst. “We’re thrilled to receive this grant as we continue to ramp up and unify our economic development efforts aimed at building a highly-skilled workforce, aiding businesses, and creating jobs here in Connecticut.”
Universities leverage assets – such as faculty, staff, students, research and development centers, laboratories, and high-speed broadband networks – to drive regional economic growth through innovation. The effort is aimed at moving new ideas from the lab to the consumer market and supporting bottom-up strategies that enable business expansion and job creation.
UConn is also in the process of hiring a vice president for economic development who will be responsible for managing and coordinating all of UConn’s economic development efforts to promote job creation and fuel Connecticut’s economy.
