Economic Development Committee Report Spring 2009 INTRODUCTION The Economic Development working group of the University of Missouri-Kansas City’s (UMKC) Strategic Planning Committee was tasked with understanding the economic impact that UMKC provides and how the university can provide cornerstone foundations for economic development within the UMKC community and throughout the greater Kansas City metro region over immediate (<1-3 years), short- (3-5 years) and long-term (510 years) periods. The Time To Get It Right report frames both the strengths and challenges facing UMKC and its relationship with the region it calls home both from historical and current perspectives. Using the report as a basis for this committee’s work, UMKC must refine and position itself as a strong community partner and regional leader in: Creating life sciences discoveries that will enhance the lives of millions; Empower the region to embrace cultural perspectives through the arts, prepare the leaders of tomorrow to better shape the physical and social landscape of the urban experience; and, Lead the community in building a viable, educated workforce for tomorrow. UMKC cannot fulfill UMKC’s urban mission in these areas without a strong and tactical focus on economic development. The committee structured its Economic Development plan into recommended actions and measurements based on three primary points: Building an integrated and multidimensional framework of relationships and alliances; Developing a strategic plan as a prime mover to address workforce development regionally; and, Increasing technology transfer and commercialization opportunities and matching those with effectively utilized human capital and physical location(s). UMKC plays a key role in the Kansas City area economy as a large employer, workforce developer and a conduit for economic activity. This role can translate to being a central player in convening community members to develop a focused model for a regional economy. The Kansas City region should be positioned to lead a larger region, potentially a mega-region, or risk losing meaningful position on the national stage. The committee identified three focus areas in regional economic development. In each area, the committee recommends actively identifying key challenges, seeking solutions, and developing specific performance measurements for outcomes. The areas are: 1. Establishing an integrated framework that supports economic development, including expanding alliances with businesses, partnerships with federal and state agencies, and encouraging community-wide participation. Action – Inventory current and future capabilities and services of UMKC’s academic units, centers, institutes, and affiliates to create an accurate understanding of the University’s overall position and ability to bring services to the region and eliminate duplication for more effective deployment of resources. From this inventory, UMKC will identify and promote “centers of excellence” to the region as accessible resources and experts. (<1 year-3 years) Action – Recognizing the need for bi-state cooperation, UMKC will convene regional groups to better explore major issues facing the Kansas City region. UMKC may not take the lead on solving a particular issue, but will be critical to creating the focus for regional discussion. (<1 year-3 years) UMKC will take on a leadership role that actively seeks to make substantial impact on local issues. Performance measures would include the development of a clear diagnosis, a plan, timeline and measures to address each issue. Potential Topics: 1. Health Care & Wellness: UMKC plays a strong research, teaching, service, and development role in health care. It can serve to lead an emerging emphasis on wellness and preventive care at the local, regional, and national levels. By supporting and marshalling resources to embrace the evolution and implantation of enhanced health information technology, electronic medical records, and electronic prescriptions, UMKC will bring added value to residents and stakeholders. 1 Economic Development Committee Report Spring 2009 2. Education: The single biggest effort that could affect Kansas City’s economic development may be to turn around education in the urban core. The Time to Get It Right report called for, “regular summit meetings of all of the university and college leaders in the Kansas City to discuss the contribution of each institution to improvement of public education.” UMKC can play the role of convener as well as supporter by further enhancing IUE’s programs and partnerships with the Kansas City School District, Kansas City Kansas School District, Hickman Mills School District and others. UMKC’s partnership with the regional community colleges can build alliances leading to a better educated workforce, build stronger internship programs for community businesses, and offer joint opportunities for collaboration in jobs development. (3 – 5 years) Every area of UMKC could be required to partner with the school district to improve P-12 education. 3. Urban Community: Inventory current UMKC connections and outreach efforts demonstrating the University’s ties to the region. Encourage development of additional alliances to be a strong partner in addressing the major challenges and opportunities facing urban areas. “UMKC should set its sights on becoming a first-rate urban university deeply involved in the most important challenges and opportunities facing the community,” states The Time to Get It Right report. Additionally, UMKC will encourage and recognize more faculty, staff and student community service opportunities with regional partners, and investigate a system for rewarding all university personnel participating in service efforts. (<1 year-5 years) 4. Stakeholder Relations: UMKC has graduates playing key roles at all levels of government. Utilizing this network, the University should develop a cohesive message on behalf of itself and the region to more effectively deliver stakeholder education to local, state, regional, and federal legislatures and agencies. (<1 year – 3 years) Outcomes – Taking these actions will position UMKC as an involved community leader. This will strengthen our ties community-wide, assist in long term regional growth, enhance relationships with alumni and community stakeholders, and better position the University in advancement opportunities. These actions also allow the UMKC to directly impact the workforce development and education needs of today and the future. 2. Build workforce development programs to address current community needs and educate for future demands and requirements. The primary economic impact UMKC can provide the Kansas City region is to produce highly trained and prepared graduates of all degree levels to enter the workforce. Action –Recognizing and supporting workforce needs for stable and successful industries operating in Kansas City currently is a key component to enhancing economic development. Among others, these industries include healthcare; education; telecommunications; engineering; utilities; design/advertising; small business; financial and professional services; and government, particularly federal. UMKC will better understand the needs of local employers today and 10 to 15 years from now by creating and conducting a survey of critical workforce issues and questions, identifying and interviewing key employers, both large and small, and developing competencies for graduates based on feedback. (<1 year – 3 years) Action – Compile and assess UMKC capabilities and create a service that gives UMKC a highly reliable, responsive, and identifiable source that can inform the community of University academic and economic development programs and provide a single point of contact for local industry to approach for support. (<1 year-3 years) Action – Further enhance information resources to effectively track UMKC students after graduation and maintain alumni contacts on an ongoing basis. This information can be feedback for academic program development in addition to enhancing alumni ties to further regional economic development. (<1 year-10 years) Action – Assess, review and build academic and business development programs which address community needs and future demands. These programs will utilize regional academic and program alliances including community colleges and public school districts. The committee identified four subsets of workforce preparation: 1. Educating graduates prepared to succeed in Kansas City’s existing and stable industries; 2 Economic Development Committee Report Spring 2009 2. Educating graduates who will enter into emerging or future industries that parallel global, national, regional, state, and local needs; 3. Re-educating and training mid-career, returning and adult students who are valued and viable in a rapidly changing economic landscape; 4. Educating and connecting entrepreneurs who will forge their own success in the marketplace. (<1 year-10 years) Action – Promote and enhance recruitment and retention opportunities at both undergraduate and graduate student levels to build student population (current local economic development) and create positive long term alumni relationships (donor, corporate executives, management). (ongoing) 3. Increase technology transfer of intellectual property, implementing a University-wide approach to commercialization, and effectively utilizing physical assets and human resources to the benefit of enhanced economic development and outcomes. UMKC recognizes that technology transfer goes beyond measuring patents, to supporting faculty and community efforts in obtaining copyrights, building small businesses, supporting entrepreneurs and promoting licensing and product revenue opportunities. Action – Invest in an Office of the Vice-Chancellor of Research and Development. This position would be less constrained by day-to-day administration and have the ability to work within the community to create industry partnerships and collaborative grants making necessary connections to drive technology transfer. Included in the office would be tech transfer and commercialization experts, business and workforce development professionals, oncampus legal expertise in patents, copyrights, and tech transfer law. (3 year-5 years) Action – Align the efforts of the Office of Research’s technology transfer expertise with the technology commercialization and business community relationship-building strengths of the Small Business and Technology Development Center in the UMKC Innovation Center. This will create a unified process for identification, assessment and commercialization of intellectual property. Implement the “shovel-ready” Whiteboard to Boardroom program, in order to review the feasibility of turning existing patents and business plans into companies. (<1 year-3 years) Action – Form a University-wide committee with liaisons from each school to develop and implement a unified process for identification, assessment and commercialization of intellectual property.. (<1 year-3 years) Action – Continue to invest in and grow economic development entities affiliated with UMKC, such as the UMKC Innovation Center and UM Extension organizations, which support virtual business incubation for faculty, students, staff and members of the community. Programs include the Small Business and Technology Development Center, Missouri and Heartland Procurement Technical Assessment Centers, KCSourceLink, Business Resource Center and partner programs at 4747 Troost. (ongoing) Action – Effectively utilize, develop, and solidify investments in physical resources for all campuses to allow for expansion of student residential growth, research, commercialization and development opportunities. Conduct an audit to determine return on assets for each building. Determine uses for underutilized space. For example, can underutilized lab space provide incubation space to emerging entrepreneurs.(ongoing) Outcomes – For UMKC, the above actions will create a streamlined approach to technology transfer leading to additional patents and increased University revenue through licensing opportunities. The Kansas City community will have a single access point to resources and experts assisting them in their ventures, thus increasing new business starts for the region which will increase sales revenues, jobs and additional wealth. By taking the above actions UMKC exponentially increases the speed and efficiency with which innovations to commercial products, numbers of new business ventures, licensing opportunities, debt/equity investments, sales revenues and job creation activities take place impacting the Kansas City regional economy. 3