Economic Empowerment: Perspectives on Strategic Partnerships Beyond Research
Aug. 6, 2024
—Partnerships across sectors are on the rise, with companies, government agencies, private sector funders, and universities alike increasingly pursuing and catalyzing these collaborations. We know that combining partners’ expertise and resources in multi-sector research leads to better outcomes, but it also has the potential to transform the local communities where those collaborations take place by creating jobs, funding infrastructure, and providing other benefits that invigorate the regional economy.
Partnership perspective
Jordan Peterson, chief property operations officer for UIDP community partner Collaborative Real Estate, has witnessed firsthand the powerful economic force of cross-sector partnerships. Collaborative Real Estate is part of the team behind Tech Square in Atlanta, a community supporting startups, students, researchers, and others in an environment designed for collaboration. Peterson shared his organization’s unique role in fostering innovation districts and their impact on economic development.
“We’re the real estate people who don’t talk about real estate much,” he said. “We’re obsessed with human social networks. We like to think of the individuals in our knowledge ecosystem like synapses in the brain: the more we connect them, the more of our ‘brain’ everyone is collectively using.”
These connections are starting points for discovery, which evolve into innovation and commercialization and then enter the region’s economic cycle. Collaborative Real Estate’s role is that of a placemaker, creating spaces that encourage professionals from different silos to interact, which in turn supports problem solving and contributes to stronger and more impactful partnerships.
Peterson said that innovation districts and their collaborative research partners most frequently succeed when they recognize the need for continuous improvement and are receptive to ideas from all sources and sectors.
“Be open to the idea that more is more. Be open to different angles,” he said. “It’s important to recognize that we all have growth opportunities.” An innovation community that encourages researchers to meet and discuss their challenges with other researchers—often from different disciplines and backgrounds—can provide diverse perspectives and fresh ideas.
Innovation economies
Economic impact isn’t limited to spaces dedicated to research and development, like innovation parks or districts. Even communities surrounding large research-performing organizations can benefit from innovation. Beyond attracting highly skilled talent and fostering collaboration between university, industry, and government researchers, these environments often encourage entrepreneurship and offer shared support services for small businesses and startups. Commercialization of research outcomes can seed economic growth in a region, and R&D innovation has been shown to drive job creation. Research collaborations also attract public and private investment, which can enhance infrastructure and regional economic competitiveness. Peterson said that engaging with local stakeholders like community colleges and technical schools can also augment economic impact and provide opportunities for students who commonly fall outside the traditional view of four-year universities.
Job creation, square footage dedicated to innovation and research, and other types of economic activities—like new startups—can be key performance indicators for measuring economic impact. Being conscious of how research collaborations affect a region’s economy can open opportunities for deeper engagements and intentional, positive outcomes for everyone involved in a partnership.
Why it matters
Research partnerships capitalize on diverse expertise and resources to deliver important outcomes, and their activities can also spur economic growth in local communities. However, reaping the benefits of cross-sector engagement usually requires intentionality and a stakeholder mindset that embraces innovation and collaboration. For more on how research partnerships intersect with their communities, see previous 3-Minute Reads on place-based innovation and assessing innovation ecosystems.
Learn more about innovation districts, ecosystems, and economic impacts at our fall conference, UIDP Penn State. Early registration ends Aug. 19! Learn more and register: https://bit.ly/UIDPPennState