Purdue News

Bold investments today lead to future economic vitality By Martin C. Jischke, President of Purdue University We live in a time when extreme circumstances force us to see things clearly, to put aside differences and to work together to solve the big problems. This is happening right now on the international level as America and its allies unite to root out terrorism. A similar clarity of thought and unity of purpose are necessary if we are going to secure a bright economic future for Indiana. The Indianapolis Star stepped forward in its Oct. 7 editorial, "A long-term fix for state tax woes." The newspaper succinctly explained the chicken-or-the-egg problem: Indiana's manufacturing economy is losing jobs fast in a changing and softening economy. Partly as a result, the state's tax revenues have dropped. We all know the solution. Our state must build its science and technology resources to strengthen its existing industry and create new high-technology businesses. Unfortunately, because our economic base is eroding, the state is hard-pressed to come up with funds to invest in the processes that will boost the traditional economy and promote the knowledge-based businesses of tomorrow. The Star, though, took one more step, coupling the remedies for both problems. When Indiana restructures taxes and takes the necessary steps to pay its bills, it should make sure to generate revenue streams that will support high-technology research at our universities. That's a hard pill to swallow. It's like asking a family that is having trouble paying its bills to save money for its future and to invest in education and training at the same time. As difficult as that would be, this sacrifice is the only sure path to the family's economic security. The same is true of our Indiana family. What will it take? Just to stay even with other states, we must more than double the $50 million 21st Century Fund that seeds research for Indiana high-tech businesses. We must invest in the new Statewide Economic Development Partnership, approved, but not funded, by the Indiana General Assembly. Through this partnership, the Purdue Research Park – among the most successful high-technology centers in the state – can help communities throughout Indiana establish their own high-tech incubators. We know what we have to do, yet the economic downturn makes it difficult to move forward. The price of waiting, however, is too great. The wave of the 21st century economy is cresting, and those who ride it will surge forward. Those who miss the wave will be forever behind. The state's world-class land-grant university is ready to help Hoosier's ride the wave. At Purdue, for example, the entire university has been at work all year on a new strategic plan. One of the cornerstones of this strategic plan is engagement, working with the state and people of Indiana to promote economic development. To underscore the commitment to engagement, Purdue has named Don Gentry to a new position, vice provost for engagement, and charged him with listening to the needs of the state and lining up the university's resources to meet those needs. The second cornerstone is learning – providing lifelong education for the state's New Economy work force. The third is discovery – harnessing 21st century research and transferring it to the marketplace. Discovery, in fact, is the thrust of Purdue's new $100 million Discovery Park. The state this year invested $5 million in one of the park’s crown jewels, the Birck Nanotechnology Center. Purdue leveraged that money into a $51 million facility that will build a new world atom by atom. Other features of Discovery Park will be a bioscience/bioengineering center, an e-commerce center and a center for entrepreneurship. They will be home to the very kind of interdisciplinary research that could revolutionize Indiana's economy. Purdue belongs to this state and its people. We are ready to join the team that will build Indiana’s economic future.