A monthly letter from President Martin C. Jischke
Dear Purdue Partners,
For the past six and a half years, I have spent a lot of time making a case for the impact Purdue has on Indiana's economy and about the University's potential to do even more if it can find support for the right programs and develop the right partnerships with government and the private sector.
Making that case got easier in November with the publication of a new Purdue booklet called An Engine for Economic Development: How Purdue University Is Bringing Innovation to the Indiana Economy.
The 12-page booklet uses hard facts to measure Purdue's impact on the state's economy and concrete examples to illustrate what that impact means to people, communities and businesses. It also includes an "at-a-glance" summary, which I am enclosing with today's letter.
The bottom line on Purdue's economic impact is that the University accounts for more than $2.9 billion in Indiana's economy. Directly or indirectly, Purdue generates more than 44,000 jobs and $1.4 billion in income for citizens of our state.
But those numbers are only the beginning of the story. For every $1 million the state invested in Purdue, $3.18 million in additional investments from other sources were generated.
A Purdue education also results in higher paying jobs. Purdue graduates in their first year out of college made an average annual salary of more than $42,000. In 2005 the average wage for adults ages 21-24 with a high school diploma was $23,046, according to the U.S. Census Bureau. Purdue also helps graduates find employment in Indiana through internship programs and job fairs.
Purdue also makes its resources available to Indiana companies so they can remain globally competitive and continue to hire Purdue graduates. One example is Purdue's Technical Assistance Program, which helps as many as 450 companies each year with product development, advanced manufacturing, information technology and management issues.
Since its inception in 1986, the program has created nearly 1,600 Indiana jobs and saved approximately 2,600 more, according to program figures. Healthcare TAP, which was launched in 2005, works with the Indiana Hospital&Health Association to assist Indiana's hospitals in making operational and quality improvements.
At Discovery Park, we are generating new businesses through groundbreaking research in nanotechnology, bioscience and other high-tech fields. We have barely begun to tap the potential of Discovery Park. When it is running at full capacity, we expect it to involve 3,000 students in entrepreneurial activities and 1,000 faculty in research. We anticipate the park attracting more than $35 million a year in sponsored research funding and $10 million a year in recurring infrastructure support. These investments should pay handsomely. To date, more than 40 Purdue faculty entrepreneurs have engaged in the process of starting companies based on their work.
The Purdue Research Park is one of the largest university-affiliated, high-tech business incubation programs in the nation. More than 140 businesses, employing nearly 2,900 people, are based in the Research Park, and new companies are evolving there constantly.
Endocyte Inc., the first Indiana life sciences company to benefit from the Indiana Future Fund, is an outstanding example of a successful high-tech company that was spawned by Purdue research. Endocyte, which was founded in 1996, develops Purdue-licensed cancer detection and treatment technologies that are undergoing FDA-regulated human clinical trials. The company now has 45 employees and a very exciting future.
Building on its success in West Lafayette, the Research Park has spawned a successful technology center in Northwest Indiana and is in the process of establishing another in New Albany. We are eager to leverage the intellectual power of the University into economic success for people throughout the state.
I have mentioned just a few of the examples included in the new economic impact booklet. I hope you will take time to look at the abbreviated report I have enclosed. If you would like a copy of the booklet, please contact my office and we will send it immediately.
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Boilermaker fans are looking forward to a trip to Orlando where Joe Tiller's team will compete in the Champs Sports Bowl against Maryland. Meanwhile, the Purdue volleyball team has reached the final 16 in the NCAA tournament, and both the women's and men's basketball teams are off to successful starts in the young season.
My best wishes for a happy holiday season!
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