Pennsylvania Gov. Tom Wolf says that Penn State’s efforts to promote entrepreneurship and innovation are an example of how university communities around the state can be ‘unlocking the talent’ to drive economic development.
Wolf delivered remarks and answered questions Monday morning at Happy Valley Launchbox, 224 S. Allen St., about the state’s higher education resources and how they relate to job creation and economic growth.
Happy Valley Launchbox is a no-cost startup accelerator and co-working space. Launchbox, which opened in February 2016, is a signature program of Invent Penn State, a statewide initiative introduced by university President Eric Barron to spur economic development while helping students succeed professionally through collaboration between Penn State and local communities on entrepreneurship-focused programs.
Wolf cited the large number of colleges and universities in the state and said it is vital that they be supported and leveraged to promote economic development.
‘Pennsylvania has a really unique set of resources in its higher education,’ Wolf said. ‘Someone said ‘We ought to make Happy Valley the Silicon Valley of Pennsylvania.’ I said ‘I am absolutely against that.’ I think Silicon Valley should become the Happy Valley of California. That’s what we’re trying to do. With these institutions of higher education we can connect them to the world of work in a way that actually creates jobs and creates real economic development right here in Pennsylvania. That is one of our resources. That is one of our competitive advantages.’
Penn State President Eric Barron noted that Happy Valley Launchbox is one of 13 such university-supported accelerator initiatives around the state, and that he expects that to grow to 20 in the near future. The school also has launched an entrepreneurship and innovation minor, a fund for commercialization and the Summer Founders Program — which pairs students with alumni to help the young innovators develop their business idea.
He added that the university’s invention disclosures are up 23 percent over last year and that 40 percent of university patents are being licensed, an all-time high.
‘Between offices, opportunities for students, different types of scholarships, the mentoring and advising they get here, I think we’re going to have a story that’s going to be an incredible success for the state of Pennsylvania,’ Barron said.
Wolf said the Penn State community can play a big role in improving business and innovation in the state.
Launchbox has already played a role in business development, having graduated 20 new companies from its accelerator program in the past year.
‘Our society will be a better place if we can unlock the talent that exists right here in State College,’ Wolf said. ‘That’s what you’re trying to do with Launchbox… If we continue to do this, if we continue to do a good job of unlocking the talent that exists in the great resource of higher education in Pennsylvania… there’s no end to what we can do.’
Asked by Centre County Commissioner Mark Higgins if the governor’s office has any new entrepreneurship efforts planned, Wolf said he would prefer to focus on building the necessary resources for businesses to thrive.
‘Personally I’m not sure new initiatives are what we need. I think what we need to do is create the foundation that will allow people to do that,’ Wolf said.
He said a fair tax system, ‘robust’ education environment, strong transportation infrastructure, widely available broadband internet, and supportive venture capital are some of the things that will make the state more appealing for businesses.
‘Pennsylvania should be the envy of the world when it comes to economic development because we are already the envy of the world when it comes to higher education. Those two things right now in this new economy are linked,’ Wolf said.
‘If anyone should do well in this new economy, it’s us, right here in Pennsylvania. And if anyone in Pennsylvania should do well, it’s right here in State College with Penn State University, one of the greatest universities in the entire world, right here. All the great ideas, we need to monetize that. We need to take it from the laboratory and put it into real practice.’
Wolf briefly discussed his proposed budget, which was unveiled last week, and said that rather than either a broad-base tax increase or sacrificing services, ‘We’re trying to make the government that we have do a better job.’ Though he said that he and the Republican-controlled legislature have some differences on how to achieve that, ‘there’s a lot of optimism’ for this year’s budget.
His budget proposal keeps funding flat for Penn State in 2017-18, but his prior two budgets both increased funding to the university, which took a big cut during Gov. Tom Corbett’s administration.
Barron said Wolf has been supportive of Penn State and education in general.
‘Since he took office, Gov. Wolf and I have had many conversations about our shared commitment to make this state even stronger,’ Barron said. ‘As part of that he has committed himself to being very supportive of higher education and particularly of higher education funding.’
