economic development

High Tech Transportation Corridors

Introduction
high tech transportation corridor in Florida

High tech transportation corridors are great for regional economic development

This research describes why creating high tech transportation corridors (HTTCs) is an important regional economic development strategy. When there is an economic downturn, cities are forced to develop a strategy to revitalize. Increasing the transfer of high technology into the marketplace stimulates the economy (Peltz, 1984). High tech industries are industries that include relatively high percentages of scientific and technical workers. Further, they are also industries that make relatively large expenditures in research and development (Luger, 1984).

“[I]n difficult economic times, political stakeholders in the technology transfer process usually view success in economic impact terms, and often from short-term and parochial perspectives-how many jobs in my state next year?” (Carr, 1994).

Examples include the expansion of the suburban space economy in the 1980s. Actually, these produced new commercial landscapes in Maryland, Virginia, and Washington D.C. They are high-tech corridors along limited-access highways (Knox, 1991). Designers used private mixed-use development master plans to create these corridors.

Economic development strategy

Notably, creating HTTCs became a very popular strategy for economic development proponents as a revitalization technique. HTTCs are typically defined as segments along U.S. interstate or state transportation routes. However, they can be located on city streets. Since transportation is the backbone of a city, town, or region, the idea is to create a cluster of high-tech companies along the transportation route. Clusters are critical masses of unusual competitive success. They are comprised of linked industries and interconnected companies, such as government institutions. Clusters “extend downstream to channels and customers and laterally to manufacturers of complementary products and to companies in industries related by skills, technologies, or common inputs” (Porter, 1998).

Summary

In reality, the decision to create a HTTC must be integrated into a community’s overall economic strategy. The planning process should identify the conditions under which specific, specialized strategies. Further, these strategies should lead to high-tech job attraction in order to produce desired benefits (Wiewel, 1984). With respect to HTTCs, the current federal transportation legislation should be amended.  Transportation planning officials should become stronger and more active partners in making development decisions. These decisions should integrate resource programs and infrastructure needs that provide for the development of equitable and sustainable HTTCs. Notably, planning for high-tech transportation corridors needs to be more transactional than infrastructural. In a cohesive policy-relevant structure, there must be a stronger nexus between socio-economic and transportation policy considerations.  In addition, transportation officials should begin to take an active role.  This may ensure that these high-tech developments are sustainable and equitable in socioeconomic terms.  Read more here…

Amend Bayh Dole Act to create CEDAs

Bayh Dole senators appearing side by side respectively

The Bayh Dole Act needs to be amended to include Cooperative Economic Development Agreements (CEDAs) patterned after CRADAs

Congress should amend the Bayh-Dole Act to provide for newly proposed Cooperative Economic Development Agreements (CEDAs) patterned after (CRADAs). CEDAs would be patterned after the Stevenson-Wydler Act’s Cooperative Research and Development Agreements (CRADAs). Technology transfer enables private industry and academia to make practical use of advanced research, development, and technical expertise. Indeed, universities are a rich source of science and technology. Universities can support local government and business development as well as economic growth. Thus, it is essential for research universities to transfer their wisdom to the public for its use and benefit.

 Bayh Dole and the New Economy

Today, universities operate in an economic climate that requires both capital and knowledge. Universities take advantage of government technology initiatives such as the Bayh-Dole Act. They serve as a catalyst for the creation of a large number of new, incubated companies. Universities should have a seedbed effect on their local economies. This is one way to take advantage of the dynamics of the “New Economy”. It takes advantage of its ability to increase the quality of living at the local government level.

Certainly, the Bayh-Dole Act has revolutionized university-industry relations. This causes university licensing offices to use start-up companies to commercialize early stage inventions. Notably, hundreds of start-up companies have been formed on the basis of a licensed academic invention. This results in the commercialization of about ten percent of university ideas (Goldfarb, 2002). In short, in order to increase this trend, there needs to be greater communication and cooperation between more players. Organizations besides the universities and industries must take part in the strategic planning that is necessary to effectively commercialize university inventions. This will foster regional economic development. “[I]n difficult economic times, political stakeholders in the technology transfer process usually view success in economic impact terms, and often from short-term and parochial perspectives – how many jobs in my state next year?” (Carr, 1994).

Regional economic development

In reality, universities increasingly pressure their technology transfer specialists to become stewards of their regions’ economic development. However, most specialists have no experience in strategic economic development planning. Alternatively, they form collaborations that foster local government economic development. Furthermore, current regulations do not provide specialists with much guidance. They need guidance on how to facilitate economic development collaborations between their offices and other nonprofit organizations. Thus, this article proposes that Congress amend the Bayh-Dole Act to provide guidance. Universities need guidance on how universities can enter into newly proposed Cooperative Economic Development Agreements (CEDAs). Read more here…