ASU’s multi-faceted approach includes: research focused on applied solutions; degree programs that weave entrepreneurship into the curriculum and prepare master learners; business accelerator programs for students, faculty and community members; partnerships with corporate sponsors like Allstate Insurance and Starbucks; and partnerships with local economic development organizations such as the Arizona Commerce Authority and the Greater Phoenix Economic Council.
In recognition of its strong commitment to economic engagement, ASU was named an Innovation and Economic Prosperity University by the Association of Public and Land-grant Universities (APLU). The designation recognizes public research universities working with public and private sector partners in their states and regions to support economic development through a variety of activities, including innovation and entrepreneurship, technology transfer, talent and workforce development, and community development.
By the end of FY 2016, nearly 100 companies had launched based on ASU innovations and attracted more than $600 million in external funding, including $96 million in FY 2016. Launched this year, Venture Vets is a partnership with Bunker Labs, a nonprofit nationwide network that supports veteran entrepreneurs. Through the program, ASU students, faculty and community veterans have access to training, mentors and support to start or grow a venture.
Universities serve a critical role in economic development because they are able to advance early-stage, exploratory research that ultimately enables breakthrough technologies and therapies. ASU is able to accelerate the translation of research into applied solutions through partnerships with corporations and organizations.
New partnerships in FY 2016 include the Cyber Resilient Energy Delivery Consortium, which ASU was invited to join along with other university and national laboratories. ASU will receive $1.2 million to study how future energy delivery systems can leverage trends in cloud computing and storage without creating cybersecurity vulnerabilities. In addition, ASU researchers partnered with the non-profit company Earth Genome to develop the Green Infrastructure Support Tool, which helps corporations make decisions about water use. Dow Chemical piloted the tool to understand the relationship between its Freeport, Texas plant and the Brazos River basin where it is located.
