Ramkumar: Research investment and economic growth
These days, a nation’s strengths are measured by many factors, which include its technological advancements. Technological advancements happen with investments in education, development of a technically skilled workforce, and substantial investments in research without excluding support for creative efforts.
While it is essential for the federal government to have major agencies such as National Science Foundation, National Institutes of Health and the Defense Advanced Research Projects Agency, it is laudable that Texas has set the proper priority by having initiatives to support discoveries and translation of ideas to the marketplace. We are at an important place in the science and technology landscape with Proposition 5 on the ballot in this election, which would establish the Texas University Fund. It is important for the citizens in West Texas to support this proposition, which will boost research and economic growth in our region.
There is correlation between investments in research and the GDP of nations. Although the effect may not be immediate, a research ecosystem builds wealth of nations along with high-paying jobs. Smaller countries like Singapore, South Korea, Taiwan and Israel are good examples to highlight this relationship. Of course, strategic investments are needed, depending on the global and national needs. Taiwan has focused heavily on semiconductors, while Israel has focused on defense and water desalination. The United States, being a large country, can pursue improvements in research and development investments as a ratio of its GDP. Opportunities for higher studies, research in STEM disciplines, career growth, etc., attract talents from across the globe to the United States.
Texas has a history of R&D investments with its earlier Advance Research and Advanced Technology programs. These investments have resulted in translational research creating entrepreneurs and growth of cities. Currently, a major opportunity lies with the approval of the Texas University Fund that will support the growth of four public universities in Texas. Texas Tech, being a research and employment powerhouse, will benefit from the TUF creating more high paying jobs, which will pay rich dividends in terms of an economic boost in the region.
“TTU’s research has an economic benefit to the region in the state through the creation of technologies, intellectual capital that stimulates technology and economic development and the investment of research dollars that are reflected in economic impact,” said Texas Tech President Lawrence Schovanec.
Texas Tech, being a Tier 1 research intensive institution, is already attracting high-level scholars and graduate students from Texas and different parts of the world. As stated above, with the increase in research, the student, staff, and faculty population will increase, which will translate into increased economic activity in the city of Lubbock and surrounding region. In the past decade, data shows that the total research expenditure has grown from $137 million in FY13 to $230 million in FY23.
Increased research activity needs modern infrastructure which translates into more building projects within the campus and in the region.
Texas Tech has its priorities set in the right direction to develop a vibrant research ecosystem with initiatives such as the Innovation Hub at Research Park.
Over two decades ago, Tech realized the impact of research commercialization and took early steps to grow the research enterprise. Patents were formally recognized in the tenure and promotion process encouraging the creation of ideas that can be taken to the marketplace.
“Translating research to the marketplace is of paramount importance as it serves as a bridge between innovation and practical applications, benefiting both academia. Our experience with Texas Tech University in the translation of research to the marketplace has been instrumental in developing FiberTect for dry decontamination,” said Amit Kapoor, President of First Line Technology. Commercialization of research has grown tremendously, attracting licensing agreements with multinational companies. Licensing revenues to the TTU System has reached $1 million annually for two years in a row, indicating increased commercialization of research from TTU System laboratories.
Texas Tech has strategic research strengths in areas such as cotton, alternative energy from wind, sustainable fertilizer production, chemical and biological defense and forensic science. The TUF will support research across disciplines strengthening its prominence in important areas.
“Cotton producers greatly support research and innovation in both the private and public sector. Texas High Plains producers value academic research so much that they’ve created their own funding coalition," said Kody Bessent, CEO of Plains Cotton Growers, Inc.
Agreeing with the strategic strengths of TTU, which has a direct impact in the region, Schovanec added, “Increasing investments in research and talent retention is key to attracting more venture capital, bolstering innovation and becoming the world leader in trending areas such as energy, agriculture, national security and climate.”
TUF will support the mission of TTU by educating students with world-class researchers, as the money will be used to support undergraduate research, which is an important aspect of 21st Century research universities. TTU will be able to acquire state-of-the-art research equipment and enhance the library capacity, which is important for acquiring new knowledge.
Rewarding success is part of the American culture and Tech has been progressing well in its mission of teaching the next-generation workforce, generating ideas and translating them to marketplaces, wherever applicable.
Citizens in our region are witnessing growth in construction, booming economic activities in shops near campus and around the city. These are signs of vibrant economic growth, which needs encouragement and support. It is in the best interest for our region to have Proposition 5 voted favorably in the Nov. 7 election.
Dr. Seshadri Ramkumar is a professor in the department of environmental toxicology at Texas Tech University.
This article originally appeared on Lubbock Avalanche-Journal: Ramkumar: Research investment and economic growth through Prop 5
