Small Business Development 2004: Cornell's Research Serves the Region

Abstract

Cornell's research, scholarship, and creativity enrich human lives through programs and efforts in technology transfer and outreach. New knowledge is shared, social problems are aided or solved, new jobs become available, new products emerge, new industry sectors form, high technology and other new companies start, and the economy is stimulated. This process of transferring university-based knowledge takes place through Cornell's faculty, students, and staff--whether a graduate is joining a company or starting a company; a faculty member is inventing a new product or making a discovery; a staff member is offering a new service based on Cornell research or negotiating a contract. The university culture produces many rewards for the public. When new companies are formed in the community--direct spin-offs of Cornell technology and start-ups by Cornell faculty, staff, students, or graduates--not only does economic development of the region advance but also diversity in the state's economy. More high technology jobs and more revenue result. With $505 million (FY 2003) in research expenditures and with start-up companies translating the results of Cornell's research and technology into products and services, Cornell's potential for serving the region through economic development and serving the public in new and essential ways continues to grow.