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Entrepreneurship, Economic Development, and the Engineering Faculty Member I. Introduction

The elements of innovation and entrepreneurship have always been important in the economic vitality of the United States. However, in the rapid pace of globalization of industry and commerce, these elements have become not only important, but essential to the continued growth and continued health of the US economy. Innovation and entrepreneurship are the keys to starting new businesses and growing existing businesses in a world awash with commodity products because these elements enable the maintenance of a profit margin that permits growth and continued innovation. Without continued innovation and entrepreneurship, businesses and the economy are faced with a race to the bottom of price competition and thus cost cutting and wage depression.

The nation’s colleges of engineering are a key resource in the innovation and entrepreneurship struggle that have yet to be fully employed. Basically, university engineering and science faculty members are tasked to conduct research at the cutting edge of their respective technologies, publish, and train students in the latest methods of research and technology. Thus, university engineering faculty members and their graduate students are well positioned to employ the latest technologies in innovative solutions for new products and industries. Therefore, the University of Missouri – Columbia has added economic development as the fourth task of the traditional three task academic statement of work, specifically teaching, research and service, as a step in developing more collaboration between academia and industry. Presently, the university system is in the process of developing an understanding of what this collaboration entails and how to implement the collaboration with the most efficiency. Most University faculty members and graduate students have not been trained or accustomed to thinking in terms of technology transfer, economic development or entrepreneurship, but they are uniquely positioned to innovate new technologies due to their technical education and cutting edge research.

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Nunnally, W., & Thompson, J., & Wyatt, S. (2007, June), Entrepreneurship, Economic Development, And The Engineering Faculty Member Paper presented at 2007 Annual Conference & Exposition, Honolulu, Hawaii. 10.18260/1-2--1719