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strategic Signature  Initiatives

Initiative: Advance economic development through the Marshall Institute for Interdisciplinary Research and other initiatives

Example of Advanced Economic Development

Marshall Institute for Interdisciplinary Research (MIIR) Synopsis

The charter for MIIR is designed to develop a research enterprise predicated on an earning and entrepreneurial culture. As such, the Institute charter stipulates that:

• Appointments of research professors will be exclusively within the Institute (a subsidiary 501.c.3. of MU) – no appointments in traditional academic departments

• Rolling appointment contracts will be used in lieu of tenure eligibility

• Contract renewals/extensions will be performance based

• All endowed research professors will be required to generate 50% of their compensation from externally funded grants/contracts within 5 years and each year thereafter

• Research professors will generate intellectual property (IP) that has commercial potential

• Research professors will be responsible for involving undergraduate and graduate students actively in biotechnology research with the goal of preparing the next generation of entrepreneurial researchers

An economic impact study of this plan has been completed by Marshall University’s Center for Business and Economic Research (CBER). This center is recognized throughout the state for its reliable and high quality work. The results of their comprehensive analysis are highlighted in the bulleted sections that follow. The time horizon generally comprises the first two decades following plan implementation. Impact projections neither include royalty nor equity revenues from IP ventures.

3,365 new jobs (higher wages for local residents, increased demand for and retention of educated workers and increased employment throughout the state)

• First year direct employment growth from MIIR is 75 positions, all supported either from endowment earnings or external grants/contracts. Demand created by income and investment in equipment/supplies supporting these positions will add an additional 39 first year jobs.

• Over a 20 year period, total employment is expected to increase by 3,365 as a result of the initial investment in MIIR (employment of 231 people in MIIR creates a total additional direct employment of 1,984 people, indirect employment of 641 and induced employment of 509 new workers).

$137 million in increased tax revenues with a payback period of 8.5 years

• By year 5 the State will receive an estimated $2 million annually in additional tax revenue.

• Tax revenues increase to $5.3 million annually in year 10 with a total of $137 million over the first 20 years.

• Payback for state’s portion of the endowment investment in MIIR is estimated at 8.5 years

Increase in total in-State spending of $284 million

• $9.9 million in additional spending per year.

• $36 million initial endowment generates $7.89 for every $1 of endowment funds expended.

As noted in the full proposal, funding for the Institute will be established through en endowment fund created from a combination of ONE-TIME state and private funds to be raised by Marshall. The endowment total required for the start-up of the Institute is $36 million. Once this endowment is fully funded, the Institute will become self-sustaining and self-generating.

Progress:

• Economic impact study completed

• Proposal for State (public) funding submitted

• Cultivation of private donor support for this initiative has been initiated.
   

Advanced Economic Development Forum Membership: