Strategies of University Participation in the U.S. Regional Economic Development

DOI: 10.20542/0131-2227-2019-63-6-58-69

N. Sudakova (,
Institute for the U.S. and Canadian Studies, Russian Academy of Sciences, 2/3, Khlebnyi Per., Moscow, 121069, Russian Federation

Abstract. Regional economic development in the United States remains the important mission of the America’s leading universities, in particular the land-grand colleges and universities which provide the professional education directed to practical use of the gained knowledge and skills and could meet needs of the U.S. economy. It is remarkable that today the increasing number of universities and colleges outside the regions with traditionally high concentration of investments and hi-tech companies, such as San Francisco/Silicon Valley, CA; Greater Boston, MA; New York/New Jersey; Austin, TX; Seattle, WA; Washington D. C., and San Diego, CA is involved in performance of this mission. The paper reveals that in the modern strategies of regional economic development in the United States the focus on innovation and entrepreneurship caused by a key contribution of these kinds of activity in regional and local economic growth as well as educational element for promoting student and faculty innovation and entrepreneurship prevails. Some of the best practices and emerging trends at universities and colleges are given. An integrated approach to regional economic development on the basis of participation of all interested parties could help to substantially realize the potential of university resources and assets. The most recent empirical data available indicate decline in the amount of funds available that states can allocate for operating expenses of higher education. In this regard further development and strengthening of long-term partnership of the federal government and academia are especially important. The author pays great attention on the EDA’s University Center Economic Development Program as it represents a striking example of such kind of partnership in the field of regional economic development, an unusually broad and flexible approach to unlocking higher education’s assets and putting them to work. Today a question of existence of strategies, which simultaneously leverage available resources and maximize assets for strengthening academic mission as well as increase university participation in programs and projects of regional economic development, remains open and needs further detailed research.

Keywords: universities, colleges, higher education, regional economic development, innovation, entrepreneurship, USA


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For citation:
Sudakova N. Strategies of University Participation in the U.S. Regional Economic Development. World Eonomy and International Relations, 2019, vol. 63, no. 6, pp. 58-69.

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