Penn State plays key role in state growth

Within the current state budget cycle, governors across the country are investing more heavily in higher education. This is encouraging to those of us who firmly believe colleges and universities have the power to elevate individuals as well as society overall. Universities play a central role in educating students in areas of economic need, are major area employers and advance the economy through research and partnerships with industry. They also are able to make vital contributions to the economy as business incubators and catalysts for entrepreneurism, which are vital to our economic future.

Entrepreneurship plays a key role in economic development, the standard of living, innovation that opens doors to new markets, and other positive indicators that the commonwealth needs. I’m pleased to say that Invent Penn State — a commonwealth-wide initiative to spur economic development, job creation and student career success — is meeting that need by infusing many majors with entrepreneurial studies and providing resources and support to budding entrepreneurs.

Thanks to a program launched in 2015, we have an Invent Penn State innovation hub within 30 miles of 96% of the Pennsylvania population. Gov. Tom Wolf is proposing $2.35 million in new funding to expand Invent Penn State and build upon its progress. It recognizes the potential to leverage such programs to help spur an entrepreneurial economy. We thank the governor for his recognition of Penn State’s success in this area and for his support at a critical time.

The extraordinary shifts in the workforce during the pandemic have had a significant impact on the entrepreneurial spirit of Americans. At the height of lockdowns in July 2020, applications for starting a business increased by 96% year-over-year, according to the U.S. Census Bureau. This led to the opening of startups and small businesses, along with a wave of “solopreneurs” turning their passions, insights and even quarantine hobbies into full-fledged occupations. These self-starters require resources, education, support and an ecosystem that champions their success, helps grow Pennsylvania’s economy and contributes to maintaining sustainable communities. This is where higher education can play a vital role, not only in cultivating entrepreneurship but in igniting and incubating innovation.

The university’s 21 Invent Penn State innovation hubs offer no-cost entrepreneurial services in communities adjacent to our campuses and have partnered with individuals, corporations and foundations to maximize investments. The hubs give entrepreneurs free access to accelerator programs, legal and intellectual property advice, mentorship, rapid prototyping, pitch competitions and funding.

Penn State views such programming as part of its landgrant mission to serve communities, the state and our nation. Invent Penn State works with individuals whether they have a Penn State connection or not. It has created more than 300 jobs, launched more than 200 Pennsylvania companies and served more than 7,000 entrepreneurs. These numbers will grow.

This investment in entrepreneurs by the commonwealth in concert with Penn State is a stellar example of how public universities in partnership with states, outside investors, and others can boost their state’s economic position, stimulate invention, support new ventures, create jobs, and advance the workforce.

As states across the country work through their budgets for the next fiscal year, it is an opportune time to think about how higher education fits with the goal of creating an ecosystem that fosters innovation, diverse perspectives and access to the right resources. For us at Penn State, we look forward to working with the Pennsylvania General Assembly to secure this funding.

For institutions of higher education, the key to setting students up for success is giving them applicable skills and resources to be agile, collaborative and connected. Institutions have the potential to move us all toward incredible advancements. They can do this by supporting the diversity of perspectives coming forward and providing the resources, knowledge and infrastructure that will enable students, faculty innovators, alumni, and community members to be active participants in the changing economy.

Eric J. Barron