Barron: University entrepreneurial innovation and statewide investment keys to growth in Pennsylvania

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 that colleges and universities have the power to elevate individuals, as well as society overall. Progress is born from innovative ideas, diverse perspectives and access to the right resources.

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. But America’s colleges and universities also have the ability to make vital contributions to the economy as business incubators and catalysts for entrepreneurism, which are vital to our economic future.

Multiple studies have borne out the influential role that entrepreneurship has in economic development, the standard of living in a country, innovation that opens doors to new markets, and various 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 — today is meeting that need by infusing curriculum with entrepreneurial studies and providing resources and support to budding entrepreneurs.

Launched in 2015, we now have an Invent Penn State innovation hub within 30 miles of 96% of the Pennsylvania population. Recognizing the potential to help spur an entrepreneurial economy, Gov. Wolf unveiled a proposed state budget for 2022-23 that includes $2.35 million in new funding to expand Invent Penn State. We thank the governor for his recognition of Penn State’s success in this area and for his support, which comes at a critical time.

The recent extraordinary shifts in the workforce that have occurred over the past two years of 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. The resulting shift toward entrepreneurship 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.

While the pandemic may have given many people the courage to make the leap, these self-starters still require resources, education, support and an ecosystem that not only champions their personal success, but also helps grow Pennsylvania’s economy and contributes to maintaining sustainable communities.

The university’s 21 Invent Penn State innovation hubs offer no-cost entrepreneurial services and are becoming a connected, cohesive virtual network, giving entrepreneurs at all locations free access to accelerator programs, legal and intellectual property advice, mentorship, rapid prototyping, pitch competitions and funding.

While there is no direct revenue for universities when working with student entrepreneurs and community members, unlike with faculty invention, Penn State views its open programming as part of its modern-day land-grant mission to serve communities, the state and our nation. Invent Penn State works with individuals whether they have a Penn State connection or not. Importantly, 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 their states, outside investors, and others can boost their state’s economic position and create a cascading effect that stimulates invention, supports new ventures, creates jobs, and advances the workforce.

And 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. We are facing a profound moment where the institutions that are ready to support the diversity of perspectives coming forward have the potential to move us all toward incredible advancements.