The Chamber supports policies that allow and encourage education institutions to foster innovation and entrepreneurship.
Universities and other Arizona research institutions are important drivers of economic development. They support business in vital areas of growth, including the retention and expansion of existing businesses and the support of new companies in developing industries of opportunity for the Phoenix region and the State.
SB1392, a bill introduced by Senator Kimberly Yee at the request of the Arizona Board of Regents, would streamline the process by which research discoveries at our public universities move from the research environment at the university into the public arena where they can be used to save lives, enhance technology and grow our economy. This updates the traditional approval process in a way that supports the creation of new jobs across our state while maintaining the needed oversight within the Board of Regents.
The existing process governing this transfer of intellectual property was established almost thirty years ago, and has helped establish many companies and create many jobs. But it is a new day, and modern communication tools and increased efficiencies at our universities allows for a revised, streamlined process so we can save time and taxpayer money to make the system work even better.
The Chamber supports SB 1392—universities; intellectual property. This bill is an important step toward ensuring our state universities are reaching their full potential in job creation and makes the creation of ”spin-off” companies more efficient at our state universities. It removes an outdated bureaucratic step and will allow the Arizona Board of Regents to continue to ensure the hard-earned results of university research are fully utilized for job creation and the creation of new companies that diversify the state’s economy and help generate innovative products.
The one thing that we need during our current recovery, besides more jobs, is better jobs. How do we achieve that? Through diversifying our economy. New industries will create that diversity and help sustain our economic future. History tells us universities have been valuable partners in the development of new businesses and industries. It is vital that state policy makers support SB 1392.