University Knowledge Hubs and Economic Growth

Abstract

This article highlights three key points that are important to the future success of higher education and its role in contributing to economic growth. These include (1) the shift from closed innovation to open innovation; (2) the delicate campus conditions that rarely exist for successful technology-related economic impact; and (3) the importance of recognizing strategies that move higher education communities beyond their traditional roles. This article continues by discussing some important aspects of the entrepreneurial process as well as higher education’s propensity to rely on imitation as its primary evolutionary tool. Included are successful examples of deliberate partnerships between higher education (specifically the Georgia Institute of Technology) and the business community. Finally, this article provides concluding remarks with a list of recommended relevant/related resources for policy-makers and higher education officials to further understand how higher education can contribute more broadly to local, regional, state, and national economic growth.