Utah woos Harvard researchers
The deal is not cinched yet, however, and a $200 million research project now before the Legislature could sweeten the deal.
That incentive — the Utah Science, Technology and Research Economic Development Initiative, or USTAR — has three days left to get needed funding from the Legislature to build new research facilities at the U. and Utah State University. The money — roughly $111 million in bonds and $50 million in one-time start-up funds — would pay for new research buildings at the two universities.
Another $12 million in ongoing costs would keep the research program rolling for an expected 30 years.
"If the state believes that the future of the economy has to come out of the knowledge economy, we are prepared to accelerate the process," U. President Michael Young said. "We sense a tremendous amount of support, but that has to translate into real money."
The funding, part of a bill sponsored by Sen. Al Mansell, R-Sandy, has yet to be approved by the Executive Appropriations Committee, and the legislation still needs approval from the full House of Representatives.
While money may be tight, legislative leaders aren't too concerned about USTAR's fate.
"Before the session is over we will find a solution to funding USTAR," said Sen. Curt Bramble, R-Provo. "There are several items that are still alive and on the table, and USTAR is one of them."
The USTAR bill received unanimous support from the Senate, but some representatives are still leery of such a large up-front investment, said Jack Brittain, vice president of technology venture development at the U. The question for many of them, he said, is how much of a return will the state see from pumping millions into research.
For Brittain, though, it's a no-brainer.
An investment now in more research could result in spin-off companies to spur economic growth and funnel royalties back to the state. The Harvard team, for example, is homing in on a method to determine depression tendencies with lab work. The researchers are bringing discoveries on depression as a genetic disorder in tow, along with grant money.
According to Brittain's estimates, an investment now in such research could bring in $4.9 billion in new research funds, 422 new companies, 123,406 new jobs and $5 billion in new tax revenues over the next 30 years.
"There's some investment that has to give us a launch ramp to let us do this. We can only do this if we can bring in the right teams and have a place to put them," Brittain said.
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