The Novus Innovation Corridor.
Here’s how ASU economic development efforts boost local economy
Arizona State University’s Economic Development team is celebrating Economic Development Week at a most unusual time. While the event is recognized nationwide May 9–15, many cities across the country are continuing to struggle in the midst of pandemic rubble. Fortunately, ASU continues to develop innovative ways to promote and advance a resilient economy that, in the long run, will be less susceptible to future disruptions.
“ASU is continually developing forward-thinking approaches to solving grand challenges,” said Aric Bopp, ASU Economic Development executive director. “In addition to the contribution the university makes to Arizona’s overall economy, we’re also fortunate to operate in a unique ecosystem, in the form of Innovation Zones.
“Innovation Zones are part of ASU’s Economic Development portfolio, and they provide a wealth of opportunities for companies to co-locate with us, have access to a diverse pipeline of student talent, and work with staff and faculty at one of the leading research institutions in the nation.”
READ ALSO: How innovation zone could be an East Valley game-changer
How do ASU Innovation Zones impact the health of the Greater Phoenix economy? It starts by creating a collaborative environment in which high-level companies can be embedded in any of ASU’s seven zones: the Phoenix Biomedical Campus; Arizona Health Solutions Corridor; the ASU Polytechnic campus; SkySong, the ASU Scottsdale Innovation Center; ASU Research Park; ASU West campus; or the Novus Innovation Corridor, which is strategically situated on ASU’s Tempe campus.
“More than 55% of ASU graduates stay in the state to launch their careers,” Bopp said. “Nearly a quarter million ASU graduates worked in the state in 2018, earning an estimated $15.9 billion, and paying $1.13 billion in state and local taxes. Overall, the economic impact of ASU operations on Arizona’s gross product in FY19 was $4 billion.”
Of course, creating a resilient economy goes beyond opportunities for collaboration, talent acquisition and research opportunities. It’s also about creating an environment in which to cultivate a talented, educated and skilled workforce capable of advancing industries of the future.
“Arizona’s world class universities are key to our state’s attractiveness for advanced industries,” said Sandra Watson, president and CEO of the Arizona Commerce Authority. “The research, training and technology development that takes place at our universities contribute to our robust innovation ecosystem, and we are proud to partner with our universities to keep Arizona a vibrant location for high-tech jobs and companies.”
Bopp points to ASU’s charter as further evidence of the university’s pledge to the community.
“Part of ASU’s commitment to being responsible for the social and economic well-being of the communities we serve is that we have a corresponding commitment to producing universal master learners,” Bopp said. “Our students are not only educated in their fields of study, but they also learn that our world is in a state of continual evolution. Their career trajectories will require that they pivot, adapt, learn and relearn throughout their lives. They take that mindset into their professions and become exceptional, problem-solving, innovative employees.”
According to Bopp, ASU’s Economic Development team works closely with local and state economic development entities to support a pro-business environment in which companies have the opportunity to thrive.
“ASU is a major factor in Greater Phoenix’s economic development success, and the strategy Dr. Michael Crow implemented for a New American University has elevated the region to new heights,” said Chris Camacho, president and CEO of the Greater Phoenix Economic Council. “As we propel our innovation-centered economy forward, it’s critical we meet the demands of current and future industry. A highly skilled workforce, particularly in STEM-related fields, is a major asset for companies looking to scale, and an integral facet to continue securing investment from future innovators, and the world’s biggest companies alike.”
Arizona is a pro-business state, and elected officials and economic development entities work in tandem to ensure smooth sailing on the road from relocation to startup and business success. Businesses are attracted to the Valley of the Sun for the economic environment, the climate and access to a well-trained workforce.
“We fully recognize that every business has different needs, and those needs change over time,” Bopp said. “Our Innovation Zones are designed to provide flexible, creative options for partners and tenants. A one-person startup may opt for a monthly lease, and in short order, grow to a 50-person operation, a 100-person operation, or even a 1,000-person company. We will work with them every step of the way to grow with them.
“A partner may hire a handful of ASU students one semester, and a year later, enlist research faculty or an on-site Practice Lab to lead development of a new mobile app to take the company to the next level. We’re here to support the growth and development cycles of our tenants and partners in a way that’s beneficial to all.”
According to Bopp, co-locating on a thriving world class campus is an optional “bonus” of sorts, as co-location puts like-minded innovative companies in close proximity to one another and to cutting-edge researchers, positioning them with access to exceptional students.
“Our Economic Development team supports business development and advancement regardless of whether a company choses to reside in one of our Innovation Zones,” Bopp explained. “But of course, if an organization is interested in participating in research initiatives, or is aligned with any of our Industries of Excellence, they tend to realize co-location offers a far greater range of benefits, including access to expertise, facilities and university resources.”
Industries of Excellence include aerospace and aviation, autonomous vehicles, biomedical devices, cybersecurity, data science and engineering, and semiconductors, among others. Some of the tenants who call an ASU Innovation Zone home include Dell Technologies, Infosys and Amazon Web Services.
According to Bopp, there’s more to an economic development mindset than meets the eye, and he’s seeing more and more interested companies appreciate the nuances of what ASU offers in terms of business support. Certainly, savvy companies want strategically located operations with low regulatory burden, as well as access to transportation hubs and a skilled workforce. They also want to be in an environment that’s appealing with regard to cost of living and access to education, nature, and arts and culture.
“Companies also recognize the value of good corporate stewardship, and of being in an environment that supports diversity, equity and inclusion,” Bopp said. “ASU has become a champion of global sustainability, and we’re developing specialized training and development programs to meet the needs of our corporate partners. Being aligned with an institution like ours brings an inherent value that many of our partners and tenants are looking for.”
Bopp said ASU is very proud of the fact that an affiliation with the university is seen as a real plus for businesses looking to relocate or expand in Arizona. “They’re in good company,” Bopp said. “And we’re in good company.”
ASU Innovation Zones are located in seven distinct locations throughout the Valley, each providing unique options for partners and tenants. A site selector is located on the website to help companies, leasing agents and developers zero in on a location that meets a company’s specific needs. Bopp also provides personal consultations to help interested parties determine what will work best for them.
“ASU does not take a ‘one size fits all’ approach to anything we do,” Bopp said. “Not only are corporate economic development needs unique, they’re very likely to evolve as a company grows and expands. We’re an advocate, and a resource. We’re here for the lifecycle of that evolution, and we’re here to help every step of the way.”