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Endowed chairs a smart investment in future

By JIM BARKER, RAY GREENBERGAND ANDREW SORENSEN
Guest columnists
Originally published at The State

Imagine if the business world’s “next big thing” — the next Microsoft or Genentech — were headquartered in South Carolina. Think of the high-paying jobs — in R&D, engineering and human resources — that such a company would create here, and the effect that inflow of payroll, capital investment and tax revenue would have on our economy.

How do we make this happen?

Five years ago, the General Assembly created a program designed to attract to South Carolina the world’s most talented researchers — those who are, in fact, working to create the superstar technologies of tomorrow. This visionary initiative, the Centers of Economic Excellence Program (also known as endowed chairs) leverages state and private funds along with university-based research to drive economic growth.

To date, the program has brought 13 world-class scientists or “endowed chairs” to our state’s universities. It has also established 30 Research Centers of Economic Excellence in areas such as nanotechnology, health sciences, future fuels, energy alternatives, automotive engineering and advanced fibers. These centers house research in targeted industries with the greatest promise to create high-skill, high-paying jobs. State funds for the program come from S.C. lottery proceeds and must be matched dollar-for-dollar with non-state monies from corporations, foundations or private donors. This model has created a magnet for private-sector investment in South Carolina.

The state’s three research universities, Clemson University, the University of South Carolina and the Medical University of South Carolina, are using the program to benefit our state. In addition to increased research collaboration among the three institutions, we are now able to get the attention of the world’s best scientists and graduate students.

As an example, BMW, Michelin, Timken and other South Carolina companies recognize the value of the research now happening in the state. They’ve tapped into those capabilities and have stepped up to fund endowed chairs. World-class scientists recruited under the program are generating technology that these and other companies can commercialize to create new products, improve processes, increase sales and ultimately create jobs.

The Centers of Economic Excellence Program is helping us attract new companies to South Carolina — which could produce an immediate payoff for the state in jobs and investment — based on the value of research and innovation happening here. What’s more, the program is also beginning to create spinoff companies from university research in high-growth, high-wage industries.

South Carolina’s students also benefit from the program. Increasing the level of training we can provide lets us keep our best and brightest at home, helping to end our exporting of talent. In addition, the presence of top researchers via the endowed chairs program helps attract top-flight students from other states. Statistics show that many of these bright minds will remain in South Carolina following graduation. Together, these in-state and out-of-state students can become our next generation of innovators.

South Carolina’s political leadership should be commended for creating and supporting the Centers of Economic Excellence Program during the past five years. Continuing to fully fund this effort must be a high priority. Changing course would be devastating, costing us precious momentum in our battle to gain ground toward greater success in the knowledge economy.

We encourage our state’s leaders not to look at funding the endowed chairs program as an appropriation, but rather as an investment — a smart investment that will fuel innovation, enhance economic opportunity and lead to a stronger South Carolina.

Mr. Barker is president of Clemson University. Dr. Greenberg is president of the Medical University of South Carolina. Dr. Sorensen is president of USC.