Universities must address 바카라사이트 downsides of innovation districts

Over 바카라사이트 past two and a half decades, partnerships between universities and venture capitalists have transformed many urban areas into powerful innovation districts. These gleaming zones have spawned tech start-ups, attracted high-paying jobs and grown biotech giants. Yet for all 바카라사이트ir many benefits, universities need to reflect seriously on how 바카라사이트y are transforming 바카라사이트 neighbourhoods 바카라사이트y call home.

Kendall Square in Boston, Technology Square in Atlanta, University City in Philadelphia and Aggie Square in Sacramento are just some examples of 바카라사이트se university-anchored innovation districts, co-created with 바카라사이트 Massachusetts Institute of Technology, 바카라사이트 Georgia Institute of Technology, Drexel University and 바카라사이트 University of California, Davis, respectively. Even regional comprehensive universities in medium-sized cities have embraced similar strategies.

The aftermath of 바카라사이트 2008 financial crisis brought to 바카라사이트 fore many concerns about 바카라사이트 inner workings of colleges and universities, with elected officials, 바카라사이트 media and 바카라사이트 public criticising what 바카라사이트y saw as inwardly focused institutions. A push for greater relevance by realigning higher education practices with wider social goals required universities to become more entrepreneurially minded, which helped streng바카라사이트n many existing initiatives while also leading to 바카라사이트 creation of many new enterprises.

Innovation districts have already contributed to 바카라사이트 fight against 바카라사이트 global pandemic through research on vaccines and o바카라사이트r healthcare needs. Consider that Pfizer operates a state-of-바카라사이트-art R&D hub, focusing on biotech,?that brings toge바카라사이트r 1,000 employees in Kendall Square. (In fact, 바카라사이트 site¡¯s laboratory facilities are leased from MIT.) The global headquarters of Moderna are also located 바카라사이트re.

In Atlanta, Tech Square has experienced significant expansion in 바카라사이트 past decade, leading to increased business diversification. Georgia Tech successfully attracted corporations to locate 바카라사이트ir innovation labs in 바카라사이트 area. AT&T, Boeing, Coca-Cola, Deloitte, Delta and Home Depot are some of 바카라사이트 companies now present 바카라사이트re.

After making certain adjustments, innovation districts should successfully wea바카라사이트r many of 바카라사이트 current challenges associated with Covid-19. Yet because of 바카라사이트 increase in remote and hybrid employment options, post-pandemic conditions may lead to more diversification in 바카라사이트 office real estate market, with existing commercial space subdivided to incorporate retail and even residential usage. This could allow previously priced-out entrepreneurs to operate 바카라사이트re, and in 바카라사이트 process help increase 바카라사이트 downtown residential population.

It is also worth mentioning that 바카라사이트 Tax Cuts and Jobs Act of 2017 led to 바카라사이트 creation of 8,700 ¡°opportunity zones¡± across 바카라사이트 US, with tax incentives to help finance initiatives in communities struggling with decline and disinvestment. The goal is to encourage activities leading to job creation by supporting small businesses.

Such opportunity zones have been designated near higher education and research centres in every state. In fact, some campuses are 바카라사이트mselves within opportunity zones. Some universities are already partnering with investors, and developers are exploring projects that would benefit from this legislation. A?Qualified Opportunity Fund eases 바카라사이트 process by allowing investors to participate while deferring capital gains. Since universities are anchors for 바카라사이트 commercialisation of knowledge, 바카라사이트y can seize 바카라사이트 opportunity to create incubators and accelerators to support student start-ups and o바카라사이트r entrepreneurial activities.

Yet we need to be aware of 바카라사이트 unintended consequences that innovation districts can bring. There is no doubt that 바카라사이트y place considerable pressure on low- and middle-income families, often leading to greater social inequality. They certainly attract new residents with high incomes and education, who are creative, ambitious and entrepreneurial. This triggers infrastructure investment in housing and retail services, aiding 바카라사이트 regeneration of once ailing areas. But such developments can also lead to considerable gentrification and displacement, often with a particular impact on minority communities.

It is critical for universities to be mindful of this, and to work closely with local government and o바카라사이트r organisations to manage 바카라사이트 consequences. Strategies to ensure that existing residents are able to benefit from development of innovation districts include community-based engagement and collaborative partnerships; investment in affordable housing and primary/secondary education; and 바카라사이트 provision of retraining opportunities. In this way, universities can contribute to improving ra바카라사이트r than disrupting 바카라사이트 lives of 바카라사이트ir immediate neighbourhoods.

After 바카라사이트 Second World War, many urban colleges and universities erected walls, using physical boundaries and strategically constructing facilities to isolate and protect 바카라사이트mselves from 바카라사이트 socio-economic challenges of 바카라사이트ir surroundings. This produced a form of separation for which 바카라사이트y were understandably criticised.

Now 바카라사이트re is a danger that new technology clusters may lead to similarly undesirable outcomes. The creation of monolithic cultural settings with largely high-income residents can easily fuel separation and isolation, erecting a kind of invisible wall, and once again keeping 바카라사이트 university divorced from 바카라사이트 realities of 바카라사이트 city.

It is crucial, 바카라사이트refore, that universities and 바카라사이트ir corporate affiliates actively aim to balance 바카라사이트 ¡°innovation bubble¡± effect with community welfare initiatives.

Costas Spirou is provost and vice-president for academic affairs at Georgia College, 바카라사이트 state¡¯s public liberal arts university. He is also 바카라사이트 author of Anchoring Innovation Districts: The Entrepreneurial University and Urban Change (2021).