Talk Business: https://talkbusiness.net/2023/10/report-arkansas-research-alliance-has-1-3-billion-economic-impact-on-state/
Arkansas Business: https://www.arkansasbusiness.com/article/146373/arkansas-research-alliance-tallies-13b-economic-impact-in-state
Arkansas Business, Laura Farrar: https://www.arkansasbusiness.com/article/146670/alliance-claims-13b-in-arkansas-impact
Arkansas Democrat Gazette, Andrew Moreau: https://www.arkansasonline.com/news/2023/oct/08/arkansas-research-alliance-quietly-delivers-big/
New report reveals the economic drivers that science and discovery are for the State of Arkansas
Little Rock AR, October 2023 – A new report prepared by TEConomy Partners for the Arkansas Research Alliance (ARA) revealed the tangible value that fostering science and research provides to the Natural State. The report, titled Competing for Arkansas’ Future: The Economic and Functional Impacts of the Arkansas Research Alliance, tells the 15-year ARA story of strategic influence on the state’s competitive position in the knowledge economy and its return-on-investment (ROI) in scientific and engineering research leadership and productivity.
The report finds that since its creation in 2008, ARA has invested $8.3 million to help attract, retain, and energize 39 top tier researchers, collectively known as the ARA Academy. Their research has contributed $1.3 billion in total economic impact to the state, secured $205 million in new research funding, and produced 350 high-quality jobs averaging more than $80,000 in annual compensation.
Additionally, ARA investments have generated $26.1 million in state tax revenues—a better than 3-to-1 return on the state’s investments in ARA to date. ARA Academy researchers have leveraged their ARA funding nearly 25 times—each dollar of ARA investment has supported $24.75 in total research funding.
“What Arkansas receives from enabling research far outweighs the cost of investment,” said Bryan J. Barnhouse, ARA President & CEO. To report a return of over one billion dollars shows that the ARA formula works and that ARA is a proven economic development model that can scale with more funding.”
ARA was formed in 2008 as a public-private economic development organization to meet new competitive challenges by leveraging the potential of university research. ARA is a strategic partnership between academia, business, and government and represents six research institutions – University of Arkansas, Arkansas State University, University of Arkansas for Medical Sciences, UA Little Rock, and the University of Arkansas at Pine Bluff. The sixth institution is the U.S. Food and Drug Administration’s National Center for Toxicological Research – the state’s largest national laboratory. The chancellors for each of the five academic institutions along with 20 business leaders from some of Arkansas’ most innovative companies sit on the ARA Board of Trustees.
ARA accomplishes its impact with a relatively modest annual budget totaling $1.9 million. Two-thirds of its funding is provided by the state through Arkansas Economic Development Commission, 28% through its Board of Trustees, and 5% through federal funds.
As Arkansas continues to shape its role as the state of innovation, ARA has evolved. New initiatives have created the Arkansas Core Facilities Exchange – an online resource showcasing over 350 research assets, including scientific equipment and expertise available for use and collaboration – and Impact Grants, a program that provides “finish line funding” for projects on the cusp of commercialization or larger extramural grants.
“We continually ask ourselves; how do we provide more value to the research community? How can we provide more value to Arkansas? In a way, ARA is an experiment that keeps discovering new ways to benefit us all,” said Mr. Barnhouse.
To receive your own digital copy of the report, visit aralliance.org/impact-study
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About Arkansas Research Alliance
Founded in 2008, Arkansas Research Alliance is dedicated to elevating a fundamental belief: Research Matters. Operating as a public-private partnership, ARA invests in research that stimulates innovation, encourages collaboration, and strengthens economic opportunity.
About TEConomy Partners
TEConomy Partners is a global leader in research, analysis, and strategy for innovation-driven economic development. Today we’re helping nations, states, regions, universities, institutions, and industries blueprint their future and translate knowledge into prosperity.
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