The Department of Commerce's Under Secretary for Intellectual Property Jon Dudas today in Sturtevant, Wis., announced a $125,270 Economic Development Administration investment to the Racine County Economic Development Corporation and the Center for Advanced Technology and Innovation to help fund a regional technology transfer model. The model acquires donated intellectual property and makes it available for licensing to existing or start-up companies. The project is expected to generate the creation of 1,500 new jobs and $18,750,000 in private sector investment in the next five years.
"President Bush believes one way to create jobs is to grow the economy by encouraging investments in local communities," said Under Secretary Dudas. "This EDA investment will help southeast Wisconsin attract private sector investments and higher-skill, higher-wage jobs for local citizens."
Racine County has been affected by the shift from a manufacturing-based economy to a knowledge-based economy. This technology transfer model will help provide the county with the flexibility to adapt to changing conditions and foster an entrepreneurial culture by creating new ventures or by licensing arrangements with existing companies seeking new product or process enhancements.
EDA serves as a venture capital resource to meet the economic development needs of distressed communities throughout the United States. EDA partners with states, units of local government and community nonprofit organizations in economically distressed areas, regions and communities in order to alleviate conditions of poverty and substantial and persistent unemployment and underemployment.
Additional information on how EDA investments are helping distressed communities create a positive and sustainable economic future can be accessed at: http://www.doc.gov/eda.
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