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STRATEGIC PLAN SUBMITTED
FOR THE NEW ECONOMY
IN GREATER LEXINGTON

By Elizabeth Wade Hall

Contact: Mary Margaret Colliver

 

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The plan emphasizes a number of areas for future emphasis in both university research and economic development: Biosciences; Environmental and Energy Technologies; Human Health and Development Information Technology Infrastructure; Materials Science and Manufacturing Technologies; Human Capital and New Economy Workforce Development.

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Oct. 18, 2001 (Lexington, Ky.) -- University of Kentucky, business and community leaders have submitted a strategic plan for growth and development of the technology-centered economy in the Greater Lexington Area to the Kentucky Office of the New Economy, which is part of the Office of the Governor and has responsibility for implementing the Kentucky Innovation Act of 2000.

The plan is part of the process that will lead to the adoption of a Strategic Plan for the New Economy in the Commonwealth by the Kentucky Innovation Commission - a statewide group of citizens convened to advise the commissioner of the New Economy.

The culmination of months of work by a planning committee comprised of UK officials, area business leaders and community leaders, the plan emphasizes a number of areas for future emphasis in both university research and economic development: Biosciences; Environmental and Energy Technologies; Human Health and Development Information Technology Infrastructure; Materials Science and Manufacturing Technologies; Human Capital and New Economy Workforce Development.

The first five areas listed above were agreed upon by representatives of UK and the University of Louisville as being of highest priority because they represent the areas of research where greatest extramural funding is attracted to the state at this time. Consequently, those areas hold the greatest promise for leveraging additional research funding from the federal government and other sources. Total extramural research funding is an important focus of the New Economy initiative of the state.

The sixth area, Human Capital and New Economy Workforce Development, is important because technological innovations are going to require people with new skills and abilities to capitalize on the opportunities flowing from the New Economy.

The plan also would establish the Lexington Innovation and Commercialization Center (LICC) to help technology-focused businesses get started and establish a structure. The center would facilitate advancement of the new economy and technology-centered economic development in the Greater Lexington Area. The LICC would be an affiliated corporation of UK. The director of the LICC also will serve as the director of the Douglas J. Von Allmen Center for Entrepreneurship and E-Commerce.

A Board of Directors will be comprised of the UK president, who will serve as chairman of the board, the UK vice president of corporate relations and economic outreach, the dean of the Gatton College of Business and Economics, the dean of the College of Engineering, the dean of the College of Pharmacy, the director of the Kentucky Science and Technology Corporation or a designee, and five entrepreneurs appointed by the dean of the Gatton College after consultation with KSTC staff and with approval of the board.

This submission will be used by Dr. Bill Brundage, commissioner of the New Economy for the Commonwealth of Kentucky, and his staff to compile the statewide strategic plan that will be submitted to the Kentucky Innovation Commission for approval later this fall.

The document also will be forwarded to the UK Task Force on University of Kentucky Futures, a campus-wide group charged with assessing UK's current scholarly and educational strengths and identifying the top areas of contemporary scholarship for priority investment of additional resources.

The document will be available for viewing on the UK Office of the Vice President for Research Web site.


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