STATE COLLEGE, PA, May 1, 2015 – Penn State and the Chamber of Business and Industry of Centre County (CBICC) today formalized an economic development partnership that will have positive implications for the entire central Pennsylvania region.
More than 250 business, community and university leaders, student entrepreneurs, and economic development and elected officials from Centre County and throughout central Pennsylvania were on hand at a special economic development luncheon as Penn State President Eric J. Barron and CBICC/Centre County Industrial Development Corporation President Vern Squier signed a memorandum of agreement to work toward building a nurturing and collaborative environment in which professionals, entrepreneurs and businesses of all sizes can thrive.
The formal partnership follows Penn State’s launching earlier this year of INVENT Penn State – new statewide initiative by President Barron to promote opportunities for partnerships and start-ups that will create jobs and help students and communities prosper.
“Penn State and the CBICC offer the resources and commitment to take economic development to the next level and to be a model for communities across the Commonwealth,” said Barron. “Together, we will create a powerful path to economic development, with strong local and state impact.”
Squier added, “There is much that can be accomplished for the long-term betterment of the county and the region by a strong relationship between the business community and the academic community. This historic agreement cements a partnership that can serve as an important catalyst for business investment and job creation.”
By signing the MOA, the university and the CBICC pledge to execute specific goals designed to promote economic and entrepreneurial development for Centre County and central Pennsylvania.
For its part, the University will partner with the Chamber in areas related to active business recruitment; the marketing of Centre County and the region as a business destination; the creation of a competitive economic development portfolio; efforts to leverage Penn State entrepreneurial initiatives into economic engines and foster commercialization locally and regionally; efforts to effect positive changes among local governments and agencies that enhance economic and workforce development; and the engagement of alumni and community members who hold an affinity for the University and the surrounding region in order to strengthen economic outcomes and academic opportunities.
The CBICC will serve as an integral component in economic development efforts that include INVENT Penn State and the community; partner with the university in business recruitment activities resulting from Penn State research and academic excellence; coordinate a community response to critical factors necessary to produce a competitive economic development portfolio; pursue financial support and incentives to facilitate the commercialization of Penn State research; continue its ongoing work with local governments, authorities and entities to improve and streamline the business investment and development processes; and further nurture the entrepreneurial ecosystem in support of INVENT Penn State.
While the MOA has direct implications for Centre County and the surrounding area, the signing sends a positive economic development message for the entire state as it works to retain talent and attract new business investment to the Commonwealth.
“On behalf of the Chamber, its Centre County Economic Development Partnership investors and regional economic development partners, I applaud President Barron for his thoughtful vision on what the university can bring to the table to foster entrepreneurial and economic development, and for recognizing the value of a formal partnership,” Squier said. “We look forward to working with university leadership on the successful implementation of INVENT Penn State and realizing progress on these shared goals.”
Barron added, “This is what it means to be a land-grant university that combines excellence in teaching, research and service, and what it means to be a good partner. Together we can improve the quality of life for everyone in the state, and society in general.”