A recent report from the Illinois Innovation Index found that Illinois universities are spurring innovation in the state thanks to growth in two areas — university-developed patent licenses and startups created. 

According to the report, patent licensing by Illinois universities grew by a compound annual growth rate of 12.5 percent over the past five years, which is double the national rate. These universities have also helped create around 450 active startup companies since 2009. Essentially, Illinois universities are helping the state flourish and the state should return the favor.

President Robert Easter met with Gov. Rauner’s team last week to discuss funding — a needed conversation since Easter estimated the state owes the University $300 million. As Easter stated, “I really don’t think there will be much in the hopper, in terms of budget, until (Rauner) puts something on the table.” 

Here at the University, we’re familiar with Research Park, which houses large corporations such as Caterpillar and Yahoo, as well as more than 50 startup companies and more than 450 student interns.

Recently, North Chicago-based global biopharmaceutical company AbbVie launched an Innovation Center at Research Park. Currently employing eight student interns, it plans to increase that number to more than 18.

Those students will aid AbbVie’s scientists and researchers with real world projects, and potentially help make discoveries that will improve patient care — all while they’re still students at the University.

We’re known for excelling in the STEM fields and having an environment like Research Park on campus gives our students the chance to take what they’re learning in the classroom and apply it to real world situations. It also gives larger corporations the opportunity to give the next generation a kick start to their careers.

Not only are students working at the aforementioned companies at the park, they’re creating innovative ideas, helping bring more money into a state that needs it. These students are matched with professionals in the field who can help bring their ideas to fruition and later, into the market.

Let our students continue to create and give them the opportunity to share these creations with a wider market. Let them get a head-start on their careers and work with professionals who can give them opportunities they may not have gotten without the aid of an on-campus environment like Research Park.

Funding the institutions that are helping the state flourish is something we believe is necessary. By increasing funding, or at least keeping it at its current rate, we can continue to create new ideas and new businesses and provide financial benefits to our state.