As recently as two decades ago, most Americans had never heard of nanotechnology. They couldn't have known that work to manipulate materials at the molecular level would become a major area of research with promise to improve nearly every aspect of our everyday lives.
Advertisement
But in 2008, Oklahoma is home to businesses and higher education institutions capitalizing on nanotechnology. Most Oklahomans now know of nanotechnology and that it will be a money maker for the state, according a recent survey. What nanotechnology is remains a bit fuzzy for most of us, but such is life when you're living in the technological fast lane.
It's difficult — if not impossible — to see what will get researchers excited 20 or even 10 years from now. But this much we know: Oklahoma has been wisely investing in research and technology for the past two decades, knowing that the payoff might not come for years. As the state begins its second century, that investment must grow.
In 2006, lawmakers created the Economic Development Generating Excellence fund at the behest of a blue-ribbon panel. The goal is a $1 billion endowment to help fund research and promising high-tech projects to help make the state's economy more diverse and prosperous. So far, lawmakers have deposited only about $150 million — far too little in a world where technology advances more quickly than ever before.
The state also is lucky to have the Oklahoma Center for the Advancement of Science and Technology, an agency pursuing technology-related economic development.
Lawmakers have no crystal ball accurate enough to predict what kind of investments might produce the biggest future payday. Investing in research and technology can be risky business, but it's a risk worth taking. That's especially true if policy-makers will continue putting money into the EDGE endowment and OCAST.
The endowment is off to a frustratingly slow start, but patience should be rewarded as those overseeing the money seek to establish a process in which taxpayers, policy-makers and researchers have confidence. Stephen Prescott, president of the Oklahoma Medical Research Foundation, recently called the initial EDGE deposit an "ambitious start to an ambitious dream” while acknowledging that $150 million is not much when the goal is to substantially grow research in science and technology.
Prescott called on lawmakers to invest more in 2008 in an effort to "change the whole high-tech game in Oklahoma.” Truth is, another one-time investment isn't nearly enough. The "high-tech game” is constantly in flux. And our state's ability to draw research, researchers and federal and private investment is compromised — if not lost — when we sit out even a single season as the Legislature did in 2007.
Thankfully, the state has OCAST, which has a proven record of drawing private and federal dollars to the state and in picking research and projects that improve our quality of life. A study found that OCAST-supported companies employed more than 12,600 Oklahomans and generated $109 million in state and local tax revenue in 2006. Those companies supported 14,300 more jobs, the study found.
Oklahoma has been out front in supporting science and technology research. And while more private-sector investment is needed, the state must also take a brave investment step forward. Other states are sure to.
Thank you for joining our conversations on newsok. We encourage your discussions but ask that you stay within the bounds of our terms and conditions. Please help us by reporting comments that violate these guidelines. To review our rules of engagement, go to Commenting and posting policy.
Buying a Car
Visit NewsOK's latest Know it and get tips on buying the perfect vehicle.
Related to this story
Articles
Increased R&D investment vital 01/06/2008 Imagine. Invent. Innovate. These are imperatives often used to describe a culture of entrepreneurship that leads to the creation of new businesses from new...
0
Prev
Something to say about this topic? Submit a Letter to the Editor online
Thank you for joining our conversations on newsok. We encourage your discussions but ask that you stay within the bounds of our terms and conditions. Please help us by reporting comments that violate these guidelines. To review our rules of engagement, go to Commenting and posting policy.
Log in below or sign up (it's free).