ANN ARBOR – University of Michigan President Mary Sue Coleman will co-chair a new council formed by the U.S. Department of Commerce to spark economic development through technology and early-stage business ideas, an Obama administration cabinet member said Tuesday in Ann Arbor.
Coleman will co-chair the National Advisory Council on Innovation and Entrepreneurship, U.S. Secretary of Commerce Gary Locke announced at an “innovation forum” at U-M, Ann Arbor Business Review Reported.
Locke praised U-M’s efforts to generate economic activity with its basic research. But he said many universities struggle to do the same.
The National Advisory Council consists of entrepreneurs, investors and nonprofit leaders who will play a “key role in advising us on innovation and entrepreneurship policies,” Locke said. It will focus on generating ideas on how to improve the technology commercialization process at universities and federal laboratories.
Coleman’s co-chairs on the 26-person council are A123Systems chairman Desh Deshpande and AOL co-founder Steve Case. Coleman said universities must make a concerted effort to embrace their role in contributing toward the country’s economic revitalization.
“We must hold open our doors to better link our ideas and activities with businesses both large and small to catalyze our growth and help commercialize activity. At the University of Michigan, we embrace this change and we are eager to help in the transformation,” she said. “This environment is not inherent. It must be carefully guided, nurtured and rewarded by leaders.”
Coleman also said that student entrepreneurs — such as those leading companies in U-M’s TechArb incubator — can also play a key role in boosting the economy.
The invitation-only forum, one of four conferences the Department of Commerce is hosting throughout the nation, attracted about 150 business leaders, university officials and entrepreneurs to share ideas on how to address technology challenges and opportunities.
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