Iowa State Delivers $5 Billion Impact to State’s Economy
A recent ISU News Service article by Angie Hunt reported that Iowa State University had a $5 billion economic impact on the state of Iowa for fiscal year 2021-22. This was attributed to ISU’s cutting-edge research, economic development support for business and industry, student and visitor spending, alumni earnings, campus operations and construction and ISU Extension and Outreach. Over the last four years, Iowa State received 645 invention disclosures, filed 182 new patent applications and produced 174 licenses.
According to ISU’s Office of Innovation Commercialization, Iowa Soybean Research Center affiliates were responsible for 38 invention disclosures, 18 patent applications (including foreign patent applications) and 24 licenses for technologies during fiscal years 2018-2022.
Of the $5 billion total, Iowa State-supported startup and spinoff companies accounted for $1.7 billion in income to the state’s economy, an equivalent to supporting 11,178 jobs. SoyLei Innovations was one such startup highlighted in Hunt’s article for its development of a soybean-oil-based alternative to petroleum-based asphalt. University research spending and activities were credited with an additional $235.3 million in added income, the equivalent of 3,822 jobs. The full Economic Value Report is available via ISU’s website.