Sep 18, 2008
A. L. S, Regional Director
Economic Development Administration
Dear Mr. S,
I am writing to support the proposal of a planning grant submitted by California State University Monterey Bay and the Monterey Business Council, led by Ms. V W, for an Institute of Innovation and Economic Development on CSUMB’s campus.
A geographical and culturally diverse area with global connections, Monterey Bay has lots of potential for economic successes. There are numerous research organizations, higher-ed institutes, talents and tremendous wealth in the region. Communities have identified oceanography, agriculture and learning technology as domains of opportunities. However, while many groups recognize the potential and have tried to garner the community effort in promoting economic growth in the regions, these efforts have been scattered and have never achieved a critical mass. One of the primary reasons, according to my observation, is lack of a focal point, a centralized location that can integrate the plethora of resources and talents within one place.
An Institute of Innovation and Economic Development can fulfill that gaping need. An Institute that provides systematic connection between intellectual property, entrepreneurs, professionals and venture funds can galvanize the region and create high-paid jobs and economical growth. The Institute can offer training, coaching, internships, technology assessment, market analysis, technology transfer, space and service for start-ups that will be invaluable to both the Monterey Bay communities and to the thousands of students and faculty at CSUMB, especially those in School of Information Technology and Communication Design. Many of them start successful ventures after graduation but have had to leave the Monterey area because of lack of support and resources.
I support the proposal to establish an Institute for Innovation and Economic Development wholeheartedly. It would be a wise investment that will bear plenty of fruits for Monterey Bay.
Eric Y. Tao, Ph.D.
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