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South Dakota Research Centers Generate $111 million Impact

South Dakota shows a $3 million TBED investment in strategic research areas can yield impressive results for a state strengthening its position in an innovation-based economy.

Since 2004, South Dakota’s five research centers have had a $111 million impact on the state economy, according to new data released by the South Dakota Tourism and State Development’s Office of Commercialization. This impact represents a substantial return on investment for the state’s initial $3 million investment five years ago. The impact numbers are being released as the state concludes its funding for the original five centers and prepares to launch several new centers, which will be supported by the state through 2014.

The $111 million impact includes more than $77 million in research spending and the activities of the 12 companies that have expanded or launched as a result of the centers. The centers also have helped create 550 new jobs and eight patent applications.

Governor Mike Rounds led the effort to launch the current set of centers as part of his 2010 Initiative. The initiative set several goals for the state, including becoming a recognized center in research and technology. The five centers have helped the state’s research institutions and industry partners collaborate on biotechnology projects to improve the quality of research and to increase the state’s national reputation as a location for research. The 2010 Initiative also set a target of increasing the gross state product by $10 billion, a goal the state achieved last year.

Though the state will now turn its attention to the five new centers, the original centers are expected to continue their activities. Support will come from university departments and partnerships with private companies, including companies that spun out from the centers in previous years.

More information about South Dakota’s 2010 Initiative is available at: http://www.2010initiative.com/.

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