Texas Tech Moves Forward with Innovation and Economic Prosperity Designation

The university is in the final stages of compiling its application for the Innovation and Economic Prosperity (IEP) Designation from the Association of Public and Land-Grant Universities.

The application process is an extensive one that has included surveys of community partners, faculty and staff, alumni, and students. The survey results can be found on the IEP Web page. The university also held forums for community partners, and for faculty and staff.

The results of a survey of students conducted in conjunction with the spring 2014 Student Government elections showed that 1,073 students were already engaged in inventing or entrepreneurship. The survey also showed that 4,014 students were interested in learning more about entrepreneurship.

The surveys show that faculty and staff are harder on the university when it comes to economic engagement than are community members. Community members are more focused on results while faculty were more focused on the process.

The surveys did reveal four major strengths:

• Current students are interested in and engaged in entrepreneurship
• Our alumni are loyal and believe they were prepared for their careers upon leaving Texas Tech
• Business and community leaders, and faculty and administrators all have the desire to partner in entrepreneurship
• Both groups have a desire to increase the economic development of the region and state

The surveys also revealed several areas in need of growth and improvement:

• Texas Tech needs to produce more strategic communication internally and externally in the area of entrepreneurship
• The university should appoint a designated administrator to orchestrate economic development
• The university must work with the community to close the gap between perceived expectations and achievement
• The university and the community must collaborate to develop a strategic economic development plan

The deadline for the IEP application is May 12. The university will find out if it will receive the designation on July 1.