2015 Virginia Summit on Higher Ed and Economic Competitiveness

Virginia’s higher education system is an engine of economic growth in each region, and close collaboration between business, higher education, and state and local governments is needed to revitalize Virginia’s sagging economy. That was the focus as leaders from across the Commonwealth gathered in Richmond on Thursday, November 12, at VCU’s Siegel Center for the 2015 Summit on Higher Education and Economic Competitiveness. Dr. Michael Rao, the University’s president, welcomed the more than 300 attendees to the Summit, which was hosted by the Virginia Business Higher Education Council (VBHEC) in partnership with the Council on Virginia’s Future.

Governor Terry McAuliffe, senior legislators in both parties, and leaders in business and higher education addressed the current and potential impact of Virginia’s colleges, university, and community colleges on regional economies. The discussion took on heightened urgency because Virginia now ranks 48th nationally in economic growth. Leaders focused on “GO Virginia” (the “Virginia Initiative on Growth and Opportunity in Each Region”), a bipartisan, business-led initiative launched by VBHEC this summer to promote enhanced collaboration by business, education and local government in each region. Financial incentives for regional collaboration proposed by GO Virginia will be considered during the upcoming General Assembly session.

The need for sustained reinvestment in Virginia’s higher education system also was a major topic at the Summit. With a comprehensive study demonstrating that more than 17 dollars in economic activity result from each dollar spent on higher education in the state, Gov. McAuliffe, General Assembly members, VBHEC Chair W. Heywood Fralin, and other business leaders stressed the importance of continuing the long-term reinvestment encouraged by VBHEC’s “Grow By Degrees” campaign and the landmark “Top Jobs Act” adopted unanimously by the General Assembly in 2011. Gov. McAuliffe pledged that education, including both K-12 and higher education, would be priorities in his forthcoming budget proposals.

The bipartisan support for Grow By Degrees and GO Virginia was on full display in a legislative panel moderated by Thomas F. Farrell, II, chairman, president, and CEO of Dominion Resources. Panel participants Senate Majority Leader Thomas K. Norment, House of Delegates Majority Leader M. Kirkland “Kirk” Cox, Senate Democratic Leader Richard L. Saslaw, and House Education Chair R. Steven Landes stressed higher education’s central role in economic development and in giving Virginians access to excellent job opportunities. All four leaders strongly endorsed GO Virginia as a key strategy for boosting Virginia’s economy.

The pressing need for regional economic collaboration and GO Virginia’s legislative proposals to incentivize that collaboration were described by John O. “Dubby” Wynne, vice chairman of the Council on Virginia’s Future since the council’s inception in 2004, a long-time VBHEC board member, and the driving force behind the GO Virginia Initiative. Following a video presentation, Wynne summarized five GO Virginia policy proposals: new state-funded Growth and Opportunity (GO!) Grants that would incentivize collaboration between business, education, and government in each region on transformational economic projects; revenue-sharing to encourage joint economic development efforts; matching-fund support for research and development activities; incentives for cost-saving collaboration between local governments, school divisions, and higher education institutions; and infrastructure projects that support strong private sector growth in each region (full presentation here).

Wynne reported on the strong bipartisan support that GO Virginia’s proposals are receiving, noting that more than 5,000 individuals, dozens of major business organizations, and all of the state’s public higher education institutions had joined the coalition since its mid-summer launch.

“Working together,” said Wynne, “the business, local government and even some federal activities will strengthen our regional economies, enhance Virginia’s economy, and recapture our state’s reputation as the best state in America to do business and raise a family. In return, private sector growth will produce the revenues necessary to reinvest in our colleges and universities to produce that next generation of leaders, thinkers and entrepreneurs.”

University officials reported on the many ways their institutions help drive regional economic growth. Moderated by Todd A. Stottlemyer, CEO of the Inova Center for Personalized Health and Rector of the College of William and Mary, a panel of higher education leaders endorsed GO Virginia and stressed the need for close collaboration between business, higher education and local governments in order to address workforce needs and produce dynamic growth. Panelists were Presidents Angel Cabrera (George Mason University) and Teresa A. Sullivan (University of Virginia), Virginia Community College System Chancellor Glenn DuBois, and Dr. Nancy Grden of Old Dominion University’s Entrepreneurial Center.

Speaking at the event’s concluding luncheon, Virginia Tech President Timothy Sands highlighted the diversity of Virginia’s regions and the unusual level of business engagement and support that he has encountered since taking the helm of one of Virginia’s flagship research universities. He noted that the business involvement in each region, working in partnership with each area’s higher education institutions, would be a key element in the success of GO Virginia. Following an introduction by Dr. Sands, the Summit’s keynote speaker, Dr. Brian Fitzgerald of the Business-Higher Education Forum, stressed the importance of addressing workforce shortages in high-skill, high”demand fields through strategic partnerships in each region (full presentation here).

Chairman Fralin concluded the program by honoring the outgoing co-chairmen of the Senate Finance Committee, Senators Charles J. Colgan (D-Manassas) and Walter A. Stosch (R-Henrico), for their outstanding leadership and support of higher education throughout their tenure in the General Assembly. Senator Stosch offered brief remarks and charged Virginia lawmakers to increase their support of higher education despite ongoing budgetary restraints.

The State Council of Higher Education and Virginia Chamber of Commerce were additional partners in hosting the Summit, which was made possible through generous support from Dominion and VCU. Donors to Grow By Degrees and GO Virginia also were recognized at the Summit.