U of T President on partnerships for prosperity
U of T president Meric Gertler’s delivered the keynote address on the final day of the 2015 Town & Gown symposium. The subject was a theme “near and dear to my heart,” he told the crowd. Gertler, who spoke on “The University and the City: A Partnership for Prosperity,” has spent decades studying the economies of urban regions and the role that major institutions, such as universities and colleges, play in their development.
“Universities and cities are symbiotic partners in stimulating innovation and driving prosperity,” Gertler said. “Those partnerships become more important every day, particularly as innovation, creativity, entrepreneurship and global connectedness become increasing central to our current and future prosperity.”
“A university needs dynamic region as a symbiotic partner to really flourish,” he said. “We are fortunate to have so many excellent universities and forward-looking partners who are ready, willing and able.”
“These connections have important economic consequences. Globally mobile investment capital flows to places that produce new ideas,” he said.
“Increasingly, venture capital is being attracted to places that are hubs of world class, path-breaking, cutting-edge fundamental research,” Gertler continued. “We’ve seen that in Boston and San Francisco, and we’re seeing that here.”
“Universities play an important role in generating the ideas that attract the money, and help to spur prosperity for host communities.”
He cited the economic impact that post-secondary institutions have on the business sectors in their host cities. In 2014, Ontario’s universities carried out $3-billion in external research with a significant amount of funding coming from local industrial, institutional and not-for-profit partners. “Much of the research conducted in our institutions often finds its way into the marketplace as patents, startups, and other markers of commercialization.”
“Employers also clearly benefit from our well-educated graduates,” he said, noting that about 16,500 students graduated from U of T in 2014. “Nearly 95 per cent of those graduates will find work within two years of graduation, many within the Toronto area,” he said. “These numbers are similar to other institutions across the province. It clear that educating human capital represents the single biggest contributions by Ontario’s universities.”
These contributions add to the resiliency and evolution of local communities. “Our nation’s universities and colleges have helped to educate diversified, highly creative workforces,” he said.” As these communities grow, they become magnets for talent for their respective regions.”
Communities also benefit from the presence of post-secondary institutions, which have a stabilizing effect on local economies and neighbourhoods, Gertler said. “For neighbourhoods, our presence generates substantial economic activity for local businesses,” he said, noting that U of T hosts 84,500 students across its three campuses. The university also employs about 18,000 people—more than General Motors and Chrysler combined employs nationally, Gertler noted. “We’re here for the long run. In a world of increasingly mobile capital, that’s a tremendous asset.”
“Universities have come to be regarded as prize assets for cities, communities and nations,” Gertler concluded. “The benefits of regional dynamism and resilience, stability and global connectedness are just too important to ignore.”
Etobicoke Centre MPP Yvan Baker spoke following Gertler’s keynote. Colleges and Universities play a critical role in ensuring Ontario has a workforce with the skills and the knowledge needed for the new economy,” Baker said, adding that value extends far beyond the lessons taught in the classroom.
“Institutions also act as anchors for investment for their communities,” Baker said. He noted the success of student business incubators such as UTM’s I-CUBE, Mohawk College’s SURGE program and Ryerson’s DMZ innovation centre. These programs, and other experiential learning programs help new graduates to connect to, and strengthen, communities and economies in host regions, Baker said.
See photos from the symposium below >