The document discusses challenges faced by university entrepreneurs in commercializing their research and innovations. It notes that while universities like Penn State compare favorably to Stanford in areas like research spending and cost of living, they lag significantly in access to venture capital funding. This is because 94% of venture capital investments are concentrated in just 12 major metro areas, making it very difficult for would-be entrepreneurs in places like State College to obtain the funding needed. The document argues that an alternative to seeking large venture capital investments is needed to better support university startups and boost local economic development.
4. Sand Hill Road vs. College Avenue SOURCES: *Sperling’s Best Places, **Simply Hired Penn State/State College compares favorably with Stanford/Palo Alto in every measure except risk capital sources 0 85 Venture Capital Firms 6949 5157 College of Engineering Enrollment $607 Million $694 Million University Research Expenditures 40%** 43%** Adults with Graduate Degrees 69%** 74%** Adults with College Degrees $7,303* $7,606* Spending per K-12 Student 45,638 57,809* Population State College Palo Alto 14.1 27.7 Average Commute (Minutes) $324,900* $1,415,100* Median Home Cost 99.08* 234.42* Cost of Living (U.S. Average=100)