It's up to business people to pursue economic liaisons with the University of Alaska

Spectrum/Doug Isaacson

University of Alaska President Mark Hamilton delivered a strong speech before the Fairbanks Chamber of Commerce on Tuesday, Feb. 1. He outlined how the university annually saves the state approximately $87 million, because 15 years ago they capped the pension per employee.

He cited how 80 percent of the Alaska honors students have remained in Alaska after graduation. He spoke of the growth of the university foundation, up from $20 million in the early 1990s to more than $100 million today, and how it now provides the university with $10 million in funds each year.

He cited various professors who are concentrating on research that applies to where we live. In speaking of the more than 800 employees at the university he repeated the great mantra: "Your neighbors, my heroes, state servants."

Powerful words, strong sentiments. By his own confession, his are the words of a recruiter aimed for generating maximum positive public sentiment and support. And I applaud him, but not yet with a standing ovation.

President Hamilton began his speech speaking about accountability. In order to hold the university accountable, the business community needs to have some very specific information and tools. The university brings grant funds into our community. By itself, however, the university is not an economic engine that creates new wealth.

An economic engine creates growth in our economy when it earns private-sector dollars and doesn't rely on state or federal money for its budget; it employs people whose retirement system doesn't require the state or cities to raise taxes to fund it.

Research at the university is an excellent idea. In fact, it's a basic tenet. But if the research is not teamed with entrepreneurs, with businesses that will employ our sons and daughters, our neighbors, then the research results have no application to benefit businesses in Alaska.

Today, an amazing 80 percent of honors graduates stay in Alaska. What of tomorrow's honors graduates? If the university is not unfettered in its ability to spin off enterprises, our best and brightest will continue to seek work out of state.

We must, as a business and social community, collaborate with the university and hold it accountable for helping us create a strong economic base.

Currently, much of the employment in Alaska is directly or indirectly related to the infusion of government funding. Government is never a productive economic engine because in order to generate jobs, it sucks an ever- increasing amount of money out of the pockets of the very people it purports to serve.

The business community needs to be proactive. We need to help fund the university in practical terms: Transferring technology and research into production and employment in Alaska.

Economic independence is vital - it must be worked on right now!

When much of our federal funding dries up (God forbid that it's within this decade!), what dollars will replace those funds?

What dollars will shore up our necessary education and research and expanding infrastructure of roads, utilities, airports and public buildings?

What anchor will hold people here and prevent a mass exodus that would bring economic ruin to the lives of so many? There's only one proven tool: private enterprise.

President Hamilton's dream of the university being an economic engine will come to life when the university shares its research, assists in the acceleration of sound business plans, funds and profits from enabling businesses to gain global market shares - from Fairbanks, Alaska!

We have the resources within the community and within the state for businesses to grow in an environmentally friendly and economically vibrant manner. But it takes teamwork: The university and the business community laboring together in order to create an economy that generates private-sector dollars, putting those dollars into the working residents' pockets.

President Hamilton, in his words, practiced on Fairbanks the speech he intends to take around the state. Each community needs to evaluate the collaboration its business community can make with the university in order to actively create long-term jobs and a healthy economy.

There are hidden assets at the university that President Hamilton will allow to be revealed if the community pursues them. He's on the right course, now it's up to us as business people to pursue and participate in economically fundamental liaisons with our university.

Doug Isaacson is president of Gold Coast Mortgage and a city of North Pole council member.