City: MU economic development coordination paying off

The coordinated effort to bring more jobs to Columbia is showing signs of success, Chamber of Commerce Chairman Larry Moore said during a meeting Oct. 21 to provide members with an economic development update.

The cooperation between the city, the county, the University of Missouri and regional economic development organizations has never been greater, Moore told the crowd of about 100 business people at a Premier Bank conference room.

To illustrate the trend, Moore invited representatives of Regional Economic Development Inc., Missouri CORE Partnership, Centennial Investors, university research administrators and local businesses to give short presentations on how they’re aiding the economic development effort.

Several presenters talked about university research projects that may end up being licensed, commercialized and evolving into local businesses that provide high-paying jobs in Columbia.

Mike Nichols, vice president for research at the University of Missouri System, said 78 proposals have been made by researchers hoping to tap into funds that help them pay for patenting expenses or cover costs related to commercializing their research. The funding pot now exceeds $2 million, and the university is seeking an additional $1.5 million in state funding for moving ideas to market.

REDI Chairman Bob Black said business recruitment is picking up steam, and there are about 20 active prospects now compared with a handful in past years. REDI uses a one-to-10 scale for rating the prospects, with one being the smallest chance of getting the company to locate in Columbia and 10 being a done deal. Nine of the 20 prospects have a rating of six or above, he said. Seven of the 20 are medical or biotech industries and four are manufacturers.