Source: The New York Times This is what happened when the administration announced its public-private partnership to buy troubled assets from major banks on March 23rd. As the New York Times said, the government got a do-over from Wall Street. While I’m not asking for a do-over for universities, I do think universities need to change, for our own sake, and for the sake of the economy. Universities play a very important role in the economy, and we take that for granted. We also let others take that for granted. I don’t think we should do either anymore.

Changing the Trajectory of the Economy; of Universities Michael M. Crow / Arizona State University Milken Institute Global Conference April 2009 Source: International Monetary Fund.

How do we improve the quality of life in our communities?

How do we change the trajectory of the economy?

How do we invent or reinvent whole industries?

How do we build new institutions?

How do we educate for impact?

Recovering egalitarian values in the economy Source: International Monetary Fund.

We need to radically rethink how access, excellence and impact come together in higher education. We need to design the institutions we need, not just pour money into the existing system and hope something better or more will emerge. Marginal change is not enough. Only whole scale radical innovation will change the trajectory of our economy. We need to be applying the knowledge we generate, and educating students about how to apply their knowledge.

Design aspirations for a New American University 01. Leverage Our Place 02. Transform Society 03. Value Entrepreneurship 04. Conduct Use-Inspired Research 05. Enable Student Success 06. Fuse Intellectual Disciplines 07. Be Socially Embedded 08. Engage Globally

Building institutions for innovation Meeting the challenges before us (Global Institute of Sustainability)

Building institutions for innovation Maximizing the societal impact of research (Biodesign Institute)

Building institutions for innovation Developing new industries (SkySong)

Building institutions for innovation Reaching new heights in creativity (Herberger Institute of Design and the Arts)

Building institutions for innovation Keeping pace with a changing world (Knight Center for Digital Media Entrepreneurship)

Obliterating the false dichotomy of access vs. excellence 16,000 new students added (while increasing diversity and graduation rates)

Obliterating the false dichotomy of access vs. excellence 500 new faculty added (while increasing percentage of Academy members)

Obliterating the false dichotomy of access vs. excellence 7 million square feet of academic space added (including 1 million of world class research space)

Obliterating the false dichotomy of access vs. excellence New locations added (including downtown Phoenix campus and SkySong, while increasing investment in existing campuses)

Obliterating the false dichotomy of access vs. excellence Research expenditures topped $300 million (joining the list of top 20 research universities without a medical school)

Obliterating the false dichotomy of access vs. excellence Significant investments from municipalities (while also receiving the largest private gifts in ASU’s history)

Educating for impact For us, the answer to both of these questions is: educate students to be entrepreneurs. Provide an entrepreneurial education that emphasizes IMPACT—taking the work you do out into the world, and creating change; improving communities; innovating.

Courses Companies

Community Courses Companies Students

Community Economic Development Courses Companies Entrepreneurship Education Students

University as Entrepreneur Community Economic Development Courses Companies Entrepreneurship Education Students

Scaling Impact Preparing for an Arizona of 10 million people

Scaling Impact Producing 30,000 more college graduates in AZ each year

Scaling Impact Priming 650,000 K-12 students in Maricopa County

If we want the economy to be innovative, adaptive and high speed, then our universities will need to be as well.

Rethinking excellence, access and impact Excellence (inclusive) Impact (integrated) Access (broad)

What are the great US universities being built today?

How do we innovate rather than replicate?

How do we create solutions to global challenges?

Thank you.