COLUMN: Passing Amendendment 2 could help ease tuition
What do Google, Utah State University and Amendment 2 have in common? At face value, not much. But, if Utah voters pass Amendment 2 on Nov. 2, USU will have the chance to make its own Google, a company based on university ideas, and be able to rely on that company for additional funding, not taxes or tuition.
Google, the most famous search engine in the world, is based on Stanford University technology. When two doctoral students there licensed the technology, Stanford received a 5 percent stake in the small business. Today, Google is a $30 billion company, and experts estimate that Stanford’s stake in it could be worth as much as $250 million now that the company has gone public.
Imagine what $250 million would do for Utah State. Although USU may never develop as big a company, marketable ideas are continually being developed here, some of them worth millions. Amendment 2 will authorize state or public institutions of higher education to hold stock in the companies based off of their inventions or technology. In other words, this would allow university ownership in companies they develop. This would provide universities with yet another venue of funding other than increasing tuition.
As students, and voters, we have the opportunity to vote in favor of Amendment 2. The monetary implications could be huge. By allowing universities to benefit from ideas and inventions they create, other sources of funding will be available. Hopefully, increasing revenues into universities will alleviate future financial shortages. Eventually, it might even be feasible for Utah universities to utilize this mechanism to help offset tuition costs.
It makes sense that companies developed by the university allow for a return on investment back to the university. Of course, the money generated from these ventures is not a guarantee. It is not realistic to expect funds to pour in at top speeds once the amendment is passed. However, upon its endorsement by the public, the door would be opened for future possibilities that could not present themselves otherwise.
Amendment 2 has strong support from state representatives. Currently, there are no public oppositions. Amendment 2 passed by a 23-0 margin in the Utah Senate and by a 68-2 margin in the House. The Utah Constitutional Revision Committee overwhelmingly supports the amendment, as well as Economic Development Corporation of Utah and the Salt Lake City Chamber of Commerce.
Utah officials understand that Amendment 2 will not only help the state’s universities, but also the economy that students rely on for jobs once they graduate. For example, the National Science Foundation reported that more than half of U.S. economic growth since the World War II came from innovations and technological advances made possible by ideas generated in the nation’s research universities. Amendment 2 would encourage Utah’s institutions to become increasingly innovative, thus spurring growth in the economy.
The benefits of Amendment 2 are contingent upon Utah’s voters. If you feel it is fair that Utah universities claim monies that they helped generate, vote “yes.”
As a final plea, ASUSU again reminds students to vote. And, while you are voting, please vote “yes” on Amendment 2. This Amendment can only help increase opportunities within higher education.
For more information, please visit the USU Web site dedicated to Amendment 2: http://www.usu.edu/featurestories/amendment2/.
A.J. Rounds is the graduate studies vice president. He can be reached at ajrounds@cc.usu.edu.