One local organization that provides funding to up-and-coming businesses continues to create new Arizona jobs and support existing positions.
A recent report from the Battelle Technology Partnership Practice found that Science Foundation Arizona continued to create jobs and render a total economic impact of $153 million through various grants between 2007 and 2009.
SFAz has doled out $50 million in grants, in turn creating 1,151 jobs during the last three years, 400 of which were created in 2009 alone. As for direct and indirect impact, SFAz created more than 2,600 jobs and generated $331 million between 2007 and 2009.
"These cumulative results show the Science Foundation model is effective and making a real difference in putting Arizona on the map as a science and technology hub, all of which lead to sustainable jobs and resilient industry sectors that drive a healthy economy," William Harris, president and CEO of SFAz, told the Phoenix Business Journal.
"We have to innovate and inspire researchers, teachers and students to become science- and technology-oriented as major initiatives to become globally competitive in our 21st century marketplace," he added.
The report notes that SFAz grants should continue to create jobs and spur economic growth in Arizona during the near future. One measure found that such grants have resulted in the filing of 84 patents and creation of 16 companies, which is an increase from 50 patents and 11 companies last year.
Unfortunately, SFAz has had trouble obtaining funding from the state as of late, mainly because the Arizona Legislature cut $22.5 million meant to serve as matching funds with private money. SFAz took the state to court during 2009 and received $18.5 million.
"Over the long term, and even in the short term, you can see this type of public-private partnership model works," Battelle Vice President Mitch Horowitz said. "Although the impact is already apparent, years of consistent commitment to an effort such as Science Foundation are needed to put Arizona on an even playing field with - and potentially ahead of - the rest of the world."