The document presents a summary of a guest speaker presentation by Julia Lane and Jason Owen-Smith, focusing on the value and impact of investments in academic research and education in the United States. The authors discuss the challenge faced by universities in demonstrating the tangible benefits of research expenditures, given the limitations of existing data and models. In response, they introduce the University of Michigan-led initiative, the Institute for Research on Innovation and Science (IRIS), which aims to provide independent, permanent, and robust statistical evidence on the social and economic outcomes of university-based research activities. Central to this effort is the UMETRICS project, which integrates university administrative data with restricted U.S. Census Bureau information to generate new, independent metrics on workforce composition, academic output, vendor activities, and the economic impact of research spending at both local and national levels.
The presentation details achievements such as the generation of detailed employment, vendor, and entrepreneurship statistics, as well as the ability to document career trajectories and collaborations stemming from research investments. Data from UMETRICS have already revealed patterns such as the high proportion of research employees transitioning to industry and the significant entrepreneurial activity linked to university research. Moving forward, IRIS seeks to broaden its membership and data coverage to encompass nationwide research expenditures and deepen its analysis through more comprehensive linkages and partnerships. The overarching goal is to provide universities, policymakers, and the public with credible evidence to justify research investments, improve institutional practices, and better articulate the multifaceted value of academic research and education.
