The University of Wisconsin-Madison and its multitude of health and science-related facilities is a driving force in Wisconsin’s economy, according to a recent university report.
The report, which looked at the annual economic impact of UW-Madison, UW Hospital and Clinics, startup businesses, and related organizations, stated that the University of Wisconsin-Madison, contributes $15 billion annually to the Wisconsin economy. This represents an increase from $12.4 billion reported in 2011. Additionally, the number of jobs credited with being created by UW-Madison increased to 193,310 from 128,146 in the 2011 report
The report went on to explain that for every tax dollar spent on UW Madison, $24 dollars are generated for the state’s economy, up from $21.05 in 2011.
“The University of Wisconsin has thrived because of the investment Wisconsin’s taxpayers and leaders have made over many generations,” Blank said. “In turn, we are now a major economic driver. This study shows that there is no doubt that a strong UW–Madison is essential to the growth of Wisconsin’s economy.”
According to reporters, the $3 billion increase in economic impact is partly due to the expansion ofUW Hospital and Clinics, increased funding for UW-Madison research and a more robust effort to translate university research into start-up companies.
UW–Madison is the fourth largest research institution in the nation and the second-highest funded public university in the nation. UW Madison generated awards in 2013 reaching more than $1.1 billion, and has consistently ranked among the top five universities overall for research funding secured from all sources — federal, private and state — for more than 20 years. Furthermore, research at UW-Madison has resulted in 311 startup companies in Wisconsin, representing 24,972 jobs and contributing approximately $2.3 billion to the Wisconsin economy.
As a leading research institution, UW-Madison is a lucrative market for the sales of lab supplies and products. Researchers in Madison are highly-subsidized for their important research, and spend millions of dollars annually on lab products.
Consider the following funding statistics from UW-Madison:
- The University of Wisconsin, Madison recently completed a $112 million expansion and renovation of its main Biochemistry building.
- UW Madison has $1B in R&D conducted yearly.
- UW Madison received an $18.1M grant from the NIH for a collaborative study on the molecular processes of viral infections.
One of the best places for lab vendors to meet with nearly 300 active researchers from UW-Madison is at the 16th Annual BioResearch Product Faire™ Event at The University of Wisconsin on July 17, 2015.
Last year, the BioResearch Product Faire™ Event at the University of Wisconsin attracted nearly 300 attendees from 47 different research buildings and 52 on-campus departments, with a 26% decision-maker average.
Please take this opportunity to learn more about promoting your products directly to researchers in the lucrative University of Wisconsin research marketplace: