COLUMBIA — Gov. Matt Blunt allocated an additional $2.3 million to higher education last week, directing colleges and universities to use the money for economic development in Missouri.
The University of Missouri System will use the money to focus on moving intellectual property in a quick and cost-effective manner from the drawing board into production, said Mike Nichols, UM System vice president for research and economic development.
The UM System as a whole will receive about $1.1 million, and another $75,000 will go to UM-related projects. Nichols said the system will work with each university to optimize “how we will get the biggest bang for the buck.” Each campus will apply for grants so the system can determine how to allocate the money.
“The funding will enable the university to move more research discoveries and new technology to the marketplace, and that means a greater return on investment to the people of Missouri,” UM System President Gary Forsee said in a news release.
The release stated that Blunt is asking each college and university to release their plan for the use of the money.
“State investments in education and our institutions of higher learning directly contribute to Missouri’s economic vitality,” Blunt said in the release. “The additional resources for public higher education I released will directly benefit Missourians and the Missouri economy.”
The money comes from the Lottery Proceeds Fund, the release said. The fund’s proceeds come from lottery ticket sales and other sources of revenue for the state’s lottery commission.