This staggering figure equals the entire 1995 State-funded budget for three of UC's nine campuses. California has come storming back from the recession. New jobs have been created at a fast rate. The companies that pulled California out of recession are small, entrepreneurial, high-tech ventures. And by that I mean the nine campuses of the University of California, the California Institute of Technology, Stanford University, and the University of Southern California.
Digital telecommunications is another case in point.
It could not exist at its current scale and scope without the California universities that produce the research and educate the engineers and scientists essential to keeping this industry on the cutting edge. Multimedia, computers, and software are yet other examples. Both new growth theory and our recent experience in California make it clear that research and graduate training will play an increasingly important part in ensuring the economic growth on which our standard of living depends. The University of California is very much focused on its responsibilities to help keep the California economy thriving and productive. During this past year, for example, the University of California held a statewide conference on technology transfer, bringing people from the University together with colleagues in government and in industry to examine how we can do more to facilitate the transfer of technology.