Because of the importance and interest in the export of educational services, a separate article in this report is devoted to the concept. University programs can also attract considerable investment that has spill over effects on the community at large. A prime example in Hawaii are the millions of dollars in investment made in Hawaii and Maui Counties to build and operate the astronomical facilities affiliated with the University's astronomy programs. In addition, considerable investment may be targeted at firms connected with the University's research and technology transfer activities. These companies are usually on the leading edge of applied science and technology.
Partnerships often develop between companies and related research units in universities.
These companies tend to establish a physical presence close to the universities with which they partner. These relationships can create a wealth of companies and investment in the surrounding area. The State of Hawaii is keenly interested in this potential connection and will be spearheading the development of a high technology park within the renovated Kakaako area of Honolulu to provide space for potential companies. Leading edge research at the university level can also attract major funding grants from the Federal government and private institutes. The State, private sector and educational community recognize the key role played by education in the economy.