In a brief interview earlier this week, she answered several questions on the importance of technology and the role of universities in revitalizing cities. The greatest share of the basic research and increasingly most of the applied research is being done in the universities. That's a huge research engine to fuel this area. Just this past year, we had 223 new technology disclosures, of those we patented 50 and developed 39 licensing agreements directly with industry. The high-tech companies seem to be focused on turning out instant millionaires.
Universities do research and the federal government funds research for the betterment of humankind.
We also have an interest in increasing the competitiveness of the American economy. Making individuals wealthy is a byproduct, not the primary role. Penn has taken an active leadership role in improving not just University City, but the city as a whole. In American cities and towns that have universities, more often than not, the university is the largest private employer. So, the role previously adopted by the private sector corporations to support community development, the arts and the growth of the city will be taken on by universities.