Tony Armstrong, Indiana University associate vice president and president and CEO of IU Ventures, has been appointed to the advisory board of Industries of Ideas, a recently launched pilot project of the National Science Foundation to assess the impact of the agency’s strategic investments in research on the development of regional economies and emerging technology ecosystems.
As a member of the advisory board, which includes representatives from leading universities and state workforce agencies, Armstrong will help the NSF establish an approach to determine how “idea industries” are formed by tracking the flow of people moving into jobs and firms from federally funded research projects and the effects of those flows on the entire workforce. The project’s initial focus will be on combining university and state data to measure the economic impacts of federal investments in artificial intelligence and electric vehicles.
“America’s economic competitiveness depends on its ability to accelerate high-impact research discoveries, move ideas to the marketplace and expand our STEM workforce,” Armstrong said. “This project will generate a new, data-driven system to directly measure the effects of research investments on boosting firms and talent pipelines, as well as the development of emerging technology areas. Securing these insights will enable states like Indiana to more effectively identify where to reskill and upskill workers and add resources, and leading public research universities like Indiana University determine how to best leverage their resources to strengthen the economic and cultural vitality of the communities they serve.”
Over the past two years, the NSF’s nascent and growing Directorate for Technology, Innovation and Partnerships (TIP) has worked to foster innovation ecosystems, accelerate technology translation and development, and grow the STEM workforce. Through the Industries of Ideas project, the NSF will examine the impact of federally funded research on the creation of new jobs and economic growth by identifying businesses that employ people trained in deep technology skills through these TIP investments and examining other early workforce indicators.
The project includes research teams that will engage with regional innovation ecosystems spanning universities; businesses; state, local and tribal governmental agencies and organizations; and civil society to develop a system to measure the economic effects of TIP investments and metrics for success.
Armstrong is a leader with decades of experience bridging the gaps between the higher education, government, economic development and technology sectors. In his current position as the president and CEO of IU Ventures, Armstrong facilitates collaborations between IU faculty, students, staff, alumni and partners to help foster the creation and growth of high-potential startup ventures. In this role, he established both the Innovate Indiana Fund and the IU Philanthropic Venture Fund.
This job of connecting members of a global community brings to bear the entirety of Armstrong’s career experience, from his time in research and technology, to his time serving in the state of Indiana’s Office of Management and Budget in a position appointed by former Indiana Gov. Mitch Daniels.
A native of Madison, Indiana, Armstrong holds a B.S. from the IU Kelley School of Business, a J.D. from the IU Maurer School of Law, and an M.B.A. from Butler University.
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