it's too focused on ip. it's too focused on metrics of licensed revenue. we think sometimes that gets in the way. there's too many good things, and i have to tell you the u.s. is getting beaten by global competition. from my procter & gamble experience, it's easier to work with a university in the u.k. than it is in the states. i'll explain a little about why that is. they're more competitive, they're more agressive, they're more forward thinking. so let me talk about what's working and give you some examples. we have a relationship with durham university. that's not the one in north carolina, and i guess i should have commented, i am a graduate of a big 10 university. should i have made some basketball comments there? we believe we're the birthplace, but i'll leave that alone. this is the durham that's in the u.k. they've done something fascinating. they've formed an institute within their university that

brings together the multlines so that when a business engagement occurs, we don't have to go department by department. they do it for us. we have ended up investing money with that university to do applied research, and you know what, they do the work inside to bring those things together. i'm a business guy. entrepreneurs, they don't have time to go department to department. they also have preworked the ip rights. it's simple. it works for us. we don't have to do that work internally. we also go to singapore. a-star, which is a government agency not only includes their universities but also includes their labs, their national labs, their regional labs as part of this collaborative agreement. when we have a need for procter & gamble to call, we can call and say, do you have anything in this space? they bring those parties together.

technology transfer ere. we work with a lot of them. we much prefer working with business. technology transfer offices in your universities are largely held accountable for meeting the need of the professor hard to do -- how much revenue did they generate? that means they want to negotiate and negotiate and negotiate and negotiate. okay? this is about creating businesses, solving needs, making connections between the companies, whether it's an entrepreneur or a big company, and that university. michigan and ohio, governor nixon mentioned this. we have state wide agreements with the university system in those states. the state of ohio took us -- it was interesting, one of the members of the administration said, we're going to do this. and i lost the bet because he said we're going to have it done by may.

i bet two years hence in may, they got it done. it's not far enough. michigan did it in 90 days, okay? we prenegotiated 85% of the boilerplate that happens, but still there's things that have to happen beyond that. i don't think it went far enough. it's further than any other state we've done business with at this point, but it doesn't go far enough because it doesn't have things in it that says, you know, if you create jobs in our state or if this does create jobs, you're going to get preferred licensing rights and things. we still have to negotiate those kinds of things, and oh, by the way, did i mention that's what we already have in the u.k. and singapore and things like that. i would challenge you this is not about getting more revenue, it's about more business engagement. but i'm very pleased, and as a resident of ohio and my wife came from michigan, i'm not being critical, i'm saying that's a good step in the right direction but it needs to go a lot further. connecting entrepreneur startups

with potential partners, including large enterprise. today's reality is it's hard for startups to knock on the right door in big companies or even small companies to represent themselves. and i have to tell you, it's hard for big companies to see all that's out there. you know, last year my department had over 4,400 unsolicited ideas come to us, okay? that's from around the globe. i actually know how many states have registered at our web site. we believe innovation is a democracy, okay? we'll take good ideas from wherever they come from. but i don't want to have to see and talk to everyone associated with it. okay? we say no, thank you to the vast majority. we also say, do you have something that could help us with this those out to

networks, science labs, because we're looking for solutions to help us exxon rate our connections. i mentioned the u.k. up to the second one, just research. this is a government agency. when we have something to solve, we go to ipserc. they have certain departments for the other agencies. we say, do you have something that would solve this kind of surface technology? that organization doesn't say, why don't you talk to durham, why don't you to leads. they go off, they pre qualify four or five different.

we say, wow, we want to work with that university. university wantscapability, and i and in our fields of use, it goes to that education commission. it's a one of recruiting tool, because guess what? when we're working with that yoourt, i tend to see. we also. there's a company up in boston that we've been a tiny, tiny investor in. when the principals call, they

say, jeff, you might to want look at this. i look at it, because they understand our needs. do your development organizations know what these entrepreneurs' needs are? i like websites, i like having things posted. it's necessary, it's not sufficient. this smart agent piece is a full-contact sport, okay? it's big ten basketball, okay? you've got to understand the needs of the entrepreneur, the needs of the big company, the capabilities that exist and we only make the match between those and help drive us through. you have to have one place to call. today's realities, startups can't secure financing, okay? they say, jeff, we've got this great technology.

wow, that is good. i might be interested in using that. can you deliver that to our business in europe and latin america and do that within the next 90 days? of course, they can. we need capabilities that come from other places to help this kind of funding. you know, growing a small supplier into the grow bun. i will also tell you i think you have a role to play here. capital funding development, i think governments can help, but y you. you need to provide incentives so people can coalesce. when we did this survey in the greater cincinnati area, one of the surprises we had.

. if they have the yield right of most startups, we don't have enough stage capital. let me give you an example. remember this. in terms of a seed investment, we concluded that there was not -- we didn't have to do anything. the state of ohio actually had a program. i saw in the paper last week that kentucky is doing more to provide tax investments for some. we concluded region alley that we'll be able to put together the funds of funds. you can incentivize. for us it's about creating an environment where these entrepreneurs can grow and become local institutions and

build for us. small companies are also the greatest destroyers. p & g is committed to building small business growth. we believe we can get there by partnering, i thincubating. i always tell customers, i may not always be on this side. i may be a customer, and you help pay our bills. >> we believe that there is a strong role for your state governments to do the same thing, to partner with to doing that work, to is stpt growth. there's still going to be losers, okay? this is a marketplace. not all startups.

they aren't responding because most of the investments in your states don't match-up. we want more. thank you, that's all of my comments at this time. >> thanks, amy and jeff. i appreciate your comments and i thought those were quite good and very useful. i have a number of notes that i've taken. what i'd like to do here is ask and then to the governor of missouri and open up across the floor for different individuals of like to ask of either these individuals and. if that's the. you raised the issue on university incentives each of us

try to get as much back of it as we can for our state and the people of our state. we want to get this into our, metro with it, it would be oy eye have you thought of how you might use the button process to create more african-american? >> i suggest the thing, and could the state budgets have metrics around things like

patents, license, out of universities or licensing incomr maybe even in addition to, you give marks. >> the hard part of the problem is the faculties of universities, and i'm inside a university right now, they're all interested in what they're interested in which may not have anything to do with regional, economic goals. so through these incentives, you have sent a portion of the state budget to whatever the university is. >> more corners flald out to.

it will work in more fund fund. i think that's where it could work. >> good thoughts. jeff? >> i get worried about licensing revenue because it empowers policy transfer offices to focus on each individual deal. i think that you should be focused on broader footprint. every university i go to, they tell me i qualify for almost everything, and then i ask them, how many spinouts have happened from your faculty? amy, you're right, it's public or p -- publish or perish. finding a reward system within

the universities allows professors to benefit and maybe even get tenure, i don't know, taking on the university culture is a major challenge. and another question i is which almost always fails, is how much of these was started from other passengers at the university. guess what? if they start a business there, they're more likely to have a good education. and you want to keep your university kids at home, i suspect. >> do you think we have the wrong incentives in place for our state universities in this country to create better economic development, better job creating machines. are there the wrong incentives in place, presently? >> well, i don't believe the incentives are in place to do

that. inside of a university, i don't see people talking about, let's create jobs. with an exception of m.i.t. in boston. m.i.t. is a powerhouse, and there is research they're putting out on mit and the extended network of m.i.t. alums. the engineering and scientific technology that's involved there and the university as a whole. that would be a good model to look at. stanford is obviously another one. m.i.t. has done a very good job, and i think a lot of that is interior culture. they also set up cross-collaboration inside the departments at the university. that's something that should be encouraged. because i spent seven years at stanford. stanford has championed big on that in the last four or five years as well. get your faculty and talk to each other, because not only do

they not talk to the enterprises, they don't really talk to each other. so changing the culture inside a university is very difficult to do, but there is some models and i would really point to the m.i.t. example as one that works. >> while i respect stanford and m.i.t., i think they're incredible institutions. i think many of us have state, community and regional colleges that are also very involved in our local economies but are not necessarily on the cutting edge of technology but do have people to start it. what ideas would you have at those community college levels or regional college levels, either public or private, that could engender business growth without necessarily inventing something brand new that requires significant research dollars or pfd. jeff? >> i have to say i have not done a lot of work with community colleges and things like that other than i have had some of

those administrators come and visit with us, and in a lot of ways, and i don't know if there was unique to our region, but some of those administrators were actually oversubscribed on service curriculum. they sell out -- one university administrator said they sell out every one of their hairdressers, cosmetics, licenses, they sell out their welding and plumbing. they don't have enough money to actually run people through that. there's some things that can be done at the community college level. i would also say that you're not stanford, you're not m.i.t., but we see really cool initiatives by other universities and departments within universities around the globe. and so things that you can do, what is the world class okay? do you have a lot of small manufacturing that are all doing

their own prototyping work? can you actually draw to that? do you have that capability? i also think the incentive -- it's kind of interesting. i get a littlewo hear people talk about how do you change the incentives. the politics of universities are something that are just amazing. their time frame is semesters, ad not days like entrepreneurs. i give you a piece of coaching. it's called the young faculty. they get it. don't make it a broad peanut butter program that spreads across everything even faculty coming in. maybe they don't have tenure yet, but they have the opportunity to start their own business. i bet if you started asking the question, how many start-ups have come out of your university, you're going to get some shocking data. and here'stest. see how old the examples are that they give you.

>> i would like to there. the launchpad program at the university of miami, i think this is the model program right now. it's been replicated at two colleges in detroit and one in north carolina. it's new, and basically any university or community college could be look at thing at this. university of miami is way out there with collaborative opportunities of getting alums as their students, getting with their community. it's got great results. so i think if you wanted to look at a program that's not m.i.t. or stanford, really, look at this university ofgram. i think we'll see it do great things in the future. >> give me one more example because i think we're familiar with that one. take a look at university of michigan in ann arbor.

michigan lost a really big business y. michigan has, as a program where they have an entrepreneurial internship. they have physical space, they're building relationships with universities across the globe. entrepreneurs can go in and get consulting help. students who are going through their business programs can start their own company, they can consult. they even have one of the few investment funds that students run, okay? they act as vcs. students actually put money in, manage money and stuff like that. there are examples, and we would be happy to follow up and give you kind of where we see these pockets around the globe of things that i think are doable. and it's out there. there are sprouts growing. >> sounds good. governor herbert of utah wanted

to ask a question. >> thank you. being we have the college rivalry week theme going, i would just note that six years ago, we started a very aggressive program for workmen's research and development and startup transitioning the private sector. we just passed, the last two years, m.i.t. university of utah is number one startup for businesses and number one is university of utah. if you put your mind to it, you can certainly make a change. jeff, we want to welcome you to utah. first manufacturing plant in the united states in 40 years is head quartered south of the ty procter & gamble there. i heard you say, think twice, amy, that with people coming

into thestates, getting degrees in technology, math, science, we ought to attach a visa to them or a green card of some kind, and certainly maybe that's something we ought to consider doing. but the more important question, i think, is why is it we cannot grow our own? why don't we have of our own students coming in. why kabt we grow up from th well, i think we need to do both, right? so i think we need to attract the world's best talent into the united states, and if we've of that in the past, then we need to continue to do that. the question on why are we not doing it, growing our own stem -- science, technology math -- talents at home, i think that ours broken. i don't think it's working, i don't think that's the headlines to anybody in this room. i'm sure all the governors are spending a lot of time working on k through 12 education.

i think there are different conversations. do we need another sputnik moment? do we need to inspire people in another way? i think there's technologies that people consider cool -- google, facebook, twitter -- technology is pretty sexy these days. i actually think it's changing our k thro education system in some of the ways i mentioned. maybe project-based learning, maybe high schools that are targeted for stem education, but that's where i think we need to attack at that time hoit at hom maybe that's who carries the t. i mean, look around, bill gates still has bangs, right? it's crazy. it's a different way of thinking about things, and i think science, math and technology is becoming very cool. >> you can find the rest of this

on line. we're going to go live now candidate mitt romney holding a campaign rally tonight in zanesville, ohio. >> in 2012, he's going to be out of office. [ applause ] there's ahe course we take. the path i take will not be of larger and larger deficit. trdeficits. did you say bc? he must be wrong, but it's sti'e kind of obligations to my kids and my grandkids, nor am i willing to have americans pass that could ultimately lead to a grease track resolution whether we hit a instead of deficits like that, we have got to cut federal spending, we have to cap it and finally balance our

budget! [ cheers and applause ]oing to every federal program, and i'm going to ask this question. is this program so critical it's worth borrowing money from china to pay for it? and if it's not, i'm going to get rid of it. and i'm going to get rid of a lot of programs. and first on my list is obamacare. we're going to get rid of that. [ applause ] >> you know, the president has been in office for three years. we have a lot of people who are out of work. 24 million people out of work, or stopped looking for work, or can only get part-time jobs. you would think after three years and 24 million people in that circumstance, the president would have come out with a plan to make america more competitive and add more jobs. i guess he's still thinking about it. he hasn't come out with that. one of the things he came out with just recently was the idea of raising the marginal tax rate from 30% to 40%.

did you know that over half of the private sector workers in america work with individuals at the individual level. so when you raise those taxes, you cause those businesses either to lay people off or to potentially keep wages down. my plan is very different. i want to lower marginal rates across the board by 20% and get america working again! [ cheers and applause ] >> there is a big difference in energy. look at his energy policy. what is his energy policy? it's apparently to make it hard to get coal out of the ground with more regulation. it's hard to use it. it's hard to take advantage of our oil resources. makes it harder to get the gas out of the ground, and as a result, why he's happy with wind and solar, we all like wind and solar, but you can't drive a car with a windmi lais we're going america energy secure by taking advantage of our coal, our oil, our gas and bringing in that keystone pipeline from canada.

[ cheers and applause ] >> let me mention another thing. this is a $500 billion cuts to military, and is planning another 500 billion. do you know we have fewer ships in our navy today since any time in 1917? our air force is older and smaller than any time since it was founded in 1947? and our troops, of course, were stretched to the breaking point and yet he wants to reduce our number of active duty personnel by 50 to 100,000? by the way, you know he's also planning on raising the payments that have to be made by veterans and members of the armed services and tri-care? the one place he seems to be willing to cut the budget is in

the military. my own view is that we must increase our purchase of ships, we must have more aircraftnd ai, we should add 100,000 personnel to our active duty military roster. we should care for our veterans in the way they deserve to be treated, because i believe we have a strong military not just to win wars but to prevent wars. i believe a strong america is the best ally in the world. so i'm going to keep america's military strong. this really is a -- it's a critical time for the country. this is not just aboutballot. this is an election about the course for america. this is an election about liberty and economic freedom. this is a question about whether the stresses on families are going to be alleviated where you have a mom working a day shift and the dad working the night shift and the kids not