Q&A with TechTown's Randal Charlton
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| Randal Charlton |
Randal Charlton is executive director of TechTown, the Wayne State University research park and business incubator. He is a serial entrepreneur, author and economic development expert who has done business in many countries. He founded Asterand, a life sciences company that was voted “Best Performing Share” on the London Stock Exchange in 2008 by The Financial Times. Charlton is Special Assistant for Economic Development for WSU President Jay Noren, Wayne State’s Entrepreneur in Residence and chairman of the WSU College of Liberal Arts and Sciences Board of Visitors.
What impact does business incubation have on a recession?
Business incubation plays a vital role in a recession. In past recessions, new businesses have been instrumental in the recovery of the economy by creating new economic activity and jobs. Many great companies were formed during previous recessions, including Microsoft and Disney.
What role does Wayne State University play in TechTown’s economic development activities?
Wayne State University has provided both financial and day-to-day support to develop TechTown. Indeed, we have a campus-wide commitment to support entrepreneurship. However, TechTown is a joint effort by our stakeholders Henry Ford Health System, various foundations, the city of Detroit and the Michigan Economic Development Corporation.
Why is the fate of Detroit important to the entire United States, and what role will the city play in the country’s economic recovery?
Michigan was the first state to enter the recession several years ago, and we may be positioned to lead the country out of the recession by demonstrating our ability to innovate and diversify our economy. For example, we are rated the No. 2 state in the nation in total research in part because of the massive amount of research and innovation in the auto industry. We must seek ways to apply some of this intellectual property to other industries. Economic experts will tell you that the recovery of any state has to start with the recovery of its major cities. Detroit remains the largest city in Michigan – and therefore the recovery of Michigan depends on the recovery of Detroit.
How do you think Detroit will perform in the increasingly global marketplace?
In addition to our great research, we have some important assets that can help us excel in the global economy. Detroit is located adjoining the Great Lakes water system, a resource that constitutes 20 percent of the world’s fresh water. We also share a border with Canada, which may be an increasingly important trading partner. Recently, the Brookings Institute recognized the opportunity for Detroit and other cities in the Great Lakes region to collaborate to drive economic development based on our natural resources.
Detroit’s greatness once was founded on the automotive industry. What will make it great 20 years from now?
Detroit may still be known as a world center for the auto industry. However, the names may change and the types of vehicles that are manufactured will undoubtedly change. In addition, I believe Detroit will have a growing reputation in emerging industries such as alternative energy and green technology. And we must not forget our strong research base in medicine and life sciences.
Do you think Detroit will ever be known as “the Paris of the Midwest” again?
There is absolutely no reason why Detroit should not become a great and beautiful city in the 21st century. Even our current open spaces can be turned to advantage. For example, Paris and London are regarded as great cities in part because they have beautifully maintained recreation and parklands. London has Hyde Park, Regents Park, Green Park – all within a mile or two of the center of the city. However, in Detroit we have to start by rebuilding our economy and generating the wealth that ultimately will allow us to redesign the city.