I met with a senior executive in Durham this morning to discuss how the stressed national economy could affect our normally resilient regional economy. Highlights of our discussion:

- the RTP of 2060 will, of course, be entirely different than the 50 year old RTP of today. And the RTP of the near future is not guaranteed to remain as relevant or exemplary as it is today due to the ease with which capital, commodity goods and labor are priced around our globe. Co-location is not the advantage that it once was.

- as reported by the local press on the 11 August 2010, there is an opportunity for the three major universities in the RTP to employ new technologies to help to commercialize their research efforts. And to be successful, such an effort will require a level of inter-university cooperation and business skills that are not usually the strength of academic institutions.

- the customary channels of regional economic development are affected by the
reduction in funding for state and local governments and entities. There will be fewer scouts and promoters for new business. Like their counterparts in the commercial world, customer retention and finely tuned customer identification will be areas of keen focus.

- more spending? less long term debt? no one is certain what is the answer or even the proper mix of solutions as the nation’s economy and integrated global economy travel in uncharted waters. Those well educated and well established seem able to ride out the stormy weather. Those entering or re-entering the job market or in industries not essential to a functioning economy are in a long line of pessimistic hopefuls.

- the curve of economic recovery, like that of General Motors (soon to IPO) could have been V shaped (good to bottom to good) had banks been forced to fully declare their financial positions in 2008; instead, we cut-off the bottom of the V by salvaging essentially dead banks, turning the V into a hoped-for U. At present course and with the public’s exclamatory distaste for more debt, the U recovery may be taking the form of an L (good to bottom without return to good in focus).

- new problems must be solved with fresh thinking and the willingness to experiment and to practice.

What app will look like when iPad available.