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Request for Proposals: Economic Impact Report

In 2015, the University City Science Center commissioned a report titled “The University City Science Center: An Engine of Growth for Greater Philadelphia,” which measured and analyzed the economic impact of the Science Center’s business incubation efforts since its inception in 1963.

The report measured the economic impact of Science Center graduates and then-current incubator residents in terms of employment, labor income, wages, output and tax revenue. It also provided background information on the concept of business incubation, and an analysis of the Science Center’s role and impact in that arena. Detailed maps, appendices and case studies rounded out the report.

Key findings showed that of the 350-plus graduate organizations referenced in the study, the 93 that remained in the region in 2015 employed 15,000+ people. These jobs commanded an average wage of $89,000 and contributed $64 million in city and state taxes annually for a total economic impact of $9 billion annually.

The Science Center is seeking qualified firms to prepare a new economic impact analysis that builds upon and extends the prior work. This updated report will be used to demonstrate the Science Center’s value as a strong regional catalyst of entrepreneurial activity, healthcare innovation, and economic growth to government officials, private donors, the media, regional partners, and the general public. The document will also address the joint partnership established between the Science Center and Wexford Science + Technology in 2015 (and subsequently Ventas) to rebrand the campus as “uCity Square” and expand its footprint, and articulate the Science Center’s evolving role in the region’s innovation ecosystem. A significant focus of the organization is building an inclusive ecosystem, and where possible, metrics should measure progress to that goal.

We are seeking a qualified firm to provide a written analysis of the following:

Bold = most important

** = included in our last report

Quantitative:

  • Total economic impact ($)**
    • Annual**
    • All-time
    • Broken down by sector (real estate, life sciences, tech, other)
  • Total jobs created as a result of our work (direct and indirect) – direct = jobs at firms we incubated/accelerated**
    • Direct and Indirect jobs (standard metrics)**
    • Total salaries and wages paid each year for jobs directly/indirectly due to UCSC** (e.g., “$3.7 billion in total salaries and wages each year”)
    • Average salary for direct jobs**
    • Proportion of regional employment due to UCSC (e.g., 1 of 100 jobs in the region aka 1% of regional employment)**
    • Direct jobs broken down by county**
    • Fiscal impact of UCSC-direct jobs (e.g., wage and income taxes)**
    • Jobs (direct + indirect) broken down by sector (real estate, life sciences, tech, other)
  • Total companies created as a result of our work (i.e., incubated/accelerated at UCSC)
    • Number still in business today**
    • Existing firms that were incubated by UCSC and are now tenants on our campus
    • Existing firms broken down by “in the region” “not in the region” today**
    • Existing firms broken down by county**
    • Broken down by sector (real estate, life sciences, tech, other)
    • Existing firms with women, veteran, or BIPOC founders

Qualitative:

  • Provide new UCSC Success Stories:** (Qualitative)
    • Integral Molecular
    • Spirovant
    • UE LifeSciences
  • Develop and articulate a message relating the Science Center’s economic impact to other activities including:
  • Economy League’s World Class Index
  • UCIC and UCD reports
  • Greater Philadelphia Chamber’s Roadmap for Growth report
  • Brookings Institution Innovation Districts report
  • Philadelphia Equitable Entrepreneurship Ecosystem Assessment and Strategy
  • Life Sciences PA report, New Brookings report on innovation in PA

Key Deliverables:

  • Written report including Executive Summary and more detailed narrative
  • Related charts and graphs
  • Listing of graduate companies
  • Explanation of methodology
  • Summary infographic

If there are additional analyses you can include beyond this scope, please list and price (e.g., impact on diversity, equity, inclusion, and access; qualitative programmatic impact of STEM, workforce development, startup support, Venture Cafe).

Anticipate project start date is scheduled for Q1 2023, RFP respondents should submit a proposed budget, timeline, and scope of services for consideration. Finalists will be notified in January 2023 with final selection occurring by January 31, 2023. However, for budgeting purposes, consultants are asked to provide a cost estimate by December 1, 2022

Questions and submissions:
Alix Passage
Chief of Staff
apassage@sciencecenter.org

Media Contact:

Kristen Fitch

Kristen Fitch

Senior Director, Marketing