By ROBERT M. HITT
Guest columnist

What kind of investment can you make that guarantees a 100 percent return?

For companies such as BMW and others, South Carolina’s Centers of Economic Excellence Program represents a remarkable investment opportunity. In fact, the dollar-for-dollar, 100 percent match South Carolina provides makes it one of the smartest investments our company could make.

Established by the General Assembly in 2002, the program appropriates lottery funds to help Clemson University, the Medical University of South Carolina and the University of South Carolina create “centers of excellence” in research areas that will advance South Carolina’s economy and lead to high-paying jobs. It also provides funding for endowed chairs: world-renowned scientists recruited to South Carolina to lead the centers. Every dollar the state invests must be matched dollar-for-dollar with non-state funds from companies, philanthropies, municipalities or federal agencies.

In 2002, BMW made the strategic decision to invest in the Centers of Economic Excellence program. BMW donated $10 million to fund two endowed chairs as part of Clemson University’s International Center for Automotive Research. Let me be clear that this money was not a gift. It was a true investment.

In today’s global economy, successful companies stay competitive through constant innovation. Investing in the Centers of Economic Excellence program has enabled BMW to partner with South Carolina’s universities to improve our products and processes.

As a leading company in the Dow Jones Sustainability Index, BMW is committed to the development of an educated workforce that knows innovation and continuing education are the essential ingredients in success.

Investing in the program is also helping BMW build its future talent pipeline. To be successful for the long term, the key is to recruit a work force that is more highly skilled and committed to continuous improvement. Our investment in the Centers of Economic Excellence is helping identify the best and brightest students at Clemson and other educational institutions and prepare them for careers in South Carolina’s automotive industry.

By investing in the program, we are also improving education quality in South Carolina. In the past, South Carolina’s young men and women had no place to go in the state to prepare themselves for high-skill careers in the automotive industry. Now, largely because of the program, state students have access to advanced degrees in auto-related fields and the world-class automotive engineering and design faculty who have been recruited.

Finally, by supporting the Centers of Economic Excellence program, BMW is also giving back to South Carolina in a way that builds the state’s economy and makes it a better business destination. As the program helps cultivate knowledge-economy industries in the Palmetto State, expanding companies are choosing the state as a business location because of its research and innovation capabilities.

In a decade, if the S.C. General Assembly continues to fund this program, I believe South Carolina will consistently compete against top-tier locations across the globe for knowledge-based jobs and corporate investment — and win. This state has long been renowned for its technical colleges and workforce training, and with the help of the Centers of Economic Excellence program, our research institutions can also become leaders in research. Prioritizing education and research makes a statement to the world and can change the course of South Carolina.

Corporate leaders, I encourage you to invest in the Centers of Economic Excellence. It offers a remarkable opportunity to develop a “joint venture” with one or more South Carolina research universities. It also offers clear and compelling business benefits for your company — such as access to innovation and talent development. In addition to BMW, other companies and organizations such as the Duke Endowment and Health Sciences South Carolina have recognized the benefits of the endowed chairs and already have invested.

The Centers of Economic Excellence program is truly a win-win proposition. South Carolina is saying to industry, “If you invest in South Carolina research, we’ll match that investment dollar for dollar, and we’ll help you get the business outcomes you want.” At the same time, South Carolina becomes a better business destination, increases the status and productivity of its research programs and offers more opportunities for success and professional fulfillment to its citizens.

Now that’s a smart investment.

Mr. Hitt is the public affairs manager for BMW Manufacturing Co.

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