Cornell's research, scholarship, and creativity is immensely beneficial to the public. Through the university's programs and efforts in technology transfer and outreach, human lives are enriched--new knowledge is shared, social problems are aided or solved, new jobs become available, new products emerge, and the economy is stimulated. Technology transfer occurs in many ways. For example, whenever a Cornell graduate leaves the university and takes a place in the world of industry--whether joining a company or starting a company--a transfer of university-based knowledge takes place. New companies in the region--direct spin-offs of Cornell technology and startups by Cornell faculty, staff, students, or graduates--contribute directly to the economic development of the region. These companies create new industry sectors (usually in high technology fields thereby helping to diversify the state's economy), more jobs, and more revenue for the region and the state. They translate the results of Cornell's research and technology into products and services, thus serving the public in essential ways. With $415 million (FY 2001) in research expenditures, Cornell's potential for serving the region through economic development continues to grow, particularly as the university persists in making the process of transitioning from the research bench to the formation of small businesses easier.