Women of Impact: Interview with Carol Stewart

Carol Stewart, vice president of Tech Parks Arizona, highlights the ability of universities to spur impactful, real-world innovations and drive regional economic development.

In the "Conversations with Women of Impact" interview series, Women of Impact award winners provide perspectives on the future of their fields, share what inspires them, and discuss what they've been up to over the last year.

Tell us about your work.

I am the vice president of Tech Parks Arizona, of which there are three major components:

UA Tech Park: With a 30-year track record of success, the university’s first science and technology park is an economic powerhouse contributing two billion dollars of impact to the state of Arizona each year. Located in southeast Tucson on nearly 1,300 acres, it a major employment hub and home to more than 100 businesses from startups to tech giants that employ 6,000 knowledge workers.

UA Tech Park at The Bridges: The university’s second tech park, located at 36th Street and South Kino Parkway, encompasses 65 acres embedded in a larger 350-acre mixed use development. The Refinery, the first building that opened in April 2022, is the ideal platform for technological advancement, where businesses co-locate with UArizona’s talent and expertise. The UArizona Mission Integration Lab (MIL) opened in December 2022 to accommodate balloon-borne astronomy testing and demonstration, making UArizona even more competitive for top-dollar research missions such as NASA’s Long Duration Balloon flight missions. SpringHill Suites by Marriott opened in April 2023 with 126 rooms which provide lodging and meeting spaces for visiting corporate executives and federal representatives. The new Arizona Public Media campus is scheduled to break ground in the fall.

UA Center for Innovation (UACI): The university’s startup incubator network grows scalable startup ventures that fuel the Arizona economy. UACI supports science and technology companies by connecting entrepreneurs to the people, programming, and places to take them from idea to market using a 28-point structured roadmap program. Founded in 2003, UACI has assisted more than 1,000 entrepreneurs via workshops and training, and has directly supported 255 startups. UACI has the largest concentration of startups anywhere in the state of Arizona with 75 currently in the program.

What kind of impact are you trying to have in your field?

I want to be a role model for my daughter and have her be proud of the regional economic prosperity that I have had a hand in building in Waterloo, Ontario, Canada as well as Tucson and the greater Southern Arizona region.

In your view, what are some things people and institutions can do to retain and advance women in their work?

Equal pay for equal work accompanied with the title recognition. Not one without the other.

Can you talk about a mentor who made a significant impact on your career?

I recently attended the retirement of Dennis Huber, who served as vice president of administration and finance at the University of Waterloo and who was was my first boss in the research park business. Dennis taught me everything I know about this industry and allowed me to rise up into a leadership position in the field both nationally and internationally. He was the most ethical businessperson I have ever had the honor of working with. The best piece of advice I got from him: “Judge every decision you make like it will be a headline in tomorrow’s national newspaper.”

How do you foresee your field changing over the next 10-20 years?

If you've seen one research park, you’ve seen one research park. They are all very different and align with the specializations of their host institution. That being said, there are many fundamental similarities such as the future-forward trends, including the mash-up of live, work, play, stay, and learn.

These university-based economic engines will be much more inclusive and no longer islands of intellect and corporations.

What’s on your desk right now?

What isn't?! A few university projects I’m focused on right now include the San Xavier Underground Mining Laboratory, the Maricopa Agricultural Center (MAC), the City of Yuma’s ongoing interest in creating an innovation district, Biosphere 2, and the Kasser Joint Institute for Food, Water, and Energy Security (JNF). The UArizona Center for Innovation (UACI) is celebrating its 20th anniversary this year, so I have been very involved in all the celebrations, our Biz Tucson “Destination Innovation” special edition, and working with our 75 startup companies in the UACI program.

What are you reading and/or listening to lately?

I just re-read The Rowers' Code: A Business Parable of How to Pull Together as a Team - and Win! A classic.

What have you been up to since receiving the Women of Impact award last year?

I am personally invested in a project at the Maricopa Agricultural Center. The MAC recently won a $400,000 grant from the Economic Development Administration (EDA) to conduct a re-envisioning feasibility study. In cooperation with the City of Maricopa, the University of Arizona, and Tech Parks Arizona, it is exploring the possibility of carving out of 900 acres to be developed into an Area of Innovation—ultimately supporting the expansion of the university, the MAC, and the creation of a third UArizona Tech Park. We are in report delivery stage and excited to share the outcomes and projected impacts. This is a legacy project for the institution and will positively impact many groups while advancing agricultural research and our land-grant mission.