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Gov. Cuomo, speaking at Clarkson University in Potsdam on Tuesday, Feb. 5, 2013. Photo: David Sommerstein
Gov. Cuomo, speaking at Clarkson University in Potsdam on Tuesday, Feb. 5, 2013. Photo: David Sommerstein

Cuomo: Business + universities = Economic Development

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In Potsdam yesterday, Gov. Andrew Cuomo again pushed his new initiative to create 10 Innovation "Hot Spots."

They'd bring business and universities together to give start-up businesses support, access to venture capital and possibly tax breaks.

The "Hot Spot" idea would fall under Cuomo's larger strategy to boost the upstate economy: the Regional Economic Development Councils.

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Reported by

Kate O'Connell
Reporter, The Innovation Trail

It would fall to those councils to tag new or existing business incubator as a "Hot Spot," and the goal is to bridge the gap between academic research and commercialization.

President of the Commission on Independent Colleges and Universities Laura Anglin says the CICU is thrilled that the governor has committed to help businesses grow by making the process of "tech transfer" easier.

"The most difficult part," she says, "is when you actually leave the university or the college and try to go and grow those ideas, or commercialize those ideas. That's where we struggle the most, and where New York has struggled."

Under the program, five hot spots annually would become a two-year tax-free zone. Companies created within those zones would earn a five-year holiday on property, business and sales tax.

A $50 million state venture fund is also part of the package and Anglin says this will begin to address the problem of second stage funding; a common challenge for new companies that often sees them migrate to other cities and states.

Reporting by the Innovation Trail is supported by the Corporation for Public Broadcasting. Visit innovationtrail.org.

 

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