Long Island Regional Economic Development Council Announces New York Institute of Technology to Create New 'Entrepreneurship & Technology Innovation Center' to Spur Economic Growth
The Long Island Regional Economic Development Council today announced that the New York Institute of Technology (NYIT) has signed its contract to officially move forward with the first stages of the $400,000 award it received as part of Governor Andrew M. Cuomo’s Regional Council initiative. This project will assist the School of Engineering and Computing Sciences at NYIT in creating a new Entrepreneurship and Technology Innovation Center, and has the potential to create and retain 800 jobs while paying over $4 million in payroll over the next five years. The total project cost is nearly $1.7 million.
“The Regional Council has made a smart investment to foster public-private partnerships that will help strengthen our regional economy,” said Stuart Rabinowitz, President of Hofstra University and Regional Council co-chair. “The high-tech focus of ETIC is just what we need to grow today’s ideas into the businesses and workforce of tomorrow. I look forward to continuing the Council’s efforts to make our economy more competitive and create the jobs we need in our communities.”
“By transforming the state’s approach to economic development, Governor Cuomo has enabled our region to support innovative projects like ETIC to grow the economy and create high-paying jobs,” said Kevin S. Law, President & CEO Long Island Association and Regional Council co-chair. “This project directly creates new jobs now while having the potential to provide thousands of Long Islanders employment opportunities in the innovative industries that will be vital to sustained economic prosperity throughout the 21st Century.”
The School of Engineering and Computing Sciences at NYIT will consolidate and expand its ongoing industry-academic partnerships by creating a new Entrepreneurship and Technology Innovation Center (ETIC) to foster innovation and promote collaborations between industry, the academic community, professional organizations, and government. As a source for talent, entrepreneurship, and innovation in technology, engineering and applied science, the Center will spur economic growth and ensure greater competitiveness for Long Island and the broader metropolitan region. The Center will support the region’s economic development by focusing in the three critical areas of: IT and cyber-security, bioengineering and health analytics, energy and green technologies.
“NYIT is proud to be the single educational institution in New York State to receive State funding for a technology grant to drive economic growth in New York,” said Nada Marie Anid, Ph.D., dean of NYIT’s School of Engineering and Computing Sciences. “Creating this center is core to our strategy to energize students and faculty, promote innovation, and transform NYIT campuses into “idea centers” that attract industrial partners, investors, and entrepreneurs to the area from all over the world. Further, it brings to life our mission to offer students experiential opportunities in close collaboration with industry, government, and the broader community, addressing the demand for tech-savvy, job-ready graduates.”
Last year, a total of $785 million was awarded through the Consolidated Funding Application (CFA) for job creation and community development projects consistent with each region’s strategic plans. As part of that process, the School of School of Engineering and Computing Sciences at NYIT was awarded $400,000 from Empire State Development for the renovation of a 5,300 square foot facility to house the ETIC. This effort addresses the need to foster partnerships between academia and the private sector which will ultimately generate high paying technology jobs for the entire region.
Empire State Development President and CEO Kenneth Adams said, “Entrepreneurial endeavors create the small businesses that are the backbone of our economy,” said Empire State Development President and CEO Kenneth Adams. “The Long Island Regional Council has successfully fostered partnerships between academia, the private sector and government that will spur the type of innovation that drives industries forward. The ETIC project is an example of the collaborative efforts the region needs to be more competitive and create much-needed jobs for Long Islanders.”
The Center is being created with the assistance of an Advisory Board made up of members of industry, government, and the venture capital community, who have agreed to work on the three focus areas for the Center and review plans to create high-tech teaching and research laboratories that meet industry workforce demands and projections.
The Regional Economic Development Council Capital Fund Program (RCF) and the Empire State Economic Development Fund (EDF) together make available $170 million of capital grant funding for the State‘s Regional Economic Development Council Initiative, which helps drive regional and local economic development across New York State in cooperation with ten Regional Economic Development Councils. Funding is available for capital-based economic development initiatives intended to create or retain jobs; prevent, reduce or eliminate unemployment and underemployment; and/or increase business activity in a community or region. In addition, $4 million from the Urban and Community Development Program is reserved for 1) development of mixed-use properties in highly distressed areas (article 18 of the general municipal; law) or economic development zones or 2) central business district or commercial area improvements.
Senator Carl Marcellino said, “I am very enthusiastic about this initiative to build on the public-private partnership with the Entrepreneurship and Technology Innovation Center. This will strengthen our competitiveness in worldwide markets and stimulate the creation of entirely new markets. This funding is precisely what is needed to fuel the continued economic expansion of Long Island and New York State.”
Assemblyman James Conte said, “The Long Island Regional Economic Development Council’s $400,000 award to the New York Institute of Technology is critical funding that will help create and retain 800 local jobs. This is the type of needed investment in the technology field that will help spur economic growth and make our region a leader in today’s global economy.”
New York Institute of Technology (NYIT) offers 90 degree programs, including undergraduate, graduate, and professional degrees, in more than 50 fields of study, including architecture and design; arts and sciences; education; engineering and computing sciences; health professions; management; and osteopathic medicine. A non-profit independent, private institution of higher education, NYIT has 14,000 students attending campuses on Long Island and Manhattan, online, and at its global campuses. NYIT sponsors 11 NCAA Division II programs and one Division I team.
Led by President Edward Guiliano, NYIT is guided by its mission to provide career-oriented professional education, offer access to opportunity to all qualified students, and support applications-oriented research that benefits the larger world. To date, more than 92,000 graduates have received degrees from NYIT. For more information, visit nyit.edu.
To learn more about each regional council and their economic development plans, visit www.nyworks.ny.gov.