In a push to boost economic growth in Central New York, Assemblyman Al Stirpe (D-Cicero) has sponsored legislation that would assist in creating partnerships between the private sector and the state’s academic research institutions to commercialize technology projects in New York State (A.404).

“This measure would fill in the missing pieces by bringing our local universities like LeMoyne and Syracuse together with technology-based organizations to get their ideas off the ground and help create new and exciting opportunities for our community,” Assemblyman Stirpe said .

Under this new measure, the state Division of Science, Technology and Innovation would assign grants ranging from $500,000 to $1 million for technology commercialization partnerships to New York State academic research institutions, including universities, Centers for Advanced Technology and Centers of Excellence. Each partnership would then make technology commercialization awards on a competitive basis to jumpstart the development of promising research discoveries.

Central New York is the prime location for these partnerships as we are home to not only well-known universities like Syracuse, and great business incubators like the Student Sandbox, but also many successful technology development companies like Laboratory Alliance of Central New York and Lockheed Martin. By bringing the two together, we can provide our communities with products crafted, produced and distributed right in our backyard, noted Stirpe.

Awards would go to researchers at state academic research institutions working with a private sector organization to commercialize the product; entrepreneurs seeking assistance from academic research institutions; and existing companies with fewer than 250 employees working with researchers at academic research institutions. Awards would be used for various things, such as funding lab equipment and designing, prototyping and testing.

In addition, partnerships would be required to report annually to the state on the use of funding and results, including job creation and economic development. The state would also be required to provide an annual summary and evaluation of the reports submitted by the partnerships, as well as an evaluation of the performance of the Technology Development Partnership Fund.

“With the ongoing credit crunch, many banks are not lending to those in the early stages of product development and unfortunately leaving many great ideas to fall to the wayside due to lack of investment funding,” said Assemblyman Stirpe. “By helping to ‘bridge the gap’ from a product’s conception to its reality, we are allowing for new business and new jobs to emerge, which will in turn strengthen Central New York’s economy.”