Assemblyman Bill Magnarelli (D-Syracuse) announced the passage of significant legislation which will help researchers in State-funded laboratories commercialize their innovations and assist small businesses to grow in Central New York.

“Central New York is home to a number of outstanding colleges and universities that have some of the most intelligent, creative, and innovative minds in the country,” Magnarelli said. “Unfortunately all too often what they create in the laboratory is not translated into viable commercial products and services.”

Last year Magnarelli heard testimony from business and academic leaders in a series of hearings and roundtables conducted by the Task Force for University-Industry Cooperation. “One priority that I took away from these events was the continued need for state assistance with early stage product development to move inventions from the lab to the market,” Magnarelli said.

The first piece of legislation Magnarelli authored will provide grants to assist small businesses in commercializing intellectual property purchased or licensed from a New York State research institution (A.284). These grants may be used for working capital, acquisition or upgrading of equipment, or improvements necessary for commercialization of the product.

“It is essential that small businesses and research institutions work together to translate discoveries made in the laboratory into commercially viable products produced within our state,” Magnarelli said.

Also passing the Assembly is an initiative called New York First. This legislation, also authored by Magnarelli, will ensure that research entities receiving State research and development funds first look to New York State companies to provide the services or products necessary to start and complete their research projects (A.389).

“New York State has a very diverse manufacturing-base that can produce everything from syringes and electronics to lab coats. To have researchers who routinely receive state funds, not at least consider purchasing their research supplies from New York companies is short-sighted,” Magnarelli said. “Buying New York first is an important part of the economic cycle I am promoting – concept to commerce.”

“The State has helped to fund research that could greatly benefit our economy, but if these innovations remain on the shelf or are produced elsewhere, no one benefits – not the state, not our small businesses, and not New York State tax payers,” stated Magnarelli. “I urge my colleagues in the Senate to pass this legislation quickly so the Governor may sign it into law and we can begin to help the small businesses of Central New York.”