February 2013 Edition
In This Issue:
Welcome to the February edition of the Innovation E-Review.
It's been another busy month for economic development. The Empire State Development B
oard met this month and approved funding totaling $13.8 million for several Regional Council Capital Fund grants including the Roswell Park Cancer Institute
in Erie County, the MVEDGE Marcy Nanocenter
Inceptor Sewer Upgrade in Oneida County, and the Ogdensburg Bridge & Port Authority
in St. Lawrence County. The Board also approved an Economic Development Fund grant to Community Development Financial Institutions Assistance Program
statewide and to the ITT Geospatial Systems
in Monroe County.
On February 12th, the New York State Joint Legislative Budget hearing on Economic Development enabled the members of the Senate Finance and Assembly Ways and Means Committees to question various experts about the 2013-2014 Executive Budget Proposal on Economic Development. These experts include Kenneth Adams
, President and CEO of the NYS Empire State Development Corp., Brian McMahon
, Executive Director of the NYS Economic Development Council, Kenneth Pokalsky
, Vice President of Government Affairs for the Business Council of New York State, Cynthia Hollowood
, chairperson of NYS Hospitality and Tourism Association, Josh Reap
, Director of Government Affairs for Associated Builders and Contractors, and Alexander Cartwright
, Vice President of Research and Economic Development for University of Buffalo. Video of the hearing is available here
The NYS STLC is pleased to be partnering with the New York Academy of Sciences in hosting a conference. Building Human Capital To Drive New York’s Innovation Economy on April 15th at the NY Academy of Sciences. The conference will examine the human capital needs of the innovation economy and the ways NYS universities are organizing to meet it. Hear from educators about innovative programs and business about what skills they are looking for in their tech commercialization hires. Keep an eye out for information about registration soon.
Also, if you have a twitter account please feel free to follow us @NYSSTLC for various economic development and IP related news.
Industry Tools: Crowd Funding
Crowd Funding for University Research
Crowdfunding as a mechanism for investing in science and technology commercialization is coming. Crowdfunding was authorized by Title III of the Jumpstart Our Business Startups Act
("JOBS Act") as an exemption to the law prohibiting companies from issuing securities to the public unless the company has registered the offering with the SEC. Title III is named: “Capital Raising Online While Deterring Fraud and Unethical Non-Disclosure Act of 2012” or “Crowdfund Act”. The SEC is overdue
in issuing the rules to implement the Act to the consternation of some of the intermediaries springing up to implement the new investment mechanism.
Resource Spotlight: Central New York Biotech Accelerator
Central New York Biotech Accelerator
A new resource in the Central New York Region is the CNY Biotech Accelerator
, a joint project between Upstate Medical University and SUNY-ESF (Environmental Science and Forestry). The Accelerator is focused on technologies that are related to the life sciences and the environment such as renewable energy, biofuels, medical devices, pharmaceutical therapies, and cleantech.
Resource Spotlight: New York State Center for Excellence
The New York State Center for Excellence in Environmental and Energy Systems
in Syracuse is one of a number of Centers of Excellence
and Centers for Advanced Technology
supported by the State of New York through Empire State Development and NYSTAR to coordinate research and resources in specific areas. The focus of the Syracuse Center of Excellence is on energy efficient buildings.
Company Profile: C Speed
Liverpool is home to a Central New York Region innovative product development and engineering services company, C Speed LLC
. The company has engineers and project managers with experience in a wide array of areas such as consumer electronics, medical products, military systems, and test and measurement equipment. Their main specialty is the design and manufacture of custom high performance receiver technology.
IP Law Watch: Sumpreme Court Case Bowman vs. Monsanto
Supreme Court Case Bowman vs. Monsanto
Late this month, the Supreme Court heard the oral argument for Bowman vs. Monsanto, the case of a 75-year-old farmer, Vernon Bowman, against the world’s largest seed company, Monsanto. Although the case is specifically about patents held for genetically modified seeds, the implications of the ruling are thought to reach well beyond just agriculture to fields from medical research to software.
Featured Debate: New York State Tax Reform
Can New York State overcome its high-tax reputation?
The New York State Tax Reform and Fairness Commission was created in 2011as part of a legislative agreement to reduce personal income tax rates. It is tasked with addressing possible long-term changes to the State tax system and to help economic growth in the State. All thirteen members are required to have expertise in the tax field. They will not be compensated. The co-chairs are H. Carl McCall, the former New York State Comptroller and now chair of the State University Board of Trustees, and Peter J. Solomon of the investment advisory firm bearing his name. The press release
about the appointments stated:
“Last year, New York State government successfully passed comprehensive tax reform that put in place a progressive tax and established the lowest tax rate for the middle class in 58 years,” said Governor Cuomo. “This Commission will now undertake a broader review of the state’s complex tax code to find ways to make it simpler, and more fair, and help reduce the tax burden faced by New Yorkers and businesses. I thank all the members for their dedication to public service and look forward to working with them as we continue to make New York a national leader in reform.”