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Jessica Chesher

Managing Editor

Innovation eReview

The new year has already yielded the second Inauguration of the president and the swearing in of new legislative bodies. Governor Cuomo announced the 2014 New York State Budget this week. It can be viewed on the newly launched OpenBudget.ny.gov, a website offering increased access and transparency to New York’s budget, and touted as a tool to improve government performance and enhance citizen engagement. The budget proposes $136.5 billion in spending, and would close a $1.3 billion budget gap. No new taxes or fees are proposed. 

The Governor’s State of the State address and budget are encouraging for the New York State technology commercialization community. There is continued economic development spending to accelerate the commercialization of new technology, and a third round of Regional Economic Development Council support. His speech began with a focus on economic development and he specifically recognized the significance of commercialization of new technology. He proposes the creation of innovation hot spots and an Innovation NY Network to be headed by Jim Simons, mathematician and investor, David Skorton, President of Cornell University and Timothy Killeen, President of the SUNY Research Foundation to organize an Innovation New York Network. Its role will be to build collaborations among academics, VCs, business leaders, patent lawyers and other professionals and entrepreneurs to facilitate and grow the commercialization process. It will also examine regulations around intellectual property and other regulatory barriers that slow or thwart commercialization efforts. 

The Technology Commercialization Law Program has three new projects beginning, all three with technology developed at universities: Stony Brook, Buffalo and Binghamton. Along with the New York Academy of Science, plans are underway for a Spring Conference in New York City on Building Human Capital to Support the Innovation Ecosystem here in New York. Overall, we’re very excited for the potential developments in the coming year.

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