New York already possesses many of the fundamentals required to become a universally recognized center of innovation. On top of the $4 billion in university-based research, New York is home to world-leading companies whose research and development is bringing innovative products to market. The proposals and recommendations of this report outline the development of an ‘innovation ecosystem,’ which streamlines the State’s assets to promote development. Key recommendations to create an “innovation ecosystem” consist of:
- University practices that raise awareness of entrepreneurship and industry-collaboration opportunities on and off campus; achieve world class expertise through faculty recruitment and retention;
- Industry practices that leverage open innovation principles and university expertise to stay on the cutting edge; pursue long-term umbrella agreements with universities for access to a portfolio of intellectual property; and generate support for the adoption of a research and development tax credit;
- Access to Capital, which provides critical access to capital for university –based start-ups through the creation of a seed fund and the reduction or elimination of capital gains taxes for founding investors to bridge the “valley of death;”
- Business Services that include business plan counseling, entrepreneurial mentorship. Access to capital, incubator space and regional hubs;
- Critical Mass in Strategic Areas that invests in fields where New York can be a world-leader-health care and life sciences, energy, nanotechnology, and agriculture and the food industry;
- State Practices which create an Innovation Advisory Council consisting of leaders from government, academia, industry and the investment community to advise the Governor and Legislature on promoting New York’s innovation economy; and collect and publish data relating to innovation capacity, activity and impact;
