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FOR IMMEDIATE RELEASE: September 26, 2013

SCHUMER, GILLIBRAND, ISRAEL ANNOUNCE $1.2 MILLION IN FEDERAL FUNDING FOR NEW YORK INSTITUTE OF TECHNOLOGY; INVESTMENT WILL HELP CREATE 65 JOBS BY ESTABLISHING ON-CAMPUS ENTREPRENEURSHIP& TECHNOLOGY INNOVATION CENTER


Economic Development Administration Grant Supports the Creation of Jobs and Leveraging Public & Private Resources


NYIT Will Use Funds to Establish an Incubator to Foster Business Creation On-Campus; Project Will Create 65 Jobs, Save 6 Jobs & Leverage $425,000 in Private Investment

U.S. Senators Charles E. Schumer and Kirsten E. Gillibrand and Congressman Steve Israel today announced over $1 million in federal funding for the New York Institute of Technology (NYIT) School of Engineering and Computing Sciences in Old Westbury. The funding is being used to establish an Entrepreneurship and Technology Innovation Center (ETIC), expected to create 65 jobs and save 6 jobs. The funding is being awarded by the Economic Development Administration (EDA).

 

“The high tech industry will provide the jobs of the future, and this investment will help ensure those jobs are created right here on Long Island,” said Schumer. “NYIT’s new Entrepreneurship and Technology Innovation Center is exactly what the Long Island economy needs and I look forward to hearing of its success. I applaud the EDA for delivering funding to this very important project which will create 65 jobs and save 6 jobs.”

 

“This important federal investment will go towards creating a new innovation center at the New York Institute of Technology,” said Gillibrand. “The growing high-tech industry is the future of our economy, and we need to help make sure it starts right here on Long Island.”

 

“These EDA funds will spur jobs and innovation at NYIT by tapping into the entrepreneurial spirit of Long Islanders. With this new innovation center, our region can attract more private investment, launch businesses and further Long Island’s role as a high-tech hub for economic growth across the region,” said Israel.

 

"The Center will create jobs, save jobs, create human capital and invest in market-place technologies and hi-tech enterprises of the future. That is a winning formula for us locally, regionally and nationally.  We are delighted to have our investment supported by the U.S. Economic Development Administration and our elected representatives in Washington,” said Edward Guiliano, Ph.D., President of New York Institute of Technology.

 

This EDA investment funds rehabilitation of an existing facility on the Old Westbury Campus of NYIT to establish the Entrepreneurship and Technology Innovation Center. The renovated facility will serve as an urban entrepreneurship program and incubator to foster and assist business creation and growth in the region’s growing healthcare and high-tech clusters.

 

The ETIC will bolster regional economic development by focusing on three critical areas:, IT and cyber-security and bio-engineering and health analytics energy and green technologies. The Center’s key role is to be a conduit for strategic partnerships between industry, government, entrepreneurs, venture capital/angel investors and academia/the workforce. Two key NYIT initiatives are designed to support these industry-academe linkages. The first is an Industry-University Tech Innovation program with established companies and the second is an Entrepreneurship Program with start-ups.

 

The Center is being created with the assistance of an Advisory Board made up of members of industry (Alcatel Lucent, AT&T, Computer Associates, IBM, IPS, Juniper Networks, Leviton Manufacturing, Motorola Solutions, CA Technologies, Owl Computing Technologies, Inc., Power Management Concepts, Retlif Testing Laboratories and more); community and economic development organizations (the South Bronx Overall Economic Development Co.; the Industrial and Technology Assistance Co.; Sustainable South Bronx) government agencies and the financial and venture capital community (Golden Seeds, Goldman Sachs, Pegasus Global Holdings).

 

The project is expected to create 65 jobs, save 6 jobs and will leverage $425,000 in private investment.

 

EDA grants are awarded through a competitive process. More information on the EDA’s grant process can be found here: http://www.eda.gov/

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