2/21/2014 11:28:30 AM
Area Development Online: Regional Report: Mid-Atlantic Region Drawing High-Tech Investment
Area Development Online
Some new and creative incentive programs are being provided in the Mid-Atlantic States to help drive the region’s high-tech and other industries.
In October, New York launched START-UP NY, an initiative that creates tax-free zones to attract and grow new businesses. Its purpose is to accelerate entrepreneurialism and job creation on a large scale. While the program targets all of New York State, it particularly focuses on Upstate New York.
New York has long had a history of entrepreneurialism. This is the state that gave rise to George Eastman, inventor of the Kodak Camera, and George Westinghouse Jr., a prolific inventor who promoted the use of electricity for power and transportation. Today the state is seeing growth in industries that span from biotech, information tech, financial services, software and media services, to film and digital entertainment.
The START-UP NY program leverages the resources of the State University of New York (SUNY) campus system, along with other colleges, to attract high-tech and other start-ups, venture capital, new business, and investments from around the world. Under the program, eligible businesses can operate completely tax-free for 10 years on eligible campuses and spaces. Companies can partner with institutions in the SUNY system, as well as other universities, and access industry experts and advanced research laboratories. In return, a business must be aligned with or further the academic mission of the campus, college, or university sponsoring the tax-free community. It also must generate positive community and economic benefits, as well as create and maintain net new jobs.
Announced in October, six leading global technology companies are also investing $1.5 billion to create “Nano Utica,” New York’s second major hub of nanotechnology research and development. The public-private partnership is being spearheaded by the SUNY College of Nanoscale Science and Engineering (SUNY CNSE) and the SUNY Institute of Technology (SUNYIT). It will create 1,000 new high-tech jobs.