CICU Backs START-UP NY Program

News Date: 6/21/2013

CICU has issued a memorandum in support of the START-UP NY Program:

June 21, 2013

Memorandum in Support

S. 5903 Libous
A. 8113 Silver

An Act to amend the economic development law, the tax law, the administrative code of the city of New York, the real property tax law, and the education law, in relation to the establishing the START-UP NY program

We applaud Governor Cuomo and the Legislature for recognizing the important role of private and public colleges and universities as economic engines in their communities. START-UP NY, we believe, will create public-private partnerships by leveraging the unique assets of New York’s colleges and universities and create new jobs to grow New York’s economy.

Colleges and universities in New York State are national leaders in research, ranking second in the nation ($5.3 billion) in overall research and development spending (R&D) by higher education. Despite this strength, New York attracts only a small fraction of venture capital and incubates fewer businesses than similar states. By creating communities that are completely tax-free, this program will help New York retain start-ups, attract and expand businesses, and promote the collaboration of business and academia.

The Independent Sector is a leader in research and entrepreneurship, attracting federal grants, $1.3 billion from the National Institute of Health alone, and producing, over the last forty years, 73 percent of the patents granted to colleges and universities in New York. Private colleges and universities continue to grow New York’s knowledge economy and have increased spending on R&D by 71 percent since 2003.  Further, these colleges and universities continue to develop and expand entrepreneurship and incubator programs to support start-up businesses and translate research into commercial products. By harnessing these assets and many more, the START-UP NY program has the potential to transform New York’s economy and better its future.

The Commission on Independent Colleges and Universities (CICU) supports this legislation, and we commend Governor Cuomo, Senator Skelos, Senator Klein, and Speaker Silver for advancing legislation that will continue to enhance the partnership between New York’s world-class colleges and universities, businesses, and the State of New York.

Respectfully submitted,

Laura L. Anglin

About the Commission on Independent Colleges and Universities (CICU)

The Commission on Independent Colleges and Universities (CICU) represents the chief executives of New York's 100+ independent (private, not-for-profit) colleges and universities on issues of public policy. Member colleges compose the largest private sector of higher education in the world and confer most of the bachelor's degrees (54%), master's degrees (73%), and doctoral and first-professional degrees (79%) earned in New York State.

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Contact: Jennifer Miller, Director of Communications (jennifer@CICU.org; 518-436-4781) or Terri Standish-Kuon, Vice President, Communications and Administration (terri@CICU.org)