New York Governor Paterson announced that the new Innovation Economy Matching Grants program will provide a 10 percent match in state funds for each ARRA dollar that the federal government designates for technology and research in crucial areas. New York will allocate $100 million over several years for this program which is expected to leverage one billion dollars in federal research funding.
The state will use the grant program primarily to support ARRA applications to federal agencies in strategic technology areas that have been identified as very important and critical to the state economy. These technology areas include renewable energy, clean tech and smart grid, nanotechnology, stem cell, biomedical and life sciences, advanced manufacturing, broadband, information technology, and cyber security.
New York State institutions of higher education, not-for-profit research institutions, and businesses are eligible to apply. Applications need to include how the research will economically benefit the state, demonstrate a tie to New York industry, and describe the potential applications for the research.
The Governor’s Stimulus Cabinet which has been closely monitoring opportunities for competitive funds will determine the parameters of the grants program and administer the program.
In addition to the grant program, the Governor announced that a life science innovation cluster will be created to bring together venture capital companies, medical schools, academic health centers, and research institution partners to develop the healthcare products of the future. The state has already created the Empire State Stem Cell Fund which has invested $118 million to support vital stem cell research at institutions across the state.
For more information, go to www.nystar.state.ny.us/matching or contact John Demarest of NYStar at 518-292-5700.