Silicon Island: a NYC hub for technology transfer
“We are glad to have the opportunity to join forces with Cornell University, to tap into the already rich innovative New York based eco-system and share our tech-transfer practices, insights and methodologies”
One of the most significant global academic milestones of this century must be the decision announced on December 19th 2011 by New York Mayor Bloomberg of Cornell University and Technion-Israel Institute of Technology as winners in a $2 billion competition to build a science and engineering campus on Roosevelt Island. The planned campus aims to serve 2,500 students and 280 faculty by 2043. It also intends to boost the number of graduate engineering students in the area by 70 percent. For the first time in history, the new academic venture will be called an institute of “Innovation”.
For Technion scientists patenting new technologies and looking at commercialization, TCII represents a foothold in New York City which is vital for global commercialization and networking. US investors will also have a domestic gateway to emerging technologies from Israel’s top powerhouse of innovation.
Included in plans for TCII (the Technion Cornell Institute of Innovation), is a $150 million fund to spawn New York area startups. The move comes on the heels of plans from IBM, Intel and others to participate in a $4.4 billion New York state effort to develop semiconductor technology for 450mm wafers.
“The message we are sending with this announcement is: look out Silicon Valley, look out Boston, New York will be second to none,” stated U.S. Senator Charles E. Schumer.
The campus will be organized around three interdisciplinary hubs: Connective Media, Healthier Life, and the Built Environment. Cornell will immediately offer Master and Doctoral degrees in areas such as Computer Science, Electrical and Computer Engineering, and Information Science and Engineering. In addition, after receiving the required accreditation, the campus will also offer innovative Technion-Cornell dual Master of Applied Sciences degrees. The concept of organizing TCII into multidiciplinary ‘hubs’ was introduced by the Technion, based on its successful multidisciplinary research centers, such as the Grand Technion Energy Program, says Technion President Peretz Lavie.
The TCII Campus will host entrepreneurs-in-residence, organize business competitions, provide legal support for startups, reach out to existing companies to form research partnerships and sponsor research, and establish a pre-seed financing program to support promising research. In addition, the campus will structure its tech transfer office, which will be on-site, to facilitate startup formation and technology licensing. The TCII Campus will also establish a $150 million revolving financing fund that will be solely devoted to start-up businesses in new York City.
“Starting today, we are going to put our plan to work, tapping into our extensive connections throughout the city and build a truly 21st Century campus to fuel the creation of new businesses and new industries throughout the city for decades to come.
“Technology Transfer activity takes place at the Technion in many shapes and forms resulting in significant economic development both locally and nationally,” says manager of the Technion Technology Transfer Office ( T3 ) Benjamin Soffer. “We are glad to have the opportunity to join forces with Cornell University, tap into the already rich innovative New York based eco-system and share our tech-transfer practices, insights and methodologies to the benefit of the state of New York and the US at large.”
IP (intellectual property) coming out of the TCII will be held jointly by Cornell University and Technion.
According to Israel’s Ministry of Foreign Affairs, Technion has a world-class track-record in research, development and entrepreneurship. The Technion’s departments of Electrical Engineering and Computer Science are considered among the best in the world. It boasts top ranking faculty members including Nobel laureates. The Technion has long been considered a driving force behind Israel’s emergence as one of the world’s great centers of technology.
“Israel’s heros used to be the generals; now, the heros are the entrepreneurs.”
 |
| Technion T3 Manager Benjamin Soffer, |
Israel today has one of the highest concentrations of high-tech start-up companies globally. In partnership with a strong community of incubators, private investors, venture capitalists, angel groups and entrepreneurs, the Technion’s tech transfer arm, Technion Technology Transfer ( T3 ), has filed an average of 300 new patents each year and annually nurtures innovative startups in sectors such as clean-tech, cell therapy, drug delivery, nanotechnology and others. Companies including Intel, Google, Microsoft, IBM, Qualcomm, Broadcom, Yahoo! and Hewlett-Packard have established major operations near or on the Technion campus. Only this month, Apple announced that it will be joining the others to set up a ground-breaking R&D Center near Technion City – to be headed by Technion graduate Aharon Aharon.
Technion graduates currently head nearly half of the 121 Israeli companies on the NASDAQ, which have a combined market value of over $28 billion. More than 70 percent of the Technion graduates are employed in the high technology sectors that drive Israel’s economic growth. Presently, Israeli companies headed by the Technion graduates employ 85 percent of Israel’s technical workforce. According to a recent article in the Israeli newspaper Haaretz, there are approximately 4,000 start-up companies located around the Technion’s home campus.
 |
| President Lavie addresses press. NYC, 19th December, 2011 |
With the selection of Cornell/Technion now complete, the project is scheduled to move into the environmental and land use review process, expected to be completed by the fall of 2013. Groundbreaking on the first phase of the Roosevelt Island campus is expected by the beginning of 2015. A temporary off-site campus will be open in 2012.