Tech Transfer Press Conference 5/4/2010 Part II

"Assemblyman Alessi backed by group of legislators fights for seed funding eliminated by Paterson in state budget"

Assemblyman Marc Alessi (D, I-Shoreham) and a group of legislators from both houses announced plans to push for $25 million in seed fund for companies to turn new technology developed at New York State universities into marketable products.The $25 million would be made available to assist university-based entrepreneurs to
make the transition from pure research to the creation of marketable products that generate revenue and jobs. Start-up and early-stage businesses that demonstrate promising commercial potential in emerging technology would be given priority. The funding would be handled by the Job Development Corporation, and still needs support from the state Legislature to be included in the final budget. The Governor had initially included $25 million for tech transfer in his executive budet, but within the last 48 hours the funding was eliminated.

Alessi has been a strong supporter of growing businesses. He is the chair of the Assemblys Emerging Workforce Committee and has held hearings around the state to evaluate ways to create good-paying jobs on Long Island and throughout New York. Through that research, he found that New York is in a unique position to be a leader in the technological transfer of intellectual property. Technology transfer is the process of getting product research results from a laboratory and moving them to the marketplace.

Alessi also held roundtable discussions in March with technology transfer experts, investors of start-up businesses, equity investors, venture capitalists, angel investors and others at SUNY Stony Brook.

As a result of his roundtable, Alessi co-sponsored two bills to assist in growing technology transfer grow in the Empire State. The first would increase employment credits for technology transfer companies and give extra incentives to create new jobs as a result of
commercialized intellectual property from a New York university (A.1889). Another bill would increase the capital tax credits for seed company investments and investments in capital funds (A.1892). Alessi also sponsored a bill that would give a commercialization tax credit to companies for qualified expenses, such as testing, prototyping, designing, necessary materials
and fixtures, lab equipment, product promotion, market research and licensing fees for technologies developed at universities (A.10115).

Alessi was joined at this press conference by a number of supporting state leaders, including Assemblyman
Morelle, Assemblywoman DelMonte, Assemblywoman Lupardo, Assemblyman Gabryszak, Assemblyman Magnarelli and state Senator Stachowski.

Category:

Science & Technology

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