Leveraging University-Based R&D
If universities are increasing being recognized as engines of economic growth in the new and emerging innovation economy, then New York State is well positioned to capitalize on its enormous wealth of intellectual talent.
Academic R&D (2006 NSF Survey) |
|
Upstate NY ($K) |
Downstate NY ($K) |
Cornell U U of Rochester U of Buffalo U of Albany Syracuse U Upstate Medical SUNY ESF RPI RIT Binghamton U Clarkson U Other SUNY’s All Other |
Columbia U NYU Mt. Sinai Stony Brook U Rockefeller U Yeshiva U Cornell Weill Downstate Medical NY Medical Campus Polytechnic CUNYs Other SUNYs All Others |
$1,852,964 |
$1,936,694 |
$3,789,658 (Total for Universities) |
|
Roswell Park Hauptman- Woodward |
Brookhaven Cold Spring Harbor |
$1,977,964 |
$2,492,380 |
$4,470,344 (Total for Academic Centers) |
|
With a total annual expenditure of nearly $4B, NYS ranks #2 in the nation for university-based R&D, second only to California. Interestingly, as shown in the table to the right, the intellectual talent in the state is divided evenly between the upstate and downstate regions. If the expenditures at its non-university laboratories are included, the total investment is about $4.5B annually.
Based on these findings, it would seem that there is extremely high potential to create tech-based spin-out companies, both Upstate and Downstate.
But overcoming the “pre-seed gap” has historically been a major problem for universities. This is the point at which a scientist in a research lab starts to wonder if they have a sophisticated high-tech invention or if they actually have the foundation for a pre-seed company. Months and years can pass by as scientists continue to “wonder” ...and the economy fails to reap the benefits of their R&D.
In the PSW, we connect scientists with business, legal, and financial experts in a high-powered 2-day event to help them successfully cross the pre-seed gap. Because of the success of its proven methodology, the PSW is becoming an embedded part of the commercialization continuum throughout NYS, as a first-step in transforming university-based R&D into investable startups.