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NY state the focus of Congressional hearing on how research and innovation fuel local economies
Date:6/29/2010

ter and the Brookhaven National Laboratory.

Speaking specifically about the university's economic development programs and their impact, Dr. Stanley explained that they "enable us to partner with businesses of any size at any stage of development, from cradle to Fortune 500. Recent cumulative data demonstrate that, through these programs, our university has helped to create or retain more than 17,000 jobs and assisted many hundreds of companies to obtain more than $600 million in financing and increased corporate revenues."

Among the "secrets of success" that Dr. Stanley shared with the members of the Joint Economic Committee were the importance of talent and nurturing "both the students we educate and the entrepreneurs in our midst;" the understanding that "strong national economies are based on strong economic regions;" that Bayh-Dole works, "it continues to help our nation maintain its lead in bringing innovation to people;" and that basic research funding is critical.

Speaking about Cornell, Professor Shulman called the spillover effect of research expenditures "real and measurable." He pointed to the fact that Cornell's home county, Tompkins, has the lowest unemployment rate in New York State. He further cited the synergy between Cornell and Cayuga Venture Fund as another contributor to the local economy. Nine of the 11 companies the venture firm currently funds are either commercializing technologies developed at Cornell or have significant grant supported collaborations with Cornell.

The nine companies currently employ more than 450 people, their payrolls are in the tens of millions of dollars, and in 2009, they generated revenues of approximately $95 million, he told the committee. He added, "They have attracted more than $300 million in total investment dollars from CVF and our investment partners."

"I believe the partnership between government-sponsored research dollars, Cornell University, and Cayuga
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Contact: Sue Garman
sgarman@qga.com
202-457-1110
The Science Coalition
Source:Eurekalert

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