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

Venture Fund is a model that can be replicated in smaller cities throughout the United States that have a strong research university," Professor Shulman testified. "This kind of partnership leads directly to new consumer products and services, job creation and retention in the community, and direct economic growth in terms of revenue generation and expansion of the tax base."

In her opening statement Chairwoman Maloney referenced a recent report by The Science Coalition, "Sparking Economic Growth: How federally funded university research creates innovation, new companies and jobs." The report traces the origins of 100 companies back to a pivotal piece of basic research conducted at a university and sponsored by a federal agency. Nine of the companies highlighted in the report are located in New York State and emanated from research conducted at a New York State university.

"[The Science Coalition] report is a dramatic demonstration of the economic impact that these research universities have on the local community and highlights a key fact: companies that grow out of university research often locate very close to that university. These universities are often the biggest employers in the community and serve as business incubators that drive new companies," Rep. Maloney said. She added, "equally important, university communities foster creativity, talent and ideas which lead to the next generation of businesses and innovations that will drive the new economy."

Rep. Kevin Brady (R-TX) also cited the Science Coalition report in his comments, noting that it "provides empirical support that federal funding for basic scientific research generates real economic benefits."


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Contact: Sue Garman
sgarman@qga.com
202-457-1110
The Science Coalition
Source:Eurekalert

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