Creates a high tech marketing program; appropriation

1 Co-sponsor

• Diane J. Savino

BILL NUMBER:S2335

Title of bill

An act to amend the economic development law, in relation to creating a high tech marketing program; and making an appropriation therefor

Purpose or general idea of bill

The purpose of this bill is to encourage and stimulate business development and economic activity in the targeted high technology sectors within New York State.

Summary of specific provisions

This legislation would establish a high-tech marketing program in the areas of nano-technology, biotechnology, and photonics, optics, and imaging. The bill Would also provide funds on a matching basis to established regional economic development marketing coalitions.

* $3 million would be allocated for three distinct business attraction marketing programs focusing on nano-technology, bio-technology, and photonics, imaging, and optics. Targets would be primary and supplier manufacturers in targeted industries. Program elements would include:

* Participation at key international and domestic trade shows and industry conferences.

* Development of targeted industry profiles and other primary research on targeted industries.

* Development of targeted industry collateral material.

* One-on-one meetings with industry decision makers.

* Direct mail to corporate, site location consultants, and other key decision makers for targeted technology sectors

* Development of New York Nano Tech, New York Bio Tech, and New York photonics web sites.

* Advertising in influential trade and other publications.

* NYS tours with targeted industry decision makers.

* $2 million invested on a competitive matched basis to regional market- ing corporations. ($500,000 awarded to four regional marketing coalitions annually.)

Justification

New York's colleges and universities invested a record $2.43 billion in research and development in 2001, an investment that will lead to the creation of new technologies, new companies and new jobs for New Yorkers. In the last five years, New York State has invested more than $2 billion in university-based R&D initiatives through programs such as GeNYsis, Centers of Excellence, and RESTORE NY. New York State continues to build its economy through strategic investments in job-creating high technology innovations and initiatives. The funding of R&D at New York's prestigious, world-class colleges and universities will foster future economic growth in the State.

Unfortunately, while New York invests more than $20 million annually to attract tourists to our state and communities, it invests nothing to market its high tech advantages. Consequently, the quality and breadth of New York's high tech assets are a relatively well-kept secret.

Given the importance the state has placed on its high tech investment strategy, and the critical role those investments are playing in developing regional economies, New York should establish a robust marketing program that promotes both statewide advantages and regional strengths.

The proposal will accommodate and meet statewide high tech marketing needs, and provide funds on a matching basis to established regional economic development marketing coalitions so that sectional advantages can also be promoted. Regional high tech marketing activities funded through this program would be consistent and coordinated with the statewide marketing program.

Prior legislative history

2012 - S. 993 - Referred to Finance 2010 - S.6331 Committed to Commerce Development 2008 - A.2527 Referred to Economic Development 2006 - A.3429 Referred to Economic Development 2004 - A.10989 Referred to Economic Development

Fiscal implications

$5 million.

Effective date

Immediately.