Senator Kirsten Gillibrand and Congressman Tim Bishop announced a proposed bill that would stimulate science and technology job creation throughout Long Island through an annual transfer of approximately $1 billion in federal funding for research institutions.
The bipartisan legislation is intended to close the widening gap between New York’s federal research funding and venture capital. Currently, New York receives around $6 billion in university research funding, ranking in at second in the nation for this kind of federal investment. However, the state also only receives around 7% of the nation’s venture capital that goes towards job creation and company growth.
The Technology and Research Accelerating National Security and Future Economic Resiliency (TRANSFER) Act would establish a grant program for universities, laboratories and nonprofit research institutions. The program would increase opportunities for private investment for scientists, thus leading to greater possibility for new companies and jobs to emerge.
Both Gillibrand and Bishop spoke about how important they feel it is to provide this extra support to the scientists and researchers on Long Island.
“We have some of the world’s most groundbreaking scientific and technological research being done right here on Long Island,” Bishop said. “We must do everything we can to foster that research and ensure it translates into the companies and jobs it has the potential to create.”
“Equipping our scientists and students with effective business skills and access to much-needed gap funding will go a long way towards creating the next high-tech industry and a new generation of innovative leaders,” added Gillibrand. “This is the future of our economy, and we need to make sure it starts right here on Long Island.”
Gillibrand and Bishop announced the proposed TRANSFER Act at Stony Brook University’s Calverton Business Incubator. University President Samuel Stanley, Long Island Association President Kevin Law, Accelerate Long Island executive director Mark Lesko and Polynova chief science officer Dr. Danny Bluestein were all in attendance for the announcement.
All of those who announced the bill praised Gillibrand and Bishop for the legislation that will support the scientists and researchers of Long Island.
“The TRANSFER Act will help research institutions such as Stony Brook and BNL advance technology transfer in the STEM fields such as sustainable energy, battery storage, and medicine among others,” said President Stanley, “which in turn will lead to opportunities for our students and other young people to get good paying jobs so they can comfortably live and work on Long Island.”
If passed, the grant program would be established through five different federal agencies, including the Department of Defense, the Department of Energy, Health and Human Services, NASA and the National Science Foundation. Recipients of the aid would be eligible for $3 million per institution and $100,000 per technology development project.