Tuesday, June 09, 2009

New York Governor Touts New Innovation Economy


Cody Lyon

In an effort to create new jobs, New York Gov. David Paterson said Monday that the state would set aside $100 million for new "Innovation Economy Matching Grants" meant to drive federal stimulus dollars towards New York State research facilities and institutions. But, despite broad pronouncements and a pummeled financial services industry, questions remain on how best to incubate and diversify new economic engines in a city where the cost of doing business remains so high.

Speaking to an audience at the New York Academy of Sciences at 7 World Trade Center in Lower Manhattan, Paterson noted that the average salary of an individual working in the "innovation economy" is over double the salary in the "non-innovation economy," adding later in a release that those jobs produce a "higher multiplier effect." In other words, for every one created in this sector, 3.5 jobs get created overall.

"It is our responsibility to act, and to act with the interests of future generations in mind," the governor said Monday. "We are a state rich in resources, the most impressive of which is our human capital." Pointing out worldwide economic trends, Paterson said "a new economy is emerging: an economy based on knowledge, technology and innovation."

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