Newswise — STONY BROOK, NY, April 7, 2014 -- Stony Brook University received a $60 million appropriation in the 2014 State Budget for the design and construction of the first phase of a new “Innovation and Discovery Center” to be located in the University’s Research & Development Park, announced President Samuel L. Stanley Jr., M.D. When completed, the Innovation and Discovery Center will comprise 200,000 gross square feet (GSF) of lab and office space with a mix of public and private funding anticipated to complete the total build-out. Once completed, it will enable new start-up and high tech companies to take full advantage of Governor Cuomo’s Start-Up New York tax incentives and other resources. It will help attract out-of-state businesses to New York, and forestall a trend of companies who are incubated in New York and then graduate to other states with lower taxes and business costs.
“We are grateful to Senator Ken LaValle, Chairman of the Senate Higher Education Committee, Senate Majority Co-Leader Dean Skelos, and our Long Island Senate Delegation for their efforts in championing this facility as part of a Long Island regional economic development plan,” said President Stanley. “Their efforts will help us build on Governor Cuomo's vision of Start-Up NY and will serve as a magnet to attract high-tech business to Long Island."
The Innovation and Discovery Center was conceived in the design of a mezzanine structure to promote growth of start-up businesses and attract innovative new companies in the areas of biotechnology, information technology, electronics, and advanced materials and processing. It provides an infrastructure that makes it possible for Stony Brook incubator companies to step up to the next level before entering the open market, facilitating success and fostering well-paying new job opportunities. The new tech-ready facility will offer larger space for start-up companies currently operating out of Stony Brook’s five incubator facilities, giving them an opportunity to grow and expand while maintaining the benefits they derive from close proximity to Stony Brook’s research and technical expertise, economic development programs and its human capital resources. This will, in turn, free up space in Stony Brook’s five incubator facilities, providing more start-up opportunities for the next generation of entrepreneurs on Long Island.
“The Innovation and Discovery Center is very exciting in that it will provide our students and faculty with more opportunities to work directly with biotech, IT, and other technology-driven businesses and provide them with the resources they’ll need to lead the next generation of innovation and research here on Long Island,” said Dr. Stanley.
"The Innovation and Discovery Center is an economic development project of regional significance,” said Sen. LaValle. “I am grateful for the support of the Majority Co-Leader Senator Dean Skelos and the entire Senate Majority who recognized the importance of this project and how it will contribute to the economy in our area. This facility will be home to new companies that will develop, grow, and hopefully locate their future operations right here on Long Island."
The Innovation and Discovery Center will neighbor the Stony Brook University R&D Park’s two New York State Centers of Excellence: The Center of Excellence in Wireless and Information Technology (CEWIT) and the Center of Excellence in Advanced Energy Research Technology which were also made possible through New York State Senate support.