Building an Innovation Corridor: New Ideas and a New Vision for New York
By Minita Sanghvi
Over the next decade, nearly $2 trillion dollars of federal funds have been earmarked nationwide for infrastructure upgrades, clean energy, domestic semiconductor manufacturing and science and technology innovation.
These funds are primarily driven by the Bipartisan Infrastructure Law (BIL), Inflation Reduction Act (IRA), and Creating Helpful Incentives to Produce Semiconductors and Science Act (CHIPS). This Federal investment adds to State funding through the NY Green Chips Program, and regional competitive grants like the National Science Foundation’s Regional Innovation Engines. Together, these measures aim to lower the economy’s carbon impact and boost US economic competitiveness, innovation, and productivity.
I believe a smart way to take advantage of this investment and boost regional and local economies is to build an innovation corridor – a geographic area that brings together R&D institutions (such as universities, tech-enabled corporations, medical facilities), as well as incubators, makerspaces, start-ups and venture capital. Innovation corridors have proven to be successful across the US in the Research Triangle area of North Carolina, in Silicon Valley, CA, South Lake Union, WA, the Cortex Innovation District of St. Louis, MO and in midtown Houston, TX. The benefits. affect industries that also claim 60 percent of US exports, 80 percent of US engineers and patents, and attract workers with above-average earnings—generating even more jobs for the communities where they are located.
Growth is fueled by the tight link between universities, startups, and financiers, with the innovation corridor acting as an ecosystem where each part feeds and strengthens the other. The economic output is one of the major benefits, as by creating these cluster areas of opportunity, communication and collaboration between all parties involved is greatly increased. A generation ago, the establishment of a SUNY nanotechnology center in Albany is another example of how this type of multi-faceted development can spur smart growth in the wider community.
Three Key Ingredients
While every innovation corridor is different based on its location, assets and economic drivers – research shows we need three key elements to make such a development successful:1) economic assets (e.g. universities, medical centers) 2) physical assets (infrastructure e.g. roads, transportation) and 3) networking assets (e.g. collaboration and idea sharing opportunities).
Capital Region Resources
I believe the Capital Region is poised to take advantage of its existing economic, physical and networking assets in order to secure new investments and initiatives and build an innovation corridor.
We have Union College, Skidmore College, Rensselaer Polytechnic Institute, University of Albany, HVCC, SUNY Empire, SUNY Adirondack, BOCES, SUNY Schenectady. We have GlobalFoundries, GE Vernova, Momentive and Knolls Atomic Power Laboratory all innovative solutions for a sustainable future. We also have initiatives like Gov. Hochul’s Empire AI that created a consortium including RPI, the SUNY schools, and the Simons Foundation to secure New York’s place at the forefront of the artificial intelligence transformation. The AI push is being boosted by over $400 million in public and private funding, just two examples of existing assets and increasing investments in an area that promises to unlock new economic opportunities, industrial innovation and public good.
However, our physical infrastructure is behind the curve – we need better local transportation, as well as better cell and internet connectivity. In Houston, the corridor features modern rail, bike lanes, and easy access to all restaurants and gyms and amenities needed to thrive. Houston is drawing talent in a region with young working professionals and good paying jobs.
An innovation corridor will initiate opportunities for young people to graduate and find jobs right here. In addition, it also creates prospects for migration from other states into New York, boosting our sagging statewide population.
These investments are supported by a startup/ incubator presence that could support and in turn get strengthened by an innovation corridor, like the Schenectady-URBAN CO-WORKS, MiSci Museum, Troy Innovation Garage, NY-Tech Valley Center of Gravity and other similar spaces. Moreover, having
New Vision
There are many benefits of an innovation corridor, (i) the technology will fuel America’s economy and innovation in the future with New York take a leading role in that vision, (ii) existing economic, physical and networking assets in the Capital Region (especially Saratoga-Schenectady) area and (iii) committed and expected investments in the state sets the right conditions for success.
What’s needed is enterprising leadership in the State Senate and an ability to work with others to make it happen. I have the vision. I also have the credibility, having studied business practices professionally worldwide and having worked in the private sector. As an elected official in Saratoga Springs, I know how to work with local and State government to make things happen. In my 2 terms in office, I have overseen the establishment of a new state of the art Emergency Response Center, the city’s first ever homeless shelter, and have facilitated creative programs like Participatory Budgeting, and the installation of more sidewalks, parks and bike lanes than ever before. I’ve worked hard to make Saratoga Springs a vibrant community. I will do the same for our region.
Dr. Minita Sanghvi is Professor at Skidmore College in the Management and Business Department and elected Commissioner of Finance in Saratoga Springs. She would like to acknowledge Sujoyini Mandal and Dylan Fields for their research.