Archives of the Mayor's Press Office

Mayor Rudolph W. Giuliani today announced the creation of the Technology Transfer Program, a new funding source that provides $10.5 million in assistance to young technology companies locating and expanding in New York City.

The Program, which will be administered on behalf of the City by the New York City Economic Development Corporation (EDC), has been established to help small businesses involved in commercializing new technologies. Typical companies that stand to benefit from the funding source are in the biotechnology, medical device, information technology, and telecommunications industries.

"The Technology Transfer Program is a terrific business fostering initiative that allows the City of New York to assist new and emerging technology companies who choose to locate or expand here, with up to $270,000 in financial assistance," said Mayor Giuliani. "We anticipate helping up to 50 new companies with this program. In addition to generating new employment opportunities, the program promises to provide a financial return for the City which will be reinvested in future economic development initiatives."

Applicant companies must be located in or moving to New York City, propose the development of new scientific findings or existing technologies with commercial potential, and demonstrate the availability of matching funds or in-kind support. Start-up and small companies will receive up to $20,000 in support for real estate and business services costs, with select companies eligible to receive seed financing up to $250,000.

"The Technology Transfer Program builds on ideas generated by the Mayor's Biomedical Task Force and the Mayor's Council on New Media," said Deputy Mayor for Economic Development and Finance Robert M. Harding. "These groups are bringing together leaders from government, academia and industry to cooperate on high-tech economic development strategies that will benefit the City for years to come."

"This program complements several other high-tech initiatives administered by EDC," said EDC President Michael G. Carey. "These include Digital NYC: Wired to the World^SM, an award-winning economic development program that helps to market low-cost Internet-ready space in eight high tech districts throughout the City, and the Discovery Fund and Emerging Industries Fund, which make larger equity investments in New York City firms. EDC is proud to be involved in Mayor Giuliani's latest effort to keep New York City in the forefront of new technology."

It is anticipated that the program will help companies grow and ultimately qualify for additional financing from venture capital firms or other public sources. The Emerging Industries Fund recently announced a $600,000 equity investment in Vector Therapeutics Corporation, a New York City biotechnology company engaged in research and development of a gene therapy treatment platform for cancer and Hepatitis C.

These programs represent an ongoing commitment to bring the world's best talent and technology companies to New York City. Also planned is the future East River Science Park, a state-of the-art biotechnology center to be built on surplus portions of Bellevue Medical Center. The City recently designated the New York University School of Medicine to develop the $500 million Center, which will include a commercial biotech research and incubator facility, medical staff housing, clinical offices, and a research library. The Center will create approximately 1,500 jobs and foster innovation and increased competitiveness in New York City's biotechnology industry.

EDC is the City's primary vehicle for economic development services. Using its real estate and financing resources, EDC helps develop businesses and create jobs throughout the five boroughs.

www.nyc.gov