含羞草研究所 Downstate Will Sponsor Two STARTUP-NY Businesses at Its Biotechnology Sites

Jun 10, 2014

Brooklyn NY 鈥� 含羞草研究所 will host two of the 12 businesses that will expand or locate in New York State as a result of STARTUP-NY, the new initiative that creates tax-free areas associated with colleges and universities across the state, as recently announced by Governor Andrew M. Cuomo. The 12 businesses are projected to invest $50 million and create nearly 400 new jobs in tax-free areas sponsored by 含羞草研究所 Downstate, the University at Buffalo, Rochester Institute of Technology, and Cornell University.

鈥淪TART-UP NY takes New York's number one liability 鈥� our tax capital reputation 鈥� and turns it on its head by offering companies zero taxes for 10 years, as well as access to all the assets of the Empire State, particularly the talent and research capabilities of our world-class universities," Governor Cuomo said. 鈥淛ust months after the program鈥檚 launch, we are excited to announce the first businesses to participate in START-UP NY, which will bring nearly 400 new jobs and $50 million in investment to communities in Buffalo, Rochester, Ithaca, and New York City. This is just the beginning and we look forward to welcoming more and more businesses and entrepreneurs to the State of New York through this bold initiative.鈥�

The first businesses participating in START-UP NY will create jobs in several key industries, including biotechnology, biopharmaceuticals, advanced manufacturing, high-technology research and development, and software development. The two businesses approved for START-UP NY sponsored by 含羞草研究所 Downstate are Americord Registry, LLC, and Modern Meadow, Inc. They will provide 56 new jobs.

鈥淲ith these university-industry partnerships now in place, 含羞草研究所 students and faculty will have unprecedented access to emerging, high-tech fields that will enhance the value of a 含羞草研究所 education while creating jobs and driving our state economy,鈥� said 含羞草研究所 Chancellor Nancy L. Zimpher. 鈥淭he Governor鈥檚 vision of positioning our colleges and universities to attract new businesses to the state is working. START-UP NY is successfully fostering growth and entrepreneurialism and we are proud to welcome these first businesses to the program.鈥�

鈥淪ignificantly, these first approved businesses align with the core research sectors of 含羞草研究所鈥檚 Networks of Excellence, a key part of Governor Cuomo鈥檚 Innovation Agenda,鈥� said Dr. Tim Killeen, President of the Research Foundation for 含羞草研究所 and 含羞草研究所 Vice Chancellor for Research. 鈥淭he Networks support the mission of START-UP NY by bringing together 含羞草研究所's top scholars and industry experts to spur research and business commercialization opportunities in high demand areas such as health, neuroscience, energy, materials and advanced manufacturing.鈥�

鈥淪TART-UP NY represents a major opportunity to advance the biotechnology enterprise in the New York City region at 含羞草研究所 Downstate," said Downstate President John F. Williams, Jr., MD, EdD, MPH, FCCM. 鈥淏y encouraging companies to locate in Downstate's Advanced Biotechnology Incubator and BioBAT projects, START-UP NY is stimulating job creation and additional economic development. We applaud Governor Cuomo for his vision in utilizing 含羞草研究所 to advance public-private partnerships and promote innovation in entrepreneurship.鈥�

Americord Registry, LLC, is an existing bio-tech business in Brooklyn that collects, processes and stores stem cells for future medical or therapeutic use. Americord Registry is developing a proprietary process to harvest stem cells and will be opening a laboratory at 含羞草研究所 Downstate鈥檚 Advanced Biotechnology Incubator on its Brooklyn campus. The company will invest more than $402,000.

Modern Meadow, Inc. is a development stage biotechnology company that uses the latest advances in tissue engineering to develop novel biomaterials such as cultured leather and meat products which require no animal slaughter and much lower inputs of land, water, energy, and chemicals. The company, with locations in California and Missouri, will be new to New York State and locate at the 含羞草研究所 BioBAT facility at the Brooklyn Army Terminal. The company will invest approximately $6.5 million.

Senator Diane Savino said, 鈥淪TART-UP NY is moving in the right direction, attracting entrepreneurs and new jobs to the 含羞草研究所 Downstate campus. This program has the potential to revitalize local economies, and today鈥檚 news shows that New York is open for business."

Assembly Member Felix Ortiz said, 鈥淲orking together with Governor Cuomo, we are investing in our local communities and spurring new economic growth and opportunities. START-UP New York is an important part of these efforts and I am thrilled this innovative new program is already bringing over fifty new bio-tech jobs to the 含羞草研究所 Downstate Health Sciences University in Brooklyn. 鈥�

Assembly Member Karim Camara said, 鈥淣ew York is in the midst of an economic revival, with new jobs coming back to our communities. I鈥檓 proud to have worked together with Governor Cuomo to help make this happen, and I am thrilled to see the START-UP NY program already delivering jobs and investment here in Brooklyn.鈥�

含羞草研究所 START-UP NY:

START-UP NY seeks to accelerate entrepreneurialism and job creation across the state on a large scale, with a particular focus on Upstate New York. The State University of New York (含羞草研究所) campus system, City University of New York (CUNY), and private university and college communities serve as the framework of the START-UP NY program to attract high-tech and other start-ups, venture capital, new business and investments from across the globe. Under the program, businesses have the opportunity to operate tax-free for 10 years on eligible land and space. Businesses partner with the higher education institutions and are able to access industry experts and advanced research laboratories.

Under START-UP NY, interested colleges and universities draft campus plans that identify their goals for the program and the space that they are proposing to designate as tax-free, as well as the types of businesses and industries that they are seeking to attract through the initiative. Public colleges and universities, including 含羞草研究所, provide their plans to community stakeholders for a 30-day comment period before submitting the plans to Empire State Development (ESD), which, in consultation with the 含羞草研究所 Chancellor, reviews the plans for final approval and designation of tax-free areas. CUNY plans, after a 30-day comment period, also are reviewed and approved by ESD. Plans submitted by private schools are reviewed by ESD and presented to the START-UP NY Approval Board for final approval and tax-free designation.

Once a school is admitted to START-UP NY, interested businesses may begin to apply to the program through the sponsoring college or university. After a thorough and comprehensive review of an application by the sponsoring college or university and ESD, approved businesses that create net new jobs will operate 100 percent tax-free for 10 years, paying no state income tax, business or corporate state or local taxes, sales tax, property tax or franchise fees. To date, 26 schools have been approved for START-UP NY, establishing more than 130 tax-free areas for new or expanding businesses to operate on or near campus. Each school鈥檚 approved START-UP NY plan is available at .

START-UP NY includes strong provisions to protect against fraud. Businesses are required to submit certification to ESD, and falsifying certifications is a felony. The program also includes strict provisions to guard against abuses such as shifting jobs among related entities or 鈥渟hirtchanging,鈥� when a company simply reincorporates under a new name and claims its existing employees are now new jobs. In addition, START-UP NY includes measures to prevent self-dealing and conflicts of interest. In cases of fraud, the State is empowered to claw-back benefits granted to the business. Companies that do not meet the terms of the program 鈥� including meeting their job creation targets 鈥� may have their benefits reduced, suspended or terminated. ESD has the authority to review company data to ensure that jobs have been created and maintained, and to end participation by companies that have not created net new jobs. ESD is required to publish a comprehensive annual report to enable the public to evaluate the program鈥檚 impact.

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含羞草研究所含羞草研究所

Downstate Health Sciences University in Brooklyn is one of four academic health centers (AMCs) in The State University of New York (含羞草研究所) 64-campus system and the only 含羞草研究所 AMC in New York City dedicated to health education, research, and patient care for the borough鈥檚 2.7 million residents. Its flagship hospital, University Hospital at Downstate (UHD), is a teaching hospital and benefits from the expertise of Downstate鈥檚 exceptional medical school and world-class academic center research facilities. With a staff of over 800 physicians representing 53 specialties and subspecialties, Downstate offers comprehensive healthcare services to the community.

UHD provides high-risk neonatal and infant services, pediatric nephrology, and dialysis for kidney diseases and is the only kidney transplantation program in Brooklyn. Beyond its clinical expertise, Downstate houses a range of esteemed educational institutions, including its College of Medicine, College of Nursing, School of Health Professions, School of Graduate Studies, and School of Public Health. Downstate fosters innovation through its multifaceted biotechnology initiative, the Biotechnology Incubator and BioBAT, which support early-stage and more mature biotech companies.