NYC fires shot at Silicon Valley tech dominance

Jul 19, 2011 By SAMANTHA GROSS , Associated Press

(AP) -- Mayor Michael Bloomberg is firing a shot across the bow of Silicon Valley, saying New York City's efforts to attract a new science and engineering campus will help the metropolis surpass the California region as the world capital of technology startups.

"We understand that we will not catch up to overnight," Bloomberg said Tuesday in a speech to the business community. "Building a state-of-the-art campus will take years - and attracting a critical mass of may take even longer."

But, Bloomberg said, he believes that in its first three decades the school could help launch 400 new companies and create more than 22,000 permanent jobs, as well as more than 7,000 construction jobs.

The city plans to offer nearly-free real estate and up to $100 million in infrastructure upgrades to a university, institution or consortium that commits to creating what Bloomberg says will be a world-class science and engineering campus, to be built on Governors Island, the Brooklyn Navy Yard or Roosevelt Island. The city's formal request for proposals was issued Tuesday.

Stanford and Cornell universities and the University of Chicago have expressed interest in the deal, as have schools in Finland, India, Switzerland, Korea, the United Kingdom and Israel. Additionally, some institutions have formed partnerships as they consider the deal. One such group is made up of New York University, Carnegie Mellon, the City University of New York, the University of Toronto and IBM.

New York City is the No. 2 recipient of for technology startups, after surpassing Boston last year, Bloomberg said.

The billionaire mayor, who was himself an engineering student and later an entrepreneur, said Silicon Valley's dominance is due in part to schools like Stanford and the University of California, Berkeley. Companies launched by MIT graduates generate annual revenues of about $2 trillion, he said.

"Technology capacity is critical to our growth - and there is just not enough of it here," he said.

Explore further: Verizon 2Q profit rises 93 percent

not rated yet
add to favorites email to friend print save as pdf

Related Stories

New York City launches its own Media Lab

Jun 15, 2010

New York launched its own Media Lab on Tuesday aiming to build stronger connections between academic researchers and media companies seeking to draw on emerging technologies.

Heating oil phase-out part of NYC clean-air plan

Apr 21, 2011

(AP) -- The city will phase out the use of polluting heavy oils to heat buildings and will begin building solar power plants on capped landfills, Mayor Michael Bloomberg said Thursday in his first update to a 4-year-old ...

Bloomberg to promote electric taxis in cities

Nov 06, 2010

(AP) -- City authorities are often better placed than national governments to combat climate change, New York City Mayor Michael Bloomberg said Saturday, vowing to promote the use of electric taxis as he takes ...

Recommended for you

Microsoft CEO sees 'bold' plan as 4Q tops Street

5 hours ago

(AP)—Microsoft Corp. CEO Satya Nadella painted an upbeat vision of the future Tuesday, saying that the next version of Windows will be unified across screens of all sizes and that two money-losing units—Nokia ...

Apple's fiscal 3Q earnings top analyst forecasts

15 hours ago

Apple's growth prospects are looking brighter as anticipation builds for the upcoming release of the next iPhone, a model that is expected to cater to consumers yearning for a bigger screen.

Verizon 2Q profit rises 93 percent

23 hours ago

Verizon reported Tuesday that its second-quarter earnings nearly doubled after it secured full ownership of Verizon Wireless.

User comments : 0