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For Release — Jan. 27, 2010

Public Policy Institute report provides blueprint for a New York innovation economy

ALBANY— The Public Policy Institute (PPI), the research affiliate of The Business Council of New York State, Inc. lays out a blueprint to build an innovation economy in New York in a new report entitled, “Transcending the Hamster Cage: Unfettering New York's Static Innovation Economy”.

“This report provides lawmakers with a road map of practical policy recommendations that will make New York a world leader in the innovation economy. This would create good jobs and economic opportunity throughout our state,” said Kenneth Adams, president and CEO of The Business Council and president of PPI.

The report states, “The innovation economy revolves around the creation of ideas and the translation of these ideas into products, techniques and services that rationalize and ultimately reinvent the human ecosystem. To revive the New York State economy the state must lead in the creation of these ideas and turn them into profit-making ventures. This is the path to the well compensated and fulfilling jobs of the future.”

The report focuses on seven innovation themes:

Human Capital: How do we support and increase sufficient human talent? Do leaders in state government recognize the overriding importance of human capital in the global economy?

Regional Innovation Clusters: Can we leverage New York's historical strengths through the formation of distinct, vertically integrated regional innovation clusters where human capital can thrive? Can the clusters be used to successfully market New York to the world business community?

Business Climate: What can we do to significantly improve the state's dismal business climate for innovation and entrepreneurship?

Economic Development: How do we form sound and affordable economic development policies that properly emphasize the innovation economy's role in New York's future?

Tax Policy: We must reform the state's business tax code with the goal of promoting the international competitiveness of New York's businesses. The tax code should also be the main instrument for encouraging in¬novation by providing incentives for the drivers of productivity and competition through investments in R&D, new physical capital and work¬force training.

Green Energy: New York should be at the forefront of the green energy revolution through encouraging the development and commercialization of alternative energy technologies without, increasing the already uncompetitive energy rates that New York businesses face.

Biotechnology and Pharmaceuticals: New York must encourage and strengthen our bio-pharma and biotechnology industries, for both large and small firms, through integrated policies that support these industries' key roles in the state's economy.

Steven Taylor, research director of PPI is the principal author of the report, which includes contributions from several academic and business experts on innovation.

The full report is available at: www.ppinys.org

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