New York City’s Innovation Performance
A new study by the Center for an Urban Future, a Manhattan-based think tank, shows that New York City has great research universities and research centers, but is underperforming in turning scientific advances into start-up businesses.
The report, Building New York City's Innovation Economy, details why New York is falling short. One of the main reasons discussed is that university leaders have not done enough to support start-up ventures. For example, they have, in many cases, been too preoccupied with licensing the technologies from university research to existing firms, rather than to local start-ups that have the potential to create jobs. Other reasons cited in the report include the high cost of real estate and the shortage of affordable lab space.
The report was released in conjunction with an "Innovation Index," a package of charts and graphs that show where New York stands compared to other cities and regions on a broad range of indicators measuring both existing science and technology assets and the city's level of success at commercializing these assets.
According to the Center for an Urban Future, the failure of New York City's scientific research centers to become catalysts for entrepreneurship and local economic development represents a huge missed opportunity for the city, given the need to diversify the economy and create new engines of job growth.