An innovative public-private partnership to create a high-tech software research and design center in Lower Manhattan was announced today by Speaker Sheldon Silver.

The Institute for Advanced Studies in Software and Information Technology is a collaboration of key elements of the public and private sectors developed by the New York Software Industry Association (NYSIA) including City University of New York (CUNY), New York University, Polytechnic University and Columbia University as well as private software and development companies. The initiative will be launched with $3 million in capital funding from the Assembly majority.

"High-tech industries will be a vital element in the revitalization of Lower Manhattan, and the Institute will provide crucial support for software research and design firms to develop new products and new technologies," Silver said. "The end result will benefit all New Yorkers by creating new jobs and helping to expand an important facet of our local economy."

The Institute will host 30 to 50 industry research projects a year when fully functional, providing opportunities for commercialization as well as advanced training for researchers from the four partner institutions. Expected to be a major technology transfer facility for New York City academic institutions and companies, the Institute will also feature business incubation space to service up to 15 companies per year.

New York City's software / information technology industry - a key resource for the city's financial services, banking and insurance industries - grew throughout the 1990's at a rate of 15 percent per year in both the amount of firms and jobs. Companies including IBM, Microsoft, Information Builders, the Securities Industry Automation Corporation (SIAC) and Rational help to make the software industry the city's largest high-tech sector.

Among those joining Speaker Silver at the announcement today were NYSIA President Bruce Bernstein, Information Builders President Gerald Cohen, CUNY Institute for Software Design and Development Executive Director Dr. Ted Brown and Knoa Software President Yee Ping Wu.

"I want to thank Speaker Silver and the Assembly for recognizing the critical role that software development in New York City has played, and will play once again, in our regional high-tech economy," Bernstein said. NYSIA is a trade association working to build the software development industry in the New York area and currently has more than 600 member companies - most of which are in New York City.

"Speaker Silver clearly understands the dynamics of New York State's high-tech economy and has made what I believe is a very savvy and forward-thinking investment in this institute," Cohen said. "My colleagues and I throughout the software industry have made it clear that we are ready to work with NYSIA and the New York State Assembly in establishing the Institute in Lower Manhattan."

"The Institute will provide a wonderful opportunity for computer science programs such as ours to partner with private companies on a wide range of research projects," Brown said. "Not only will these collaborations lead to commercialization opportunities and increased economic development, but they also will help to expand and strengthen CUNY academic programs."