July 09, 2009

Schumer, Gillibrand Announce Key Subcommittee Approves $117,500 for the Watervliet Innovation Center

Funding Will Create Innovation Center at Center For Economic Growth, Helping New Businesses Expand and Create Jobs and Stimulate Economic Recovery

U.S. Senators Charles E. Schumer and Kirsten Gillibrand today announced that the full Senate Appropriations Committee has approved the Financial Services FY10 Appropriations Bill which includes $117,500 for the Center for Economic Growth's Watervliet Innovation Center.   The funding would be used to promote job growth and economic development by offering businesses training for entrepreneurs, recruiting companies to the area, and provide technical assistance for small businesses. The bill will now move to the full Senate Appropriations Committee, after which the bill will proceed to the Senate Floor.  Schumer and Gillibrand worked closely with members of the Subcommittee to include funding for the project in the 2010 spending bill.

"This is terrific news for the continued rebirth of the Watervliet Arsenal," said Schumer.  "The Watervliet Innovation Center has the potential to tremendously improve small, emerging technology businesses throughout the entire state, as well as ensure that the top-notch technology being developed right here in Upstate gets the bang for the buck it deserves, bringing millions of dollars, highly-skilled, well-paid jobs, and an immeasurable amount of economic prowess to the Capital Region."

"This is the right investment for the Capital Region," Senator Gillibrand said. "High-tech industry holds the power to rebuild our economy for the 21st century. This investment will help the Watervliet Innovation Center expand and create new, good-paying jobs right here in New York, and help revitalize our economy. I will continue working with Senator Schumer and the entire Congressional Delegation to make sure New York gets its fair share from the federal government."

This funding is part of Schumer and Gillibrand's ongoing efforts to enhance job development at the Watervliet Arsenal. The Center for Economic Growth's Watervliet Innovation Center promotes job growth and economic development by assisting small businesses.  Early stage companies require the greatest amount of assistance precisely at the time when they have the least amount of capital to invest in growth and development.

To be successful, these emerging entities need access to business, market and technical expertise and education.  Early stage technology companies cannot afford expertise from for-profit companies, creating a clear need for non-profit support programs to bolster start-ups during critical growth periods.  CEG - through its Watervliet Innovation Center - is the only regional non-profit capable of assisting early stage companies in this market gap. CEG delivers mentored leadership development programs for emerging CEO's and creates network collaboration opportunities within the high-tech sectors.

Next, the appropriations bill will need to be approved by the full Senate Appropriations Committee, after which it will be sent to the Senate floor. Following approval by the Senate, the bill will move towards Conference with the House and then to the President for signature.