BIOSCIENCE WILL SAVE NEW YORK?

Here's a press release we received from the New York City Economic Development Corporation :

NEW YORK CITY ECONOMIC DEVELOPMENT CORP. LAUNCHES Workshop TO HELP SMALL BIOTECH COMPANIES COMPETE FOR FEDERAL FUNDING

Small Business Innovative Research and Small Business Technology Transfer are Federally-Funded Competitive Grant Programs for Biotech Research

Diversification in the Emerging Field of Bioscience is Part of the City's Five Borough Economic Opportunity Plan

New York City, May 6, 2009 - New York City Economic Development Corp. (NYCEDC) today launched the Small Business Innovative Research Proposal Preparation Workshop, developed to help small New York City biotechnology companies access Federal funding available for bioscience research. The one-day Workshop, held at Columbia University's Lerner Hall, will provide biotech entrepreneurs with assistance on the development, planning and submission of Small Business Innovative Research (SBIR) and Small Business Technology Transfer (STTR) proposals, and better understanding of the National Institutes of Health (NIH) system. SBIR and STTR programs provide $2.5 billion in Federal funding for bioscience research conducted by small businesses. Eleven federal agencies including the NIH and Department of Defense participate in SBIR.

"Supporting growing industries today, and setting the stage for new jobs in the future, is a critical component of our five borough economic opportunity plan and our work growing the bio-science sector is central to that," said Deputy Mayor Lieber.  " Now, more than ever, we need to make sure to leave no stone unturned helping small businesses in New York City access capital to fund research and encourage additional growth in the sector and today's workshop does just that."

"New York City's biotechnology companies continue to make strides in research and development, but many of them are unable to take advantage of the funding that is available," said NYCEDC President Seth W. Pinsky. "By providing them with the tools to create a fundable proposal, these companies have a better chance at success."

Businesses applying for SBIR and STTR can be selected for Phase I, which is a feasibility study to evaluate the proposed project's technical merit for which an awardee may receive up to $100,000.  Phase II is the principal R&D effort which expands on the Phase I results. This two-year project may receive up to $750,000 in funding. Only Phase I awardees are eligible to compete for Phase II funds. In 2004, over 250 New York-based companies received more than $99 million in SBIR and STTR awards.

ABOUT SBIR AND STTR PROGRAMS

The U.S. Small Business Administration (SBA) Office of Technology administers the Small Business Innovation Research (SBIR) Program and the Small Business Technology Transfer (STTR) Program. Through these two competitive programs, SBA ensures that the nation's small, high-tech, innovative businesses are a significant part of the federal government's research and development efforts. Eleven federal departments participate in the SBIR program; five departments participate in the STTR program awarding over $2 billion to small high-tech businesses. For more information about the Federal SBIR/STTR program, please visit: www.sbir.gov .

About NYCEDC

New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities.

About the Five Borough Economic Opportunity Plan

The Five Borough Economic Opportunity Plan is a comprehensive strategy to bring New York City through the current economic downturn as fast as possible. It focuses on three major areas: creating jobs for New Yorkers today, implementing a long-term vision for growing the city's economy, and building affordable, attractive neighborhoods in every borough. Taken together, the initiatives that the City has launched to achieve these goals will generate thousands of jobs and put New York City on a path to economic recovery and growth.