NEW YORK – A partnership between Cornell University and the Technion won a
first-time competition to launch an applied sciences graduate school on Roosevelt
Island off Manhattan, New York City Mayor Michael Bloomberg announced
Bloomberg joined Cornell President David Skorton and Technion
President Peretz Lavie at Cornell’s Weill Cornell Medical College Monday to
announce the new applied sciences campus, to be called the NYCTech
“Thanks to this outstanding partnership and groundbreaking
proposal from Cornell and the Technion, New York City’s goal of becoming the
global leader in technological innovation is now within sight,” said Bloomberg.
“By adding a new state-of-the-art institution to our landscape, we will educate
tomorrow’s entrepreneurs and create the jobs of the future. This partnership has
so much promise because we share the same goal: to make New York City home to
the world’s most talented workforce.”
Flanked by American, Israeli and
New York State flags, officials announced that the temporary off-site campus
will open next year, and that the first phase of the permanent campus on
Roosevelt Island will be completed no later than 2017.
Technion consortium was selected, officials said, due to a variety of factors,
including the track records of the respective institutions and the largescale
vision of their proposal.
“Cornell University and our extraordinary
partner, the Technion-Israel Institute of Technology, are deeply gratified to
have the opportunity to realize Mayor Bloomberg’s vision for New York City: to
prepare tomorrow’s expanding talent pool of tech leaders and entrepreneurs to
work with the city’s key industries in growing tomorrow’s innovation ecosystem,”
Skorton said. “Starting today, we are going to put our plan to work, tapping
into our extensive connections throughout the city and build a truly 21st
Century campus to fuel the creation of new businesses and new industries
throughout the city for decades to come.”
“Our pride and our hopes for
the future are shared by the whole Technion community of students, faculty,
friends and supporters, including the very successful American Technion
Society,” Lavie said.“Together, we have the means, ingenuity and will-power to
make our world a better place by joining with Cornell University and the great
people of New York City for this innovative new center of learning and
After receiving its accreditation, the campus will offer
innovative Technion-Cornell dual Master of Applied Sciences degrees, among other
The NYCTech Campus, it was announced, will also serve
as a veritable hub for technology-related business opportunities in New York, by
hosting entrepreneurs-in-residence, organizing business competitions, providing
legal support for startups and forming research partnerships.
Campus will also create a $150 million revolving financing fund devoted
exclusively to startup businesses.
The Cornell-Technion proposal beat out
other university teams including Stanford, NYU, Columbia and Carnegie Mellon to
win the right to free land and $100m. of city subsidies for infrastructure
In July, Bloomberg invited proposals for a world-class
campus for engineering and applied sciences which would create new companies and
bring new jobs to the area.
The presence of such a campus, Bloomberg said
at the time, would help to diversify New York’s Wall Street-based economy.
Bloomberg predicted such a campus would generate up to $6 billion in economic
activity by creating up to 400 new companies and thousands of permanent jobs in
its first 30 years of existence.
Projections are now for it to spur on
600 new companies.
Stanford, another front-runner, dropped out of the
competition without explanation on Friday, as it became known that Cornell had
received an anonymous $350m. donation to back its bid for the campus.
$350m. gift is among the largest individual gifts to American higher
“We are grateful for the opportunity to introduce Israel’s
creative spirit to New York City’s new technological center through this unique
This is more than a just a collaboration
between organizations; but rather an alliance of leading young minds and we will
do our best to turn this endeavor into a major success,” Israeli Consul General
Ido Aharoni said.
“I am looking forward to the innovations that this
dynamic partnership will create,” he added.