US: New York universities fail to turn research into jobs

New York's universities and hospitals excel at winning federal grants but flunk at turning their research into job-creating start-ups, says a new report released last Monday, reports Reuters. While the New York metropolitan area led the nation in spending on research and development in 2006, at US$2.9 billion, it lags on business development.

New York City Mayor Michael Bloomberg and Governor David Paterson have launched initiatives to match the high-tech research corridors developed by other states and cities, from Boston to California's Silicon Valley. But New York's institutions have focused on working with companies located elsewhere, the study said.

The state's universities and teaching hospitals have under-funded engineering and failed to encourage professors or students to become entrepreneurs, according to the Center for an Urban Future. The think-tank said New York City's expensive real estate and the lack of laboratory space make it difficult for start-ups to get off the ground. Only six New York companies made an annual ranking of technology, media, telecommunications and life science companies compiled by Deloitte, the financial consulting firm.
Full report on the Reuters site