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Federal funding sought for high-tech business growth

Stony Brook University campus has been around since

Stony Brook University campus has been around since 1957. (March 29, 2011) Photo Credit: Jasmin Frankel

Supporters of Accelerate Long Island - a partnership between several leading Long Island research institutions designed to spur high-tech business growth - have applied to the federal government to provide seed money for the project.

Sen. Charles Schumer (D-NY) has asked the federal Department of Commerce to approve an application submitted by Accelerate Long Island member Stony Brook University to the federal Jobs and Innovation Accelerator Challenge program.

The funding would go to the Center for Biotechnology at Stony Brook and would be used “to commercialize new, cutting-edge bioscience technologies developed at Long Island research institutions,” according to a statement from Schumer. If approved, the grant could provide more than $2 million, the statement said.

Accelerate Long Island consists of Stony Brook, Hofstra University, Cold Spring Harbor Laboratory, Brookhaven National Laboratory and the North Shore-Long Island Jewish Health System.

The partnership is designed to connect the research institutions with start-up companies and investors.

“We are currently reviewing applications for this grant and will give each of the applicants full consideration as we move through the process,” said Parita Shah, a spokeswoman for the Commerce Department.

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