Cornell/Technion have agreed to a 99-year lease for the Roosevelt Island site, with an option to
purchase the land at the end of the term for $1. Cornell will develop and own the campus, and will assume financial responsibility for its establishment and operations.
The NYC Tech Campus is expected to become a world-leading institution, conferring graduate degrees and conducting research in the applied sciences with a commitment to innovation, commercialization, and the creation and retention of businesses and jobs in New York City.
Academic uses are anticipated to range from classrooms, to labs, libraries, start-up incubator and accelerator space. 2500 students and hundreds of faculty and staff will live on campus, where there will also be a conference center and retail space.
Insight Into Technion, Cornell
Technion has long been considered a driving force behind Israel's emergence as one of the world's great centers of technology. The country has one of the highest concentrations of high-tech start-up companies globally.
In partnership with a strong community of incubators, investors, and entrepreneurs, its tech transfer
arm (Technion Technology Transfer) files an average of 300 patents a year, producing startups in areas such as cleantech, cell therapy, drug delivery and nanotechnology.
Companies including Intel, Google, Microsoft, IBM, Qualcomm, Broadcom, Yahoo! and Hewlett-Packard have established major operations near or on Technion's campus to be close to its world-class research, students and faculty.
Technion graduates head nearly half of the 121 Israeli companies listed on NASDAQ, with a combined market value of over $28 billion. About 4,000 start-ups are located near Technion's home campus.
Cornell is one of only a handful of institutions with top-10 programs in the key disciplines that drive today's tech sector: Computer Science, Electrical and Computer Engineering, Materials Science and Nanotechnology, and Information Science. It ranks fourth in the world in the number of graduates who go on to pursue PhDs in engineering or the natural sciences at American institutions, and is increasingly focused on commercialization in tenure evaluations.
Cornell faculty and alumni have founded over 2600 companies around the world in the
past five years, raising almost $11 billion in capital.
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