Upstate New York is known as the Rust Belt for a reason. Local businesses and citizens suffered for years as manufacturing jobs were shipped overseas to cut costs.

Now, Syracuse University has been awarded a $500,000 federal grant to help bring those businesses back.

The grant will be provided by the Economic Development Association through its Regional Innovation Strategies Program. The overarching goal of the Economic Development Association is to “create the conditions for economic growth,” according to the agency website, and the RIS Program Grants are a mechanism for doing so.

The RIS grants are broken into two categories: the i6 Challenge and the Seed Fund Support Grant Competition. SU was one of 42 institutions chosen of the 217 that applied. The university received the grant through the i6 Challenge, which aims to support centers for innovation and entrepreneurship across the United States.

Over the next three years, the university will monitor the impact of import and global trade competition on the local economy. At the end of the three years, the university will use the grant money to help start 10 businesses and aid existing companies in the development of 15 products. The grant could create about 200 new jobs in the region.

Companies across central New York have been hit hard by foreign competition. The rapid rise of outsourcing has drastically reduced the number of manufacturing jobs in the state. And the growth of inexpensive, foreign alternatives has made it difficult for some American companies to compete.

The grants provided by the EDA could help make businesses in central New York more competitive in the ever-expanding global marketplace. Building partnerships between businesses and colleges will also result in higher quality products and service offerings.

“This critical federal investment will give Syracuse University the opportunity to support tomorrow’s business owners and innovators right here in Central New York,” said Sen. Chuck Schumer, D-N.Y., in a press release announcing the federal grant.

More specifically, the grant will help promote innovations in energy and environmental quality in factories, homes, schools and other establishments.

Capital, resources and risk-taking entrepreneurs are the building blocks of the future. New York state is endowed with world-class universities, many of which contain future entrepreneurs. As the state continues to play a bigger role in helping new businesses gain access to capital, innovative ideas will turn into everyday solutions.

Daniel Strauss is a junior finance major and public communications minor. His column appears biweekly. He can be reached at dstrauss@syr.edu and followed on Twitter @_thestrauss_.

Published on September 25, 2017 at 11:33 pm