The ETIC is creating a paradigm shift in the way education is tied to economic growth. Its principal role is to be a conduit for strategic partnerships between industry, entrepreneurs, venture capital/angel investors, on the one hand, and academia and the workforce on the other hand.
Two key NYIT initiatives are designed to support these industry-academe linkages. The first is an Industry-University Tech Innovation program, which links existing industries and businesses to university talent and resources, leading to applied faculty research that is relevant to the local and regional economy, and key skill sets ensuring the seamless transition of students from the classroom to the workforce. The second is an Entrepreneurship Program - Turning Ideas into Companies, which provides training for entrepreneurs (students, faculty or small businesses) and startups to test ideas, leading to the creation of new viable companies that can employ Long Island and NY metro workers, and accelerating the innovation process from concept to product development to market entry.
Throughout the collaborative process, each business or startup company has access to faculty and skilled students to test concepts and/or develop fully marketable products. At the same time, students gain operational expertise in turning good ideas into great businesses and will become confident innovators in their own right. Moreover, NYIT is able to tap into a network of industry representatives on its Engineering Advisory Boards as well as the network of Venture Capital and Angel investors being developed at its New York City campus, in order to provide additional opportunities to the partner companies at ETIC. Finally, while accelerating the development of startups and new products and services, the ETIC may also teach and showcase advancements in science, engineering and technology, and further stimulate interest in careers in STEM fields across the K-16 pipeline.
To support these two initiatives and to speed the innovation process from laboratory to market, NYIT is expanding its programs and facilities over the next five years.