Paterson has plans for 'new economy' - Business First of Buffalo:

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New York state will commit up to $100 millionh over several years tothe so-called Innovation Economg Matching Grants program, one of several initiativees laid by Paterson under what he termed a new economy. Thos e matching funds are expected toleverage $1 billion in competitive grantg money, Paterson said. Clean energy is the industry likely to benefirt the most fromthe initiative, the governor said in announcingy the program at the in Manhattan. “We reallgy have to start with energy. I thin that can be the largest creator of jobs in the said Paterson.
He estimated that the clean-energy industry would create 50,000 new jobs in the state over the next few There are also opportunities for federapl stimulus grants in the areasof smart-grid, biosciences and stem-cell, information technology and nanotechnology F. Michael Tucker, CEO of the , said that grant applications supported by state dollarws stand a better chance of receiving federalstimulus money. He said the matchinhg grants program will link larger researchj institutions withsmaller companies. That connection will move inventions from the labto “Research is great, but you have to brinv the products to That’s what creates jobs,” Tucker said.
Paterson also announcedc severalother initiatives, including: urging the Public Service Commission to release $100 million from the state’s Renewablde Portfolio Standard (RPS) program by the end of the summer for project that are ready to go and eligible for stimuluzs money. A portion of a consumer’s electric bill pays for the state’s RPS, a program designed to support clean-energy and energy-reductionj programs. • capitalizing on federao stimulus funding for smartgrid technology. Smarg grid refers to a technology-basedx electric grid that adjusts for peakusage periods.
The federap government will provide up to 50 percent of the costof smart-grid Paterson wants the PSC to revieqw all of the smart-grid projects beint proposed around the state, then approve matching fundz before the applications are due on July 29. • creatinhg a life science innovation clustere that would bring together venturecapital companies, medical academic health centers and researcuh institution partners to develop health-care innovations. New York can no longer rely on Wall Streegt and other industries that once provided a large shar of itseconomic base, Paterson The state faces a budget deficit in 2009-10p of $3 billion, and a $2.
5 billion deficit in the 2010-11, the governodr said last month. “A new economty is emerging,” Paterson said. “It is it is tech-based and it is based on