Hogan Lovells

Hogan Lovells

Wednesday, December 28, 2011

A Technological and Economic Leap for New York City: The (New) Quantum Coast

By Randy Segal

Through its land grant on Roosevelt Island for a technology campus and selection of a partnership between New York’s Cornell University and Israel’s Technion University, New York City is changing the focus of technology incubation and fueling an economic revival. This mirrors the type of innovative initiative which our Global Women’s Executive Summit panels, including NYC Council Speaker Christine Quinn, discussed as necessary to restart the economy.

“Today will be remembered as a defining moment. In a word, this project is going to be transformative,” said Mayor Bloomberg of the selection.

Technion University has played a role in the technological development of Israel’s Haifa region through supplying talent and resources to support hundreds startups – similar to the role Stanford University has had in Silicon Valley. Despite its small size and population, Israel is second only to the United States in the absolute number of its startup companies globally. Israel’s startup success has been assisted by venture capital investments in a variety of industries ranging from biotechnology, alternative energy, clean-tech, pharmaceuticals, communications, information technology, and medical devices among others.

Leading U.S. technology companies are focused on Israel. Israeli Prime Minister Netanyahu recently tweeted “Welcome Apple” with respect to a rumored $500 million transaction to purchase the flash storage solutions company, Anobit. (Yes, Tammy Haddad and Mika Brzezinski were right – even the Prime Minister’s tweet). If Apple does purchase Anobit it will be Apple’s largest transaction since its acquisition of NeXT, the company developed by Steve Jobs between his leadership roles at Apple. Apple is also reported to be joining Google, Intel, Microsoft, Oracle and others in opening a development center in Israel.

Women run startups. And women fund startups.

We can all be part of this exciting new economic revival and the birth (and possibly the naming) of the “Quantum Coast” and “Quantum Island.” “Silicon Valley” was named and popularized by two men thirty years ago. We can name, publicize, and be a part of the next great evolutionary epicenter. Tweet that.

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