NYIBA Priority Growth Sectors
Agrictulture
The Challenge
Aging infrastructure and a growing population are putting a strain on the New York State’s water supply, increasing the likelihood of water emergencies and the potential of contamination.
The Initiative
The Clean Water Infrastructure Act, signed in 2017, sets out to invest $2.5 billion of state funds into the development of clean water infrastructure and water quality protection, helping local governments ensure access to clean water to residents across New York State.
NYIBA Opportunity
A long history of dealing with water shortages has forced Israel to develop a water ecosystem that today has spawned more than 400 Agtech startups. Israel is now a world leader in irrigation and water management. The country’s advancements in water management have made it possible to recycle 80% of all water used in Israel and its technology is also being used to support water conservation in other states.
Renewables
The Challenge
Greenhouse gas emissions of local energy suppliers are contributing to climate change and are threatening New York state with greater occurrence of extreme weather events.
The Initiative
New York’s Clean Energy Standard, introduced in 2016, has a long-term objective requiring 50% of the state’s electricity to be generated from renewable energy sources by 2030, enforcing the usage of renewable energy credits by utilities and other energy suppliers and supporting increased reliance on solar and wind power tech.
NYIBA Opportunity
Israel is home to more than 270 companies operating in smart or renewable energy, only a small fraction of which has a current presence in New York. Brightsource Energy, for example, is a California-based Israeli company that built the world’s largest solar power facility with a planned energy output equaling 940 GWh – nearly 3% of NY state’s current renewable energy production.
Cybersecurity
The Challenge
The growing frequency of large-scale cybersecurity attacks on retailers and financial institutions is threatening New Yorkers’ privacy and exposing them to greater threat of identity theft. Securing public utilities as well as the financial sector are massive undertakings.
The Initiative
Following Equifax’s data breach in 2017, New York State has issued a first-in-the-nation cybersecurity regulation to secure the personal data of New Yorkers. Under this directive, a broad range of financial institutions operating in the state will be required to have a cybersecurity program to help protect data and systems. The NYCEDC announcement to bring Israeli companies in to manage its Global Cyber Center and HUB.NYC will help bring Israeli know-how to the heart of NYC.
NYIBA Opportunity
Israel is a cybersecurity powerhouse with companies such as Check Point Software, which invented the first fire wall system, and CyberArk, which has close to 15% of the Global 2000 companies as its customers. There are already 21 Israeli cybersecurity companies operating in NY, but significant additional potential of IS companies to contribute to the state’s cybersecurity initiative exists. With the recent NYCEDC announcement, the foundation for growth has settled.
Life Sciences
The Challenge
New York has the resources to become a world-leading life sciences center but needs improved access to top talent and continued exposure to advanced technologies.
The Initiative
New York State’s Life Sciences Initiative aims to attract top medical talent, spur R&D, and foster healthcare innovation through a $650 million investment in a research cluster in the state. Sectors directly impacted by the initiative include biotechnology, pharmaceuticals, biomedical technologies, and life systems technologies.
NYIBA Opportunity
Nearly 1 in 3 Israeli scientists specializes in life sciences, working for one of the country’s 1,400 life sciences companies. Israel is also widely considered a global center for healthcare R&D, with the the country spending 4.3% of its GDP on medial research. According to some estimates, Israel is responsible for 25% of the world’s biotech solutions. Continuing to build on New York’s existing 26 Israeli healthcare companies may bring strong life sciences R&D to the state.
Drones
The Challenge
As the technology behind military drones continue to spur innovation and growth in the commercial unmanned aerial vehicles sector, the global race to develop pioneering drone technology has major implications on commerce and travel. The shortage of qualified engineers is a challenge confronting the global industry.
The Initiative
With $30 million of funding from New York State to develop a 50-mile drone testing corridor, Syracuse boasts one of the most comprehensive drone ecosystems in the United States, merging higher education institutions, Griffiss International Airport, Genius NY, and local EDOs to attract top-notch global defense corporations.
NYIBA Opportunity
Israel is a world leader in drone research, development, and export, both for military and commercial uses. With the U.S. supplying $3.8 billion in annual defense assistance to Israel — all of which must be spent back in the U.S. —Israeli companies can open U.S. entities in Syracuse and inject growth, rapidly develop the ecosystem, and hire local engineers.
Artificial Intelligence
The Challenge
Artificial Intelligence is a transformative technology that is becoming more and more critical for states looking to maintain a business edge. Whether it’s applying deep learning to husbandry or keeping city streets safer, artificial intelligence is integral to New York State’s future as a tech leader.
The Initiative
In February of 2019, IBM, SUNY, and Empire State Development announced a public-private partnership to invest in artificial intelligence, including the establishment of the AI Hardware Center at SUNY Poly. IBM announced it would provide $30 million in cash and in-kind contributions for artificial intelligence research across the SUNY system, SUNY agreed to match up to $25 million, and Empire State Development committed a $300 million capital grant over five years.
NYIBA Opportunity
Much of the Israeli high-tech scene in recent years has focused on artificial intelligence. From 2014 to 2018, the number of Israeli AI companies grew from 512 to 1,150. In 2018, Intel announced it would invest $11 billion in a new chip plant and would also establish a Center for Artificial Intelligence in partnership with the Technion – Israel Institute of Technology. As New York State continues to find news applications of AI technology across all sectors, Israeli companies are well-positioned to help accelerate the growth.