New York State Spent Millions On Program For Startups That Created 76 Jobs

Nerval's Lobster writes Last year, the New York state government launched Start-Up NY, a program designed to boost employment by creating tax-free zones for technology and manufacturing firms that partner with academic institutions. Things didn't go quite as planned. In theory, those tax-free zones on university campuses would give companies access to the best young talent and cutting-edge research, but only a few firms are actually taking the bait: According to a report from the state's Department of Economic Development, the program only created 76 jobs last year, despite spending millions of dollars on advertising and other costs. If that wasn't eyebrow-raising enough, the companies involved in the program have only invested a collective $1.7 million so far. The low numbers didn't stop some state officials from defending the initiative. "Given the program was only up and running for basically one quarter of a year," Andrew Kennedy, a senior economic development aide to Governor Cuomo, told Capital New York, "I think 80 jobs is a good number that we can stand behind."

Comments

Re: No, the program didn't fail

[Vermonter]

And your koolaid cup needs a refill.

Re:Too early for criticism.

[Hognoxious]

i live in an area that is being bombarded with thee ads daily

Verily, you are mistaken. I doth not advertise, forsooth.