According to the Economic Development Administration, for every $10,000 invested in business incubators, an estimated 47 to 69 local jobs are generated.

Innovation is at the heart of long-term economic prosperity in New York. Long Island has benefited from the innovative technologies at its universities, renowned laboratories and advanced manufacturers. However, more federal investment is needed for these industries to truly thrive.

Without federal investment in research, development and manufacturing of new innovative technologies, New York and the United States will not be able to maintain a competitive edge in high-tech markets. Prior to the Obama administration, our country had seen the first multiyear decline in federal investment in research and development since 1982. Federal support of research is critical to drive innovation and expand opportunities for our entrepreneurs and businesses looking to take advantage of the emerging high-tech global markets.

Innovation requires a skilled work force, scientific and technological advances and creative collaboration between government and the private sector. Investment capital is also critical for innovation, and given the difficult economic times we face, capital is in short supply. To address these issues, we must have a comprehensive approach.

First, we must invest in and promote our nation's science, technology, engineering and mathematics (STEM) education. The Bureau of Labor Statistics projects that between 2000 and 2010, eight of the nine fastest-growing occupations will require science and technology skills. I have called for increased incentives for attracting more STEM teachers by introducing a Senate version of the National STEM Education Tax Incentive for Teachers Act. This legislation provides tax incentives to full-time elementary and secondary school teachers of STEM courses in high-needs schools.

Second, funds must be made available for our entrepreneurs and businesses to thrive in the innovation economy. Supporting business incubators is one of the best investments we can make to rebuild areas in New York that were hit hard by these tough economic times. According to the Economic Development Administration, for every $10,000 invested in business incubators, an estimated 47 to 69 local jobs are generated. The National Business Incubation Association estimates that in 2005, business incubators supported more than 27,000 startup companies that provided full-time employment to more than 100,000 workers - generating more than $17 billion in annual revenue. NBIA points out that every dollar of federal funds devoted to an incubator generates approximately $30 in local tax revenue.

I introduced the Business Incubator Promotion Act, which would expand eligibility for EDA funds to economically distressed communities and would promote business incubators by providing grants of between $750,000 and $3 million for the construction of new incubators and the support of existing incubators.

Third, I am focused on fostering regional economic development by incentivizing communities to highlight their strengths in order to attract private investment. My legislation, called the Strengthening Employment Clusters to Organize Regional Success Act, would award competitive-industry or sector-partnership grants of between $250,000 and $2.5 million to eligible entities to develop cluster-based economic development strategies. This funding is critical to interconnecting regional businesses, suppliers, research and development entities, education and training providers, and associated institutions in a particular field to fulfill regional work-force needs and promote regional economies. In particular, this legislation will provide much-needed capital to our small- and medium-sized companies to ensure they have the opportunity to maintain and expand operations.

Finally, I am pushing the Building a Stronger America Act which would provide a boost in federal funding with grants of up to $750,000 and guarantees of up to 80 percent on loans exceeding $10 million for the construction of new or expansion of existing science parks. This bill will be particularly useful for our research universities on Long Island.

On Oct. 28, I will host a Capitol Hill high-tech/innovation showcase featuring some of New York's most prominent high-tech companies and research institutions including Brookhaven National Laboratory, Long Island Software and Technology Network, Long Island Forum for Technology and SUNY Stony Brook. Please contact my Long Island office for more information: (631) 249-2825.

Credit: Kirsten Gillibrand