A unique City College of New York venture to develop medical technologies and create STEM jobs for the Greater Harlem community is closer to fruition with the receipt of a $750,000 “Build to Scale” grant from the U.S. Economic Development Administration (EDA). The proposed Center for Co-Innovation and Medical Technology (CCMT) was among those selected for funding in the competitive Build to Scale Venture Challenge category from more than 235 proposals. All aim to further technology-based economic development initiatives that accelerate high-quality job growth, create economic opportunity, and support the next generation of industry-leading companies.
In addition to the federal grant, CCMT will receive $750,000 in local matching funds from City College and a philanthropic donor.
CCMT builds on City College’s successful Master’s in Translational Medicine (MTM) program, jointly-housed in the Grove School of Engineering and the CUNY School of Medicine at CCNY, whose mission is to educate the next generation of leaders in medical technology innovation.
The new center will bring together medical technologies being created by CCNY researchers and their partners, with workers being trained by the MTM to form a new medical technology accelerator. “CCMT will develop products that are responsive to the needs of the surrounding underserved community by drawing on the substantial capacity for research and innovation at CCNY,” said Andrew Wooten, Senior Director of Innovation Management and Business Development in the Office of Institutional Advancement and Communications.
He added that using a co-innovation consortium model, CCMT will address a gap in the region’s innovation ecosystem by leveraging the substantial resources of CCNY’s diverse institutional stakeholders. “CCMT will employ fellows, interns, and professional staff to collaborate with industry in the development of promising product concepts. The resulting medical product prototypes will attract commercial partners, underpin new venture formations, and drive the creation of desirable STEM jobs,” said Wooten.
“We are excited to expand on the successes of MTM and continue development of a pipeline of well-trained employees and practical medical technologies to the local communities where they are most needed,” said Jeffrey Garanich, MTM Director and incoming CCMT Director. “Receipt of this federal funding in support of CCMT is an important step in making this vision a reality.”
“These last two years have demonstrated how essential it is for colleges and universities to translate the work of their labs and studies into practical application. At City College, we are making a transformative effort to rise to this challenge and the EDA grant will allow us to take a huge step forward along this pathway,” said CCNY President Vincent Boudreau.
It is anticipated that CCMT will both increase economic prosperity and address important unmet medical needs of the Greater Harlem community. Expected outcomes over the first five years of operation include:
- Acceleration of 40 new medical technology products;
- Creation of 15 new ventures;
- Deployment of $150 million in seed/venture capital;
- Training/employment of 275 fellows and interns; and
- Creation of over 800 desirable STEM jobs in Greater Harlem.
About the U.S. Economic Development Administration
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.
About the City College of New York
Since 1847, The City College of New York has provided a high-quality and affordable education to generations of New Yorkers in a wide variety of disciplines. CCNY embraces its position at the forefront of social change. It is ranked #1 by the Harvard-based Opportunity Insights out of 369 selective public colleges in the United States on the overall mobility index. This measure reflects both access and outcomes, representing the likelihood that a student at CCNY can move up two or more income quintiles. In addition, the Center for World University Rankings places CCNY in the top 1.8% of universities worldwide in terms of academic excellence. Labor analytics firm Emsi puts at $1.9 billion CCNY’s annual economic impact on the regional economy (5 boroughs and 5 adjacent counties) and quantifies the “for dollar” return on investment to students, taxpayers and society. At City College, more than 16,000 students pursue undergraduate and graduate degrees in eight schools and divisions, driven by significant funded research, creativity and scholarship. CCNY is as diverse, dynamic and visionary as New York City itself. View CCNY Media Kit.