The REDC would like to see the development of a new Institute for Advanced Manufacturing Competitiveness -- an enterprise meant to conduct applied research and development to spur the growth in regional manufacturing.
It's described as a "commercially viable enterprise that will conduct applied R&D to spur growth of the region's manufacturers."
The REDC says the entity will be helpful to the region's 1,500 small- and medium-sized manufacturers, and is intended to draw forward thinking firms from across the country.
Council member Martin Berardi, president of Moog Medical Device Group, talked about the initiative during Governor Cuomo's visit to Buffalo.
"Anchor companies, many anchor companies, will be key in providing credibility and viability, along with technical experts and economic organizations. Investments will be required of the member companies over a multi-year plan leading to -- what is the most important element -- full sustainability," Berardi said.
The institute would provide manufacturers with four primary services: applied R&D, process improvement, export assistance, and work force training.
Besides advanced manufacturing, the REDC also wants to focus the billion-dollar investment on sectors that include health and life sciences, and tourism.