The plan is described as a roadmap for implementation -- and outlines the market analysis, stakeholder interviews, and best practices that led to the six areas that'll be targeted for investment.
The report is available by clicking on the following link:
The Governor has committed an historic $1 billion investment in the Buffalo area economy to create thousands of jobs and spur billions in new investment and economic activity over the next several years. This $1 billion commitment to economic excellence in the Buffalo area has the potential to set a new growth trajectory for jobs and the regional economy.
The Buffalo Billion’s six signature investable initiatives include:
▪ Buffalo Center for Manufacturing Innovation: a state-of-the-art facility to support the growth of the region’s manufacturing sector. It will be a shared services enterprise that provides support in commercializing applied research, developing more efficient operational processes, enabling entry into new markets, and up-skilling the existing workforce.
▪ The Buffalo Science Productivity and Research Catalyzer (SPaRC): to help bring breakthrough healthcare innovations to market. The Accelerator supports researchers in developing translational research, acquiring patents, and then licensing those patents or developing them into businesses.
▪ Buffalo Niagara Tourism Program: a regional tourism program to leverage the world-class tourism assets in Niagara Falls and the City of Buffalo through a more coordinated and sophisticated marketing strategy; investments and increased programming in the Niagara State Park; investments in other regional tourism assets and amenities; and the creation of regional offerings.
▪ The Buffalo Skills Partnership: a skills broker with initial investments in Rapid Right Skilling. The partnership will make Buffalo’s workforce system the most flexible, diverse and responsive in the nation by aligning education and training behind the skills employers need to expand and workers need for job success.
▪ Buffalo Breakthrough Business Challenge: a world-class business plan competition to catalyze the region’s entrepreneurial ecosystem. Winners will receive initial funding, incubator space, mentorship and introductions to leading venture capital firms.
▪ Better Buffalo Fund: to make targeted investments through a dedicated fund to support high impact economic and community development projects. A competition will determine the best investments, based on overall strategic fit, impact, proven capacity for execution and commitment of additional funds.
In the coming weeks, the state plans to launch a Buffalo Billion website.