These four New York State industries are driving innovation in 2018

From new jobs to a brighter and sustainable future, New York State is paving the way for new business opportunities. Here’s a look at four key industries that are driving growth and innovation across the state.

Industrial Hemp Farming

Industrial hemp has been cultivated for thousands of years, grows incredibly fast, and has myriad industrial uses. From building materials and biodegradable plastics to personal care products and fuel, industrial hemp has long been prized as one of the most versatile crops. Thanks to a significant investment from New York State and recent partnerships with Upstate farmers and top university researchers, industrial hemp’s return to the fields of New York State has the potential to bolster  the agriculture economy and bring additional jobs and exciting business opportunities to a host of related industries. In July 2017, Governor Cuomo introduced legislation that solidified industrial hemp as an agricultural commodity in New York State. Up to $10 million in grant funding was also made available to aid farmers, researchers and processors embarking on industrial hemp cultivation. This year, more than 60 farms and businesses received research permits for the 2018 growing season under the State’s Industrial Hemp Agricultural Research Pilot program.  And while it remains an emerging industry in 2018, industrial hemp could soon be New York State’s next cash crop.

 

Solar panels

The Clean Energy Sector

From the more than 1,000 percent increase in solar power since 2011 to the yearly influx of talent in the Southern Tier via the 76West competition and the many innovations coming from colleges and universities across the state, clean energy remains a top priority for New York. Last year, Governor Cuomo announced $1.4 billion in awards for 26 large-scale renewable energy projects; the  largest single state commitment  to renewable energy in the nation. And New York’s ambitious Clean Energy Standard, designed to combat climate change—and ensure that at least 50 percent of New York State's electricity comes from renewable sources by 2030— is also driving investment and creating new jobs. Solar, wind and other alternative energy companies looking to join this progressive collective take note: The next decade will lay the foundation for the renewable future.

hand holding a glass of beer.

The Craft Beverage Industry

In March, Governor Cuomo announced the number of craft beverage manufacturers holding farm-based licenses has grown by more than 150 percent since 2012. Coupled with the nearly 1,000 licensed manufacturers of craft beverages, New York State’s craft beverage production is at an all-time high. In fact, the growing number of independent brewers, vintners and distillers has surpassed pre-Prohibition totals. Thanks to an ongoing commitment from the State, including legislation that reduces regulatory red tape, the variety of wineries, breweries and distilleries across New York continue to spur job creation while also supporting existing jobs.

Image from an optics lab.

The Optics, Photonics and Imaging (OPI) Industry

The modern optics industry was first born in Rochester more than 100 years ago but the region continues to drive development of new products and technology that remain at the heart of our interconnected 21st century lives. New York State’s OPI industry stretches across the Finger Lakes and employs some 18,000 people. Regional standouts include the highest concentration of OPI-related patent holders and researchers in the country as well as the two-year OPI technician associate's degree program at Monroe Community College. This year, AIM Photonics, a new facility that tests, assembles and packages chips that use photons instead of electrons to improve the performance of semiconductor circuits will become fully operational. Finally, the inaugural Luminate NY competition is the largest of any OPI business accelerator programs. Ten OPI companies brought their next-gen businesses to the region this January for six months to continue advancing the industry through the development of innovative products and services.