Innovate New York: Next Steps

On Wednesday, June 9, 2010, the Levin Institute presented the final installment of the Innovate New York series. The session wrapped up the series and summarized the conclusions that had been reached. Also, the participants synthesized potential next steps that New York City could take to be a better leader in innovation. As a whole, the series is meant to promote understanding of and exposure to New York’s innovators and entrepreneurs in various fields.

The conversation involved a panel discussion moderated by Garrick Utley, President of the Levin Institute, and a Q&A session with the audience. The panelists from the first session of Innovate NY assumed the same roles for this final session: Jerry Hultin, President of the Polytechnic Institute of New York University; Irving Wladawsky Berger, Senior Fellow at the Levin Institute and the IBM Academy of Technology; and Jim Singer, partner at AT Kearney.

The main theme that emerged was the importance for transformation in education, particularly at post-secondary institutions, in attracting the greatest talent to New York City. People are already attracted to New York, and the pull factors in education, intellectual discourse, and even public services can improve the productivity of New York City.

The cloud of the recent financial crisis loomed over the discussion but did not overshadow it. As Irving Wladawsky Berger explained, “Shocks to the system spur innovation.” He concentrated on the need for institutions to change many of their fundamentals. Among the institutions requiring change, he mentioned the incentive system of the finance world in New York City and the very infrastructure of the city itself. He discussed the history of New York as a city that used to be based upon entrepreneurial capitalism, driven by innovation, to a city of corporate capitalism, driven by protection of the status quo. In order to enhance innovation, we need to move back to our roots of entrepreneurial capitalism, he said.

Jerry Hultin concentrated on the ways that universities in New York function and some of the steps being taken by institutions like the Polytechnic Institute of NYU to attract the brightest minds and create incentives for academic innovation. Money issues are also a driving factor in this case, Hultin said, also citing the issues of government funding and intellectual property rights.

Jim Singer spoke at length about the impact of the city’s financial sector upon innovation in other disciplines. New York City was and, to some degree still is, overwhelmed by finance, he pointed out. However, there is plenty of innovation happening outside of the finance world in New York -- particularly in technology -- but it is running “under the radar.” This innovation is paying off in jobs and technological advances that don’t just benefit New York City residents, but all Americans. However, since the city is so large and diverse, no one industry completely takes over its spirit.

The Q&A session that followed delved into multiple topics: exploration of the impact of immigration on innovation in New York, the role of the state and city government in driving innovation, and the quality of life that needs to be achieved for New York City to attract the best talent.

The panelists then ended the session by summarizing their main points. Jim Singer emphasized the need for the state to play a role by disbanding useless programs and concentrating on the programs that create the most innovation. Irving Wladawsky Berger reiterated his earlier point about moving back to entrepreneurial capitalism and the exchange of creative ideas. Finally, Jerry Hultin extolled the virtues of urban development. The session ended with Garrick Utley's encouraging words: “Don’t just stand there—Innovate!”

Transcript.