Saratoga Economic Development Corporation(SEDC), the Center for Economic Growth (CEG), and Cadence Design Systems, Inc. (NASDAQ: CDNS) commemorated a bold new partnership to empower leading-edge integrated circuit and electronic system design in New York’s Tech Valley on Wednesday at Semicon West. This partnership provides access to the Cadence industry-leading Electronic Design Automation (EDA) tools through SEDC’s SPARK Saratoga accelerator in a new program called the Electronic Design and Innovation Initiative (EDI2Saratoga). In addition, EDI2Saratoga will feature first-in-the-nation academic and workforce development programs to foster vital access to intellectual and workforce pipelines.
In a news conference at the inaugural ES Design West of SEMICON West, SEDC and Cadence announced the launch of a campaign by SEDC to actively recruit entrepreneurs and startups to NY’s growing advanced electronics cluster. In addition to the EDA tool access, SPARK Saratoga will provide entrepreneurial ecosystem support, technical design guidance and commercialization outlets to spur innovation.
EDI2Saratoga was developed by SEDC and the Center for Economic Growth (CEG) as a key component of the advanced electronics industry ecosystem, rounding out the existing regional strengths of GLOBALFOUNDRIES advanced semiconductor manufacturing and the R&D assets at Rensselear and SUNY Polytechnic Institute. In addition to CEG, other founding partners include the US Small Business Administration, Clarkson University, National Grid, Siemens, New York State Electric & Gas, SUNY Adirondack and locally based ReWire Energy.
“The Cadence Academic Network is focused on enabling engineers and students to utilize Cadence tools and methodologies to drive next-generation innovation,” said Patrick Haspel, group director, Academic Programs at Cadence. “Our collaboration with the SEDC on the EDI2Saratoga program gives budding entrepreneurs access to Cadence’s market-leading custom and analog tools for advanced design work. We look forward to seeing the projects that emerge from this new program.”
The ultimate goal of the initiative is to establish the region as a hub for the design of advanced semiconductor chips and electronic systems. The unique programming of EDI2includes access to specialized software tools combined with business services, technical and financial support, academic and workforce curriculum development. This access to vital software tools and support for entrepreneurs, small businesses, students, and corporations will establish a robust ecosystem supporting this market innovation.
“SEDC has led technology-enabled economic development for more than forty years, and today’s announcement is a major next step in our efforts to support strategic growth in this region for years to come,” said Dennis Brobston, President of SEDC. “With the strong and dedicated leadership of the Saratoga County Board of Supervisors, our County IDA and local partners in promotion to the industry, we have been able to engage some of the top technology minds in Tech Valley and Silicon Valley to build EDI2 Saratoga into a program the industry and region can believe in. Fostering front-end design and workforce skills to boost applied next-generation technologies can drive most sectors of economic growth and high-paying wage opportunities.”
Center for Economic Growth CEO Andrew Kennedy said, “The Capital Region has long been a hub for semiconductor industry innovation and growth, and today’s announcement of Cadence joining our efforts is another validation of those efforts. Coming on the heels of major announcements from IBM, Applied Materials, Tokyo Electron and more, the continuing evolution of our region as a global semiconductor industry hub allows CEG to market the region for additional investment. We’re excited to partner with SEDC to focus on job creation by many of the companies that design chips for various semiconductor functions.”
Initiated by SEDC, SPARK Saratoga is an entrepreneur incubator and small business accelerator, providing business support and capital access programming to accepted entrepreneurs.
The overall initiative will include an investment of nearly $8 million, including aggressive new academic programs from Clarkson University and a global first – an Associate Degree program in electronic design. These programs will be focused on greatly expanding the talent pipeline in New York for design to a target of 1500 engineers with design experience graduating annually. It is anticipated that the operational launch of EDI2will be January 1, 2020, with academic programs the following Fall term.
About Saratoga Economic Development Corporation(SEDC) – 40 Years of Community-led Success
SEDC is the premier economic development agency in Saratoga County and its mission is to create jobs, diversify the tax base and improve the quality of life for residents. Celebrating more than 40 years of success, SEDC was instrumental in development of the Luther Forest Technology Campus (LFTC), which lead to the attraction of GlobalFoundries, are among its successes. In total, SEDC has worked to bring over 18,000 jobs to Saratoga County and over $16 billion in capital investment. Since 2014, SEDC helped to stimulate over $2.5 billion of new investment, creating and retaining over 1,800 area jobs, and generating over $53 million in local employee wages per year. In 2017, SEDC launched SPARK Saratoga, a business incubator and early stage company accelerator supported by established, skilled professional mentors and regional academic institutions with global networks of resources and investors. It is currently supporting over 40 project companies on their paths to business growth. In 2018, SEDC launched its Electronic Design & Innovation Initiative (EDI2– pronounced “EDI Squared”)to enable advanced electronic and integrated circuit design, accelerate commercialization and build stronger tech workforce development.