<<news home

ITC Awarded $2.4 Million in Funding from Department of Defense for FY09

Canandaigua, NY, November 10, 2007

Infotonics Technology Center (ITC) will receive a $2.4 million grant from the U.S. Department of Defense as part of a $16.75 million package for technology and research facilities in the Rochester metropolitan region. The bill has been passed by both houses of Congress and awaits the signature of the president for final approval.

"These research dollars take ideas that we have and turn them into prototypes," said David R. Smith, ITC president and CEO. "Once we do that, we have found it's easy to get investors to take it from there, make a company and go to market."

If passed, the funds will become available in the 2008 fiscal year budget, said Smith. That means ITC would not see the money until around September or October next year.

"Right now, we have 22 new ideas in the queue waiting to be funded," said Smith.

As the funds arrive, those ideas—seven of them relate to biomedical technologies—will be prioritized and the best few will be selected for funding and developed into a product prototype. ITC then takes the prototype to venture capitalists for further backing and to get the product developed.

Because of patent issues and the competitive nature of high-tech research and development, Smith said he could not comment on the specifics of the "ideas" currently being hashed out at the center. He could say, however, that every step of the development process will be made in collaboration with the Department of Defense, which acts as investor, partner and goal-setter.

"We will try to do things they care about, but we will also seek to create new companies," said Smith.

For more information, call 585.919.3000 or Contact Us.

By Philip Anselmo, staff writer
Daily Messenger
Sat. November 10, 2007