Saratoga Economic Development Corp. (SEDC) on June 28 announced the next step in their initiative to empower leading-edge integrated circuit and electronic system design in Saratoga County and the Capital Region.
This industry cluster, to be supported by SEDC’s SPARK Saratoga accelerator and the Electronic Design and Innovation Initiative (EDI2 Saratoga), announced a new strategic partnership with Cadence Design Systems Inc. n addition, EDI2 Saratoga will feature academic and workforce development programs to foster digital productivity applied across all major industry sectors for the 21st century, said to be a first-in-the-nation endeavor, according to SEDC.
The SPARK Saratoga accelerator will include access to leading-edge design tools for entrepreneurs and will serve as a magnet for industry-leading talent and entrepreneurial design teams, bolstering innovation and commercialization, SEDC said.
SEDC revealed the partnership in support of the official launch of the initiative. EDI2 Saratoga was first announced in June of 2018, and months were spent on viability assessment and market opportunity reviews. The new partnership will make the Cadence Electronic Design Automation (EDA) tools available to members of EDI2, enabling SEDC to actively recruit entrepreneurs, and ultimately round out the region’s advanced electronics ecosystem, officials said.
In addition to the EDA tool access, SPARK Saratoga will provide entrepreneurial ecosystem support, technical design guidance and commercialization outlets to spur innovation.
“SEDC has led technology-enabled economic development for more than 40 years,” said Dennis Brobston, president of SEDC. The announcement “is a major next step in our efforts to support strategic growth in this region for years to come. 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 will drive most sectors of economic growth and high paying wage opportunities.”
EDI2 Saratoga was developed by SEDC as a key component of the advanced electronics industry ecosystem, building on the existing GlobalFoundries advanced semiconductor manufacturing component and the R&D success at SUNY Polytechnic Institute, with support from the Center for Economic Growth (CEG). 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 EDI2 concept was validated through months of industry review and by this strategic design partner agreement. Cadence will be the exclusive EDA tool provider to EDI2 in support of this multi-faceted effort focused on high-end design driving our digital economy.
According to SEDC, Cadence’s Intelligent System Design helps users develop differentiated electronic products—from chips to boards to systems—in mobile, consumer, cloud data center, automotive, aerospace, industrial, artificial intelligence, and other market segments.
Currently, the company employs more than 7,600 employees in 20 countries, driving more than $2 billion in annual revenue.
“The Cadence Academic Network is committed to helping engineers and students thrive and solve real-world technical design challenges,” said Patrick Haspel, group director, academic programs at Cadence. “By collaborating as partners with SEDC on the EDI2 Saratoga program, we’re enabling entrepreneurs and startups to leverage Cadence technology to create the next-generation of innovations that fuel the electronics industry.”
Officials said the $1.5 trillion electronics industry includes systems powered by design of integrated circuits that are catalysts of current and future global economic productivity. These applications drive advancements in sectors ranging from smart devices and appliances, to energy infrastructure systems, building automation, automotive, communication, drones and more. The ultimate goal of the initiative is to establish the region as a hub for the design of advanced semiconductor chips and electronic systems powering more and more of daily life and economic productivity.
“The Capital Region has long been a hub for semiconductor industry innovation and growth and the announcement of Cadence joining our efforts is another validation of those efforts,” Center for Economic Growth CEO Andrew Kennedy said. “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.”
Phil Barrett, chairman of the Saratoga County Economic Development Committee said the county “has worked hard to be the best location in Upstate New York to invest, live, and prosper. With a new economic development strategy in place and a unified effort to secure investment, this exciting announcement of a strategic partner for EDI2 aligns with our priorities to enhance the opportunities offered by the innovation economy in Saratoga County.”
Initiated by SEDC, SPARK Saratoga is the county’s entrepreneur incubator and small business accelerator, intended to provide the business and capital access programming to accepted entrepreneurs. As a certified partner of the Innovate 518 Hotspot, SPARK will coordinate with regional members to enhance awareness of the initiative and access to resource partners clustered in our region.
The EDI2 program will have potential future physical pods for development teams alongside Saratoga Coworks professionals within the planned SEDC and Spark Saratoga 12,000-square-foot space. Officials said this will be a prime economic development feature for the county and region centered at The Link @SoBro mixed-use project to reuse a prominent South Broadway site at a visible gateway to Saratoga Springs.
SEDC said the overall EDI2 Saratoga initiative will include a total investment of nearly $8 million. With renewed local support, SEDC and its partners plan to seek creative funding opportunities from existing and new partners, as well as from private investment.
It is anticipated that the operational launch of EDI2 will be Jan. 1.
Officials said EDI2 is anticipated to create 15-20 direct jobs in year one, with a potential to create over 100 jobs in five years. In the U.S., computer chip design jobs carry an annual salary of approximately $120,000. It will spark additional indirect job creation through improved academic curriculum and alignment of workforce skills using advanced electronics and automation systems supporting key industry growth sectors.