Yesterday, New York City Mayor Bloomberg announced that the joint team of Cornell University and Technion – Israeli Institute of Technology had won the city’s competition to develop a world-class technological institute on Roosevelt Island. It is hoped that it will be a catalyst to creating new and innovative companies in the New York City region.
Two major themes resonated throughout the announcement speeches given by the Mayor and two school presidents. First, they all recognized that this opportunity has the possibility of being a “game-changing” event that could dramatically alter the future of the city and the nation’s development. It is expected that the new institute will help energize New York City into the next Silicon Valley.
Second, the three leaders discussed how the project is meant to be inclusive and inviting – not exclusive. The institute intends to “expand the pool” of talented individuals coming to New York City to aid in its growth. This inclusion means not just Americans, but also talented foreign nationals who will be able to come and experience the United States while learning essential skills and knowledge. The selection of a team with a leading non-American institution demonstrates the desire for the institute to be international in scope.
The city hopes that the institute’s graduates will largely stay in New York City. However, the question remains, will the United States allow these foreign national graduates to remain – on a large scale – in the United States? Current immigration laws for highly-skilled workers do not make it easy for these graduates to stay. Creating a new, top-flight technological institute in New York City is a great boost to the city – keeping the best and the brightest immigrants in the United States will be a much greater boost to the country.