June 28, 2019
Contact: Dennis Brobston
SEDC Announces Major Partners to Join EDI2 Saratoga
Industry Leader & Silicon Valley based Cadence Design Systems, Inc., to Serve as Exclusive EDA Industry Partner, Provide Cutting-Edge Integrated Circuit Design Tools for the First Time to Entrepreneurs and StartUps in Region
Saratoga Springs, NY (June 28, 2019) – Saratoga Economic Development Corporation (SEDC) announced the next step in their bold initiative to empower leading-edge integrated circuit and electronic system design in Saratoga County and New York’s 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. (Cadence). In addition EDI2 Saratoga will feature first-in-the-nation academic and workforce development programs, to foster digital productivity applied across all major industry sectors for the 21st century.
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.
In a news conference Friday, SEDC revealed this breakthrough 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. This 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. In addition to the EDA tool access, SPARK Saratoga will provide entrepreneurial ecosystem support, technical design guidance and commercialization outlets to spur innovation.
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.
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.”
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 unique programming of EDI2 includes 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 will 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.”
Chair of the Saratoga County Economic Development Committee Phil Barrett said, “Saratoga 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.”
National Grid Director, Customer and Community Management Laurie Poltynski said, “SEDC has been a leader in innovation and economic development for four decades with National Grid investor support. We remain mission-aligned in supporting robust economic development and growth opportunities for our service areas. National Grid has been working directly with the team at SEDC for more than a year to help facilitate this exciting new initiative.”
Initiated by SEDC, SPARK Saratoga is the County’s only entrepreneur incubator and small business accelerator and will 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 sf space. 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 the City of Saratoga Springs.
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.
Already this year, EDI2 member recruitment has begun, including at SEMI’s Industry Strategy Symposium. In a few weeks at Semicon West, program partners plan to market EDI2 to potential members and with industry thought leaders. It is anticipated that the operational launch of EDI2 will be January 1, 2020.
Ultimately, SEDC through EDI2 Saratoga, presents a creative approach to strategic economic development opportunities and job growth. EDI2 is anticipated to create 15-20 direct jobs in year one, with a potential to create over 100 jobs in 5 years. In the United States, 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.
About Saratoga Economic Development Corporation (SEDC) – 40 Years of Community-led Success
SEDC is a fully private investor led, non-profit consulting firm established in 1978 that works to retain existing businesses, while stimulating new investment to create more jobs in Saratoga County and the Capital Region of New York. 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. SEDC accomplishes this through the promotion, retention and growth of existing business, new industry, workforce readiness and overall market competitiveness. Celebrating more than 40 years of success, SEDC continues to work with nearly 300 employers. Projects like Ball Metal Container, QUAD/Graphics, AgroChem, PeroxyChem, Greenfield Manufacturing State Farm Insurance, Target and Ace Hardware distribution warehouses and the 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, the county’s only entrepreneur 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 promote advance electronic and integrated circuit (semiconductor chip) design, accelerated commercialization and workforce development.
About EDI2 Saratoga
EDI2 Saratoga (pronounced EDI Squared) is an exciting initiative being implemented in Saratoga County and New York’s Capital Region. EDI2 – the Electronic Design and Innovation Initiative – will link entrepreneurs, students and industry leaders in an entrepreneurial environment that fosters creative new design of integrated circuits and electronic systems. In June 2019, Saratoga Economic Development Corporation (SEDC) announced the next step in their bold initiative to empower leading edge integrated circuit and electronic system design in Saratoga County and New York’s Capital Region. This industry cluster, to be supported SEDC’s SPARK Saratoga accelerator and the EDI2 Saratoga, announced a new strategic partnership with Silicon Valley-based Cadence Design Systems, Inc. (Cadence). In addition, EDI2 Saratoga will feature first-in-the-nation academic and workforce development programs, to foster digital productivity applied across all major industry sectors for the 21st century. Learn more at www.EDI2Saratoga.com