Innovation summit highlights New York’s growing space economy

BUFFALO, N.Y. — New York is looking to strengthen its position in some of the fastest-growing areas of technology. From semiconductors to artificial intelligence, the New York State Innovation Summit is bringing companies and industry leaders together in Buffalo to explore what comes next. But there may be one emerging sector that could create vast opportunities across the state.

The goal for the summit is to turn innovation into economic growth, and New York’s space industry could be one part of that equation. At this year’s summit, industry leaders are looking at what the state already has, where it can grow and what it will take to compete.

Now in its seventh year, NYS Innovation Summit Executive Director Elena Garuc said the summit showcases technologies that could shape New York’s economy.

“We always try to focus on clean tech, energy and innovation," said Garuc. "So, all of those technologies that are making things happen and making New York a more competitive place for job creation and economic impact.”

One area getting attention is the commercial space economy, an industry that extends well beyond rockets and astronauts. It includes everything from satellite technology to data analysis and the companies building the next generation of space systems. Empire State Development's Division of Science, Technology, and Innovation Executive Director Ben Verschueren said New York already has experience to build on.

“We have over 65 companies that supported the Artemis mission," said Verschueren. "And so the current mission is to get people back on the moon, which is already a huge New York contingent and capabilities that are going into this mission.”

Patrick Chase, co-founder and chairman of Empire Space, said the industry’s footprint is already significant with expertise and businesses spread across New York.

“We have a database of all of the space-related companies and organizations in the state," said Chase. "It's roughly 400 companies employing well over 50,000 people in all 10 regions of the state. So, it truly is statewide. It’s a huge economic impact, with hundreds of millions of dollars a year.”

But Chase said the challenge is connecting those capabilities, from university research to private companies and investors, so the state can compete for more growth.

“The biggest challenge facing New York's space economy is fragmentation," said Chase. "Sectors will kind of operate within their own little silo. You have the classical upstate, downstate, regional kind of fragmentation that happens.”

Verschueren said the opportunity is to turn that existing expertise into new partnerships and long-term investment, as well as make sure companies can start, grow and stay in New York.

“You basically look at the whole tech stack," said Verschueren. "We have it all in New York. So, a lot of it is really activating our ecosystem to understand a new opportunity for a lot of technologies that we’re already working on investing in.”

Chase said Empire Space wants New York to become one of the country’s top five states for the space industry. He also said progress can be measured by tracking whether more companies are launching and relocating to New York, and whether those businesses are creating more jobs. The two-day summit continues Wednesday.