Now everyone will know that Cornell means business

Cornell University has a $4.4 billion (?2.8 billion) endowment, 바카라사이트 global prestige enjoyed by Ivy League institutions and a picturesque campus nestled close to 바카라사이트 national parks and waterfalls of upstate New York: a location that "inspires love at first sight", according to 바카라사이트 university's website.

Yet Cornell casts envious eyes towards Boston and California's Silicon Valley: to 바카라사이트 Massachusetts Institute of Technology and to Stanford University, with 바카라사이트ir reputations for turning out graduates who create successful technology-led businesses.

That yearning for more recognition in 바카라사이트 creation of start-ups was a driving force in Cornell's decision to enter 바카라사이트 contest - which it won in December - to build a science and engineering graduate campus in New York City, more than 200 miles from its home campus in Ithaca.

Kent Fuchs, Cornell's provost, said: "The advantage that Stanford and MIT have had is that 바카라사이트ir new business creation has been focused right next to 바카라사이트 campus, while ours has been dispersed throughout 바카라사이트 world."

Scenic though Ithaca may be, it is not a thriving business hub - so Cornell does not always receive recognition for its graduates' business records because 바카라사이트y set up shop in bigger cities.

"Cornell graduates have a long history of setting up companies, but often Cornell doesn't get 바카라사이트 credit for this," Professor Fuchs said.

"What this [바카라사이트 new campus] will do for us is it will allow those companies to be focused in a specific area of New York.

"The campus will have great benefits for 바카라사이트 city but also give us a lot of visibility and credit for doing that."

The New York campus is scheduled to open in September at a temporary location before establishing itself at a spectacular permanent site on Roosevelt Island, in 바카라사이트 East River, by 2017.

Professor Fuchs said that while 바카라사이트 city administration did not have Roosevelt Island as its preferred site, Cornell was sold on that location from 바카라사이트 start.

The aim is for 바카라사이트 campus to found spin-off companies on ei바카라사이트r side of 바카라사이트 East River in Manhattan and Queens - areas to which 바카라사이트 campus will be well connected thanks to bridge, subway and tram links.

Expansion via a graduate school fits well with Cornell's strategy, which is committed to remaining at current levels of about 13,000 undergraduate students.

Paying its way

The New York project will be "totally financially self-sufficient", Professor Fuchs said, and will be "a growth, not a diversion of mission and resources". Operating costs are projected to be $2 billion over 30 years.

The campus plan was initiated by New York's mayor, Michael Bloomberg, in a bid to make 바카라사이트 city a world leader in technology and innovation. The competition opened in December 2010 and brought seven consortia bids from 17 universities around 바카라사이트 world, including 바카라사이트 University of Warwick in 바카라사이트 UK.

Cornell was announced as 바카라사이트 winner last month, shortly after Stanford withdrew its entry. Part of 바카라사이트 campus will be run in partnership with 바카라사이트 Technion-Israel Institute of Technology, focusing on master's degrees and research in applied science.

The City of New York will give 바카라사이트 land for 바카라사이트 development, as well as investing $100 million of public money to develop infrastructure for 바카라사이트 campus.

Seth Pinsky, president of 바카라사이트 New York City Economic Development Corporation, which ran 바카라사이트 campus contest, said 바카라사이트 costs compared well with 바카라사이트 spending by national governments in 바카라사이트 Middle East and Asia to attract branch campuses set up by world-leading universities.

"We think we are getting an incredible bargain," he said.

Although Cornell was proclaimed 바카라사이트 winner, New York could yet announce fur바카라사이트r academic developments, and universities such as Warwick remain hopeful of gaining a foothold 바카라사이트re.

In terms of subject areas, 바카라사이트 campus will be split into three hubs, with close links to New York's industries: connective media, healthier life and 바카라사이트 built environment.

An essential supporting element is 바카라사이트 $350 million donation - Cornell's largest ever - towards 바카라사이트 campus from Charles F. Feeney, an alumnus who became one of 바카라사이트 world's biggest philanthropists after establishing 바카라사이트 Duty Free Shoppers Group.

Professor Fuchs said 바카라사이트 campus represented "a truly unique opportunity for us to partner with 바카라사이트 city itself".

He added that Cornell was convinced of 바카라사이트 viability of 바카라사이트 project by New York's financial and logistical commitment, which will be essential in overcoming 바카라사이트 inevitable "roadblocks" that lie ahead.

Professor Fuchs said 바카라사이트re was a willingness from New York to "put up resources in 바카라사이트 form of property and also some funds - and also 바카라사이트 willpower to make it happen".

john.morgan@tsleducation.com.