Flaky or the Future? Photonics Slow Off the Ground in Rochester

Flaky or the Future? Photonics Slow Off the Ground in Rochester

Overview

By TWC News Web Staff

ROCHESTER, N.Y. — Rochester’s goal to become the photonics hub of the country is having trouble getting off the ground.

Earlier this month Empire State Development pulled the plug on California based Photonica’s plan to bring hundreds of millions of dollars in investments and 400 jobs to the area.

ESD says the company did not meet certain criteria nor was its research far enough along for significant investment by the state.

Gov. Cuomo has been a strong supporter of the photonics industry coming to Rochester and he addressed the Photonica decision in Rochester Tuesday.

“It’s like companies that invest in a stock portfolio,” Cuomo said. “You buy 100 stocks. Not every stock goes up. Some stocks go down. Some stocks were a mistake. That is the nature of the enterprise. It’s a very competitive market out there so it’s not unusual and frankly it shows ESD is doing its job.”

Cuomo highlighted the new $10 million photonics venture challenge in Rochester to help push companies to invest in the area.