The latest improvement in New York State’s business world is the decision of Governor Andrew Cuomo to implement a $500 million broadband program. For this purpose, New York State has invited applicants for the first phase. The sole purpose of the plan is to facilitate high-speed internet to every place across the state.
The primary reason for rallying behind such an innovative program is to facilitate options for businesses to expand globally. High-speed internet is compulsory for business growth and probably the New York State government wants to attract new businesses. Hence the proposal is set to be welcomed in all circles.
Broadband has turned into a necessity from a luxury in the modern world. Broadband has modified the standards of business, education, public safety, healthcare, energy and many crucial sectors. Furthermore, business applications are becoming complex with each passing day as the need for sophisticated data storage and access is rising gradually.
Need of High-Speed Internet:
- The findings of recent surveys suggest that 80% of aspiring job seekers look up online resources for finding jobs, and around 85% college applications are acquired through the internet.
- Despite such urgency for the internet, 2.5 million houses are unable to access or have limited access to high-speed broadband.
- A survey of economic developers in 2014 pointed out to the fact that the minimum internet speed required to invite and grow businesses is 100 Mbps.
- The facts point out towards the down side since7 million New York residents, and 113000 businesses cannot avail internet speeds of 100 Mbps.
- This factor can be a huge blockade in the domain of business in New York.
- The governor of New York State, Andrew Cuomo invited applications for consolidated funding to support the project in the first phase of the project.
- Non-profit companies, profit companies, public sector firms, governments and private sector companies have been invited to take part in the program.
- The program will be aimed at facilitating 100 Mbps internet speeds in the majority of places and 25 Mbps download speed in remote areas.
- The intention of the program is to facilitate high-speed internet access to inhabitants of New York by 2018.
- The governor’s office reported a merger between Charter Communications and Time Warner Cable, which would be assisting the cause of enhancing access.
The conditions for availing funds from the program are:
- Projects must be concerning areas which do not have internet access or require higher speeds of internet.
- Applicants are required to give a mandatory co-investment.
- The projects must remain stable in providing internet speeds as per the governor’s stipulations.
- The deadline for project implementation is 31st December 2018.
- Applicants should provide a practical description of their monetary and management efficiency.
Eligible firms will be assigned funds by reverse auction methodology. Participants who will offer the least offer of state investment will be given priority and projects will be awarded to them. The projects will be awarded through the Regional Economic Development Council. The last date for applications for the first phase has been set for April 15 this year.