 In December 2014, New York State announced a $50 million venture-capital fund to encourage enterprises working in biotechnology and advanced materials; according to Governor Andrew Cuomo, the seed money would facilitate entrepreneurs in bringing their research into the marketplace.On December 19, 2011, then Mayor Michael R. Bloomberg announced his choice of Cornell University and Technion-Israel Institute of Technology to build a two billion dollar graduate school of applied sciences on Roosevelt Island in Manhattan, with the goal of transforming New York City into the world's premier technology capital.Albany, Saratoga County, Rensselaer County, and the Hudson Valley, collectively recognized as eastern New York's Tech Valley, have experienced significant growth in the computer hardware side of the high-technology industry, with great strides in the nanotechnology sector, digital electronics design, and water- and electricity-dependent integrated microchip circuit manufacturing, involving companies including IBM and its Thomas J. Watson Research Center, and the three foreign-owned firms, GlobalFoundries, Samsung, and Taiwan Semiconductor, among others.