Israel's Technion Leading Contender to Set Up New York Tech Campus

Technion and Cornell have partnered up in bid to set up tech campus under an initiative launched by New York Mayor Michael Bloomberg to allow his city to compete with Silicon Valley.

The Technion and Cornell are leading contenders to set up a technological campus in New York City under an initiative launched by mayor Michael Bloomberg, after a strong competitor, Stanford, dropped out of the running on Friday.

Cornell's president, David Skorton, said the university had received a $350 million donation to fund the campus, its largest ever donation.

There are five remaining candidates, but only the Technion and Cornell are vying to build a campus on Roosevelt Island, a site preferred by city hall.

The initiative is designed to enable New York City to compete with Silicon Valley.

The planned research center is intended to focus on engineering and applied science, and will award master's and doctoral degrees.