ALBANY, N.Y. (CBSNewYork) — New York Gov. Andrew Cuomo on Sunday announced a privately-supported $15 million fund to support the involvement of women and minorities businesses in the burgeoning nanotechnology industry.

The fund is part of the Global 450 Wafer Consortium, which is headed at the College of Nanoscale Science and Engineering in Albany. It will support education and training programs to encourage opportunities for women and minorities in computer chip technology in New York State, including minority- and women-owned business enterprises.

Cuomo’s announcement of the new fund came as construction nears completion on the new G450C headquarters in Albany, called the NanoFab Xtension, or NanoFab X. The project was completed with Cuomo’s goal of 20 percent minority- and women-owned contractor participation.

Altogether, the College of Nanoscale Science has worked with more than 50 minority- and women-owned contractors on the project.

But the new fund will provide for opportunities beyond just construction projects.

“This $15 million fund created by leading tech businesses who have chosen New York State to invest in next generation computer chip manufacturing will help create opportunities for students and workers from underrepresented groups to be a part of the state’s rapidly growing nanotechnology sector,” Cuomo said. “The College of Nanoscale Science and Engineering has led the way in helping create a high-tech workforce here in New York, and I commend all the corporate partners who joined together to launch this fund that will help ensure the diversity of New York is represented in the nanotech sector.”

The fund us supported by Intel, IBM, GlobalFoundries, TSMC and Samsung, which are collectively investing $4.4 billion in G450C. It will support the implementation of a variety of education and training programs in nanotechnology, from elementary education to master’s and doctorate programs.

The fund will also set up an attraction and recruitment program for women and minorities who plan to go into nanotechnology.

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