You can check out the moments of the speech related to New York's innovation economy below, or you can read the entire transcript.
2:45 p.m. "It's a time of national transition. New York must lead once again. Make January 5th, 2011, the day that the Empire State strikes back," Cuomo says in his final point.
2:41 p.m. Cuomo believes NY has a "bright future in green jobs." He's proposing a $100 million competitive grant fund.
2:30 p.m. Cuomo wants to reform education funding. He wants a portion of the education aid to create incentives that reward school districts that improve student performance.
2:21 p.m. Regional councils will coordinate Empire State Development economic development money, and will compete against other county councils for cash with their job plans.
2:19 p.m. Former Rochester mayor Bob Duffy will chair regional economic development councils, to "empower" communities to "help themselves."
2:17 p.m. Cuomo's office has released his "transformational plan for a new NY."
2:10 p.m. "You can never solve a problem if you refuse to acknowledge it," Cuomo says. "Upstate is truly and economic crisis. Upstate grew about 1.7 percent. The national average is 2.7 percent. The sate of New York spends too much money. It that blunt and it is that simple. The deficit this year is large, $10 billion."
Cuomo says we need a new approach and a new perspective. "We are going to start by transforming New York's economy." Cuomo says private sector jobs made New York the Empire State and that's what he says is going to bring New York back.
First, he wants to create a regional development councils. They will work with state agencies to allocate resources to create jobs.
Second, the people of New York cannot afford to pay anymore taxes, Cuomo says. He calls New York the tax capital of the nation and that has to stop.
2:05 p.m. Governor Cuomo takes the stage.
1:58 p.m. Senate Majority Leader Dean Skelos takes the podium next. He thanks the crowd and the various dignitaries in the Convention Center.
1:55 p.m. Silver continues by saying the innovation economy is the key to the future.
1:50 p.m. Assembly Speaker Sheldon Silver is the first to address the crowd of nearly 2,000 people inside the Convention Center. He says yes, "we all can make Albany work together and we will work together. We must work hand in hand to resolve our immediate fiscal crisis and deliver a better government that all New Yorkers deserve. We have a budget gap to close. Difficult choices must be made," Silver says. He wants to work together to cap property taxes and reform state government.
1:35 p.m. Governor Andrew Cuomo just walked up on the stage to deliver his speech.
1:10 p.m. Students from all 62 counties in New York State are on stage waiting for the governor to arrive. One from each county was chosen to represent all corners of the state. Some Senators and assembly members are also seated inside the Convention Center. Governor Andrew Cuomo is on his way according to his staff.