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Sponsors
14 Co-sponsors
History
- Reported referred to ways and means
- Reference changed to economic development
- Print number 9469a
- Amend and recommit to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Creates the technology commercialization partnership program and removes the incentive program from the research development program
In Senate Committee · Rules · Sponsor David J. Valesky
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A9469A
Title of bill
An act to amend the public authorities law and the exec- utive law, in relation to creating the technology commercialization partnership program and removing the incentive program from the research development program
Purpose Or General Idea Of Bill: To create a fund for the purposes of assisting in the collaboration between the private sector and the state's academic research institutions to commercialize technologies in New York.
Summary Of Specific Provisions: The Foundation would designate competi- tively selected Technology Commercialization Partnerships consisting of New York State academic research institutions, including universities, Centers for Advanced Technology, and Centers of Excellence. The Founda- tion would then make grants to the Partnerships in amounts between five hundred thousand and one million dollars. Each Partnership would then make technology commercialization awards on a competitive basis for the purpose of assisting the development of commercially promising research discoveries in New York State in collaboration with technology-based economic development organizations. Awards would go to researchers at New York State academic research institutions working in collaboration with a private sector entity for the purpose of commercializing the research; entrepreneurs seeking assistance from New York State academic research institutions; and existing companies with fewer than 250 employees working with researchers at New York State academic research institutions. The awards could be used for such things as laboratory equipment related to the project; designing, prototyping, and testing; and incorporation-, patent- and license-related and market research expenses. Partners hips would be required to report annually to the Foundation on the use of funds and outcomes including job creation, and the Foundation would be required to annually provide a summary and eval- uation of the reports submitted by the Partnerships as well as an evalu- ation of the performance of the Technology Development Partnership Fund.
Effects Of Present Law Which This Bill Would Alter: This fund would replace the existing incentive program within the foundation, Section 209-p of the executive law is amended to reflect the elimination of the incentive program.
Justification: There is a need for early stage commercialization assistance in New York State. State-sponsored research has supported the invention of numerous ideas and products that could greatly benefit society, but many of these inventions are never commercialized because New York universities, entrepreneurs at or associated with these univer- sities, and many small business owners in New York State often do not have the resources or experience to develop their scientific discoveries beyond the conceptual stage. Such assistance is frequently not available from market sources, such as venture capitalists and banks, at such an early stage of product development. A program of state assistance is needed to enable the successful commercialization of promising
inventions and technologies. By assisting entrepreneurs to "bridge the gap" from having an idea to creating a commercialized product, the State will help to spur job growth and economic activity in New York State. Furthermore, the brilliant ideas created in our universities and other research institutions would become available for widespread public bene- fit.
Prior Legislative History: Similar to A.390A of 2007-08 and A.251A of 2008-09.
Fiscal Implications For State And Local Governments: None expected
Effective Date: Sixty days following enactment
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.