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Sponsors
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History
- Substituted by A251A
- Ordered to third reading cal.884
- Committee discharged and committed to rules
- Print number 2289a
- Amend (t) and recommit to finance
- Reported and committed to finance
- Referred to commerce, economic development and small business
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 a regional technology commercialization fund and grant program in the New York state foundation for science, technology and innovation
Vetoed · Sponsor William Magnarelli
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the public authorities law, in relation to creating a regional commercialization technology fund in the New York state foundation for science, technology and innovation; and to amend the executive law, in relation to the research development plan
Purpose or general idea of bill
To create a fund to assist early-stage commercialization of new technologies in New York State.
Summary of specific provisions
Awards would be made competitively to academic research institutions, regional technology development corporations, centers of advanced technology or other technology-based economic development organizations. Each proposal would be awarded between five hundred thousand and one million dollars. These regional entities would then award grants to research entities for early stage commercialization; start-up companies for commercialization of property licensed from State research entities; and, on a matching basis, to small business cooperating with research institutions to translate promising discoveries into commercially viable products. Grants would not exceed one hundred thousand dollars.
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 and regional entities, aware of the strengths and potentials in their own economies, are well-suited to determine how to optimize the effectiveness of these awards. 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 universities, 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 benefit.
Prior legislative history
Similar to A.390A of 2007-08
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.