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History
- Reported and committed to finance
- Referred to commerce, economic development and small business
Companion bill
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Establishes the New York incubator network
In Assembly Committee · Economic Development · Sponsor Robin Schimminger
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6860
Title of bill
An act to amend the economic development law, in relation to establishing the New York incubator network
Purpose
Creates the New York academic incubator network, allowing the Division of Science, Technology and Innovation (d.b.a. NYSTAR) to provide financial support to Department of Commerce designated business incubators affiliated with a New York State sited university or college.
Summary of provisions
Section 1: Legislative intent.
Section 2: Creates a new section 361 of the Economic Development Law by creating the New York Incubator Network, allowing NYSTAR to designate a college or university, college or university-affiliated research institute or a consortium of such institutions as a certified academic incubator and allows the Division to provide financial assistance for operating purposes.
Section 3: Fiscal Statement.
Section 4: Effective Date.
Justification
Business incubators can play an integral role in New York State's innovation economy by providing start-up and early-stage companies with the resources and technical know-how to become viable, independent companies. Incubators provide peer-to-peer learning and facilitate collaborative business development through leveraging of resources, client networking and implementing industry best practices.
While many New York State incubators receive start-up funding through federal grants, local community assistance and other State programs, there are currently no programs that provide operating support that incubators can depend on from year to year to develop operational capability as well as provide necessary continuity in terms of business development services for companies that are tenants of the incubator.
NYSTAR will establish eligibility criteria for admission to the New York Incubator Network based on an incubator's ability to conform to industry best practices, leverage private and other non-state government funding, and collaborate with other local, regional and statewide economic development partners. Designated incubators
would receive matching grants from NYSTAR for qualifying operational expenses.
Legislative history
This is a new bill.
Fiscal implications
The bill authorizes ESDC to expand up to $250,000 in support of the network.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.