Creates the technology commercialization partnership program and removes the incentive program from the research development program

BILL NUMBER:S7290

Title of bill

An act to amend the economic development law and the executive 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 Division of Science, Technology, and Innovation would designate competitively selected Technology Commercialization Partnerships consisting of New York State academic research institutions, including universities, Centers for Advanced Technology, and Centers of Excellence. The Division 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. Partnerships would be required to report annually to the Division on the use of funds and outcomes including job creation, and the Division would be required to annually provide a summary and evaluation of the reports submitted by the Partnerships as well as an evaluation 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 Division. 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 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 and A.251A of 2008-09.

Fiscal implications for state and local governments

None expected.

Effective date

Sixty days following enactment.