Establishes the empire virtual incubator program within the New York state office of science, technology and academic research

BILL NUMBER:S781

Title of bill

An act to amend the executive law, in relation to establishing the empire virtual incubator program

Purpose

This bill establishes the Empire Virtual Incubator Program within the NYS Office of Science, Technology and Academic Research.

Summary of provisions

The Executive Law is amended to create the Empire Virtual Incubator Program designed to assist entrepreneurs who are operating small business ventures in rural areas where for reasons of distance, population dispersal or scale of business venture, conventional business incubation and assistance programs are not feasible.

Justification

This legislation establishes a virtual incubator program - an economic development tool that brings entrepreneurship tools to rural areas where remote geography poses a challenge for delivery of business services. Recognizing that small businesses are a major economic driver in rural communities, the virtual incubator program provides value-added services to entrepreneurs such as business planning, strategic guidance on markets, analyzing proof of concept opportunities, support in reaching global markets, access to business mentors and management consulting.

Legislative history

2009-2010: S.4674 Referred to Finance Committee 2008: S.8063/A.10975 Reported from Finance Committee to Rules Committee

Fiscal implications

None.

Effective date

120 days after enactment into law.