What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
1 Co-sponsor
History
- Referred to commerce, economic development and small business
- Referred to commerce, economic development and small business
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3203
Title of bill
An act to amend the public authorities law, in relation to the New York incubator network
Purpose
Creates the New York Incubator Network, allowing the Foundation for Science, Technology and Innovation (NYSTAR) to provide financial support to foundation designated business incubators.
Summary of provisions
Section 1: Legislative intent.
Section 2: Amends § 3102-h of the public authorities law by creating the New York Incubator Network, allowing NYSTAR to designate a university, university-affiliated research institute or a consortium of such institutions as an incubator and allows the foundation to provide financial assistance for operating purposes.
Section 3: 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 grant from NYSTAR for qualifying operational expenses.
Legislative history
2011-12: S.3512 - Commerce, Eco Dev, & Small Business
Fiscal implications
To be determined.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.