Relates to allocation of monies under the NYS innovation venture capital fund

1 Co-sponsor

• Phil Boyle

BILL NUMBER:S3903

Title of bill

An act to amend part JJ of chapter 59 of the laws of 2013 relating to establishing a New York state innovation capital fund, in relation to allocation of monies under such fund

Purpose

To continue the development of entrepreneurship programs targeted to biomedical and biotech programs in New York State

Summary of provisions

Section 1. Adds new language to part JJ of Chapter 59 of the laws of 2013, which created the venture capital fund, to divert a portion of new monies to technology transfer and faculty development programs under subdivisions three and five of section 209-p of the executive law.

Existing law

New bill.

Justification

Last year the legislature revitalizes the technology transfer and faculty development programs under ESDC, programs which had not been funded for some years, and provided a small amount of money essentially as a door opener to further discussion. the program are vitally important to the quality of biotech and biomed research in New York, and thus to employment, investment, business development, and invention. This year the Governor proposed a significant increase in the VC fund. This measure would divert a portion of that increase to the programs. It makes little sense to expand new programs when the infrastructure for older programs necessary to support them is insufficient.

Fiscal implications

None in the current year, as this simply allows for a sharing of funds. In future years 50% of new funds allocated to the VC fund would go the the tech transfer and faculty development programs.

Effective date

Immediate.