BILL NUMBER: S5508
SPONSOR: PARKER
 
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 the public authorities law by adding a new section
3102-h 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 founda-
tion to provide financial assistance for operating purposes.
Section 3: Effective date.
 
JUSTIFICATION:
Business incubators can play an integral role in New York State's inno-
vation economy by providing start-up and early-stage companies with the
resources and technical know-how to become viable, independent compa-
nies. Incubators provide peer-to-peer learning and facilitate collabora-
tive 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 devel-
opment partners. Designated incubators would receive matching grant from
NYSTAR for qualifying operational expenses.
 
LEGISLATIVE HISTORY:
2023-24: S7893 - Referred to Internet and Technology
2021-22: S.5423 - Referred to Internet and Technology
2019-20: S.5015 Referred to Internetand Technology
2017-18: S.2196 REFERRED TO COMMERCE, ECONOMIC DEVELOPMENT AND BUSINESS
2015-16: S.2508 Commerce, EcoDev, & Small Business
2013-14: S.3203 Commerce, EcoDev, & Small Business
2011-12: S.3512 - Commerce, EcoDev, & Small Business
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately.