Bill > S05508

This bill establishes a New York Incubator Network designed to support entrepreneurial development across the state by creating a structured program for designating and funding business incubators. The legislation authorizes the state foundation to designate ten incubators across New York's economic development regions, focusing on areas with significant potential for economic growth. These incubators must be affiliated with universities or research institutes and provide comprehensive support services to entrepreneurs during their start-up phase. To be selected, incubators must meet specific criteria, including having best practices for business entry and graduation, offering mentoring and advising services, securing substantial private funding, and demonstrating ability to collaborate with local and regional economic development partners. Each incubator will receive state funding for five years, with the requirement that they match state funds with private and other governmental sources. The foundation will evaluate incubators' performance, with the possibility of redesignation or replacement after the initial five-year period. Incubators must report annually on their activities, and the foundation will provide an annual report to state leadership detailing the program's progress, including information about tenants, achievements, financial statements, and external funding attracted. The primary goal is to support start-up and early-stage companies, retain intellectual capital, and promote regional economic development in New York.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S5508