New York S05508 establishes a statewide network of university-affiliated business incubators to support start-up and early-stage companies.

New York S05508 amends the public authorities law to create a network of university-affiliated business incubators. The New York State Foundation for Science, Technology and Innovation will designate up to ten incubators based on criteria such as best practices, entrepreneurial mentoring, and private funding capacity. Incubators will receive financial support to enhance their development. The foundation will evaluate incubators and may withdraw support if deficiencies are not remedied. The foundation will also make annual reports to the governor, legislative committees, and fiscal committees.

New York S05508 establishes a statewide network of university-affiliated business incubators to support start-up and early-stage companies.

New York S05508 amends the public authorities law to create a network of university-affiliated business incubators. The New York State Foundation for Science, Technology and Innovation will designate up to ten incubators based on criteria such as best practices, entrepreneurial mentoring, and private funding capacity. Incubators will receive financial support to enhance their development. The foundation will evaluate incubators and may withdraw support if deficiencies are not remedied. The foundation will also make annual reports to the governor, legislative committees, and fiscal committees.