THE INCUBATOR HOTSPOT BILL PASSED THE ASSEMBLY

A10105 (Schimminger) - Relates to the New York state business incubator and innovation hot spot support passed the New York State Assembly last night.

NOW THAT THE BILL HAS PASSED THE ASSEMBLY, IT STILL NEEDS TO PASS IN THE SENATE. PLEASE CONTACT YOUR SENATOR AND ASK THEM TO MAKE SURE THEY PASS S.7961 (Ranzenhoffer)- The Incubator Hotspot Fix Legislation!!!

BACKGROUND:

The New York State Innovation HotSpot Program has been an extremely successful program in attracting and retaining start up tech companies to New York State. The Hot Spot Program is sometimes confused with another program in New York State, StartUP NY, but it is in fact a completely separate program. In order to create a Hot Spot Regional Program, it has to be initiated by an incubator that is in the Certified Incubator Program of ESD. The Certified Incubator can sign memorandums of understanding with other incubators in their region to extend some of their program and benefits of the HotSpot program to those incubators and the companies in those incubators.

Unfortunately due to human error the manner in which the original legislation was implemented, the interpretation has erroneously been deemed to exclude the companies located in the original Certified Incubator that created the Hot Spot Region.

There are companies all across the State who moved into a Certified Incubator specifically to be part of the program and have now been denied entry. Even though this is counter-intuitive to the intent of the original legislation setting up the Certified Incubator Programs in New York State and the Hot Spot Programs,

If you have any questions or suggestions feel free to call me at: 518-689-0553. Or email me at: [email protected]