Strategies released by NYS Regional Economic Development Councils all highlight incubation, innovation and entrepreneurship

Business incubators and associated innovation and entrepreneurship programming appear prominently in the strategic plans released by the 10 Regional Economic Development Councils appointed by Gov. Cuomo and chaired by Lt. Gov. Duffy. 

The 10 plans differ in approach and construction, but all follow a general outline. After being judged by the Governor’s team, these plans will determine the allocation of $200 million in capital funding (grants and tax credits) and influence the allocation of up to $1 billion in categorical grant support from diverse state offices and programs.

After the break are five summary tables showing:

  • Business incubators including many in our membership are among the key assets and regional strengths identified in many of the regional plans;
  • Every region’s strategies include (among other goals) support, expansion and better leverage of the existing business-incubation system;
  • About half the regions have made specific requests for capital funding for incubators and closely related infrastructure, among their priority projects;
  • The regional vision statements generally address some combination of innovation, entrepreneurship and inter-sectoral collaboration: precisely the strenghts of incubation;
  • Nearly every region proposes allied efforts in capital formation, emphasizing that incubation is not about buildings alone.

These findings are excerpted from long and complex documents and by no means represent the totality of the plans. However, if you see errors regarding the characterization of incubation, innovation and entrepreneurship, please do not hesitate to advise us via the site contact form. 


 

Assets/Strengths/Existing Conditions
Region Assets
Capital
  • “In the Capital Region there are 17 business incubators, including 10 college or university based incubators, which support the strong culture of entrepreneurship”
Central
  • “The Tech Garden has incubated 75+ companies, provided technical assistance to 500+ ventures, and incubated 100+ student entrepreneurs in the Student Sandbox.”
  • “The CleanTech Center operated by CenterstateCEO was named sixth on a top-10 list of ‘the world’s best cleantech cluster organizations’ in 2010;
  • “Since 2006, Syracuse University’s South Side Innovation Center has worked with minority entrepreneurs in providng them with business incubation development, education, market access, and credit assistance, using highly skilled trained professional counselors”
Finger Lakes
  • “The region has a well-established support infrastructure for early-stage companies, including HighTech Rochester and its LennoxTech Enterprise Center, the BioVenture Center. . . . RIT’s Venture Creations and the Upstate MedTech Center in Batavia also provide incubation and acceleration support for early-stage technology companies”
Long Island
  • “Commercialization facilities associated with these institutions now include the Broad Hollow Bioscience Park, a Cold Spring Harbor collaboration with Farmingdale State College, and the first two buildings in the Stony Brook Research and Development Park [including the clean-energy incubator capacity at] the Advanced Energy Research and Technology Center (AERTC). They already are proven models, demonstrating the enormous potential of using public-private partnerships to commercialize new technologies, collaborate with established companies in R&D and foster the growth of start-ups.”
Mid-Hudson

 

Mohawk Valley

 

New York City
  • “The city has launched nine incubators that provide low-cost startup spac eto companies: four in the tech sector (NYU Polytechnic. . . .) . . . two in the food sector . . . one in media . . . and one for the arts. . . “
North Country

 

Southern Tier  
Western  
Goals/Strategies
Region Goals/Strategies
Capital
  • “Fund start-up and early-stage companies through the collective efforts of our Region’s business incubators…” 
Central
  • “Sustain the Cleantech Center at the Syracuse Tech Garden”
  • “Create industry specific resources, like a regional bio-incubator and entrepreneurial acceleration program, through the continued build-out of the Biotechnology Research Center”
Finger Lakes
  • “Strengthening and expanding (both in terms of capacity and geographic reach) the region’s network of incubation and acceleration facilities and business support and networking services”
Long Island
  • “Enhance and develop mult-faceted, interdisciplinary facilities aimed at incubating and accelerating the commercialization of innovative products generated at the region’s premier research institutions, by linking cientists, engineers, health and medical professionals to entrepreneurs and small businesses.”
Mid-Hudson
  • “Establish a life science ‘incubator’ in the region that offers startup firms low-cost, well-equipped lab space, as well as business support and access to broader biological research infrastructure”
  • “Offer incubation and support for early-stage development and innovation projects, especially SMBs, start-ups, veteran-owned, minority-owned and women-owned businesses.”
Mohawk Valley
  • “Expand the Griffiss Institute Business Accelerator to augment the investment of technology and infrastructure that will support small business development and technology transfer opportunities through applications in cybersecurity”
New York City
  • “The regional council will work with EDC [the New York City Economic Development Corporation] to expand incubator activity to other industries and communities”
North Country
  • “Expand the Business Incubator program located in Potsdam to better support the entire region”
Southern Tier
  • “Strengthen university economic-development partnersships. This includes new synergistic relationships between businesses and universities; enhancing technology transfer; creation of incubators; creating apprenticeships; promoting smlal businesses that evolve from universities;. . . “
Western
  • Develop best practice incubators throughout WNY
  • Establish the Center for Innovation in Medicine [including incubation components] on the Buffalo Niagara Medical Campus

 

Incubator-related funding requests
Region Project requested for support
Capital  
Central $1.95 million for completion of CNY Biotechnology Reseach Center + $3.6 million for preparation at adjacent site at Kennedy Square
Finger Lakes $7 million for the Finger Lakes Business Accelerator Cooperative, an interconnected hub-and-node incubator network (including Excelsior tax credits)
Long Island $500,000 for a feasibilty study for Agri-Park adjacent to Stony Brook Calverton incubator
Mid-Hudson $11 million for a New York Medical College Biotech Incubator Center for Advanced Research and Economic Development
Mohawk Valley $392,500 for expansion of Griffiss Institute Business Accelerator; $100,000 for Regional Entrepreneurship Sandbox program; and $11.8 million for further development of Griffiss Business & Technology Park, which is anchored in part by the Griffiss Institute incubator/accelerator
New York City  
North Country  
Southern Tier  
Western  

 

Excerpts from Vision Statements
Region Vision statement excerpts
Capital “. . . our vision is to foster an ecosystem in which the private sector, academia, and government work in harmony to stimulate economic growth. . . . “
Central “Innovation and collaboration are central to the creation of opportunity for all who live and work in Central New York. . . .”
Finger Lakes “. . . we seek to become a national leader in innovation and commercialization with the long-term goals of increasing job creation at a rate that exceeds national levels. . . . “
Long Island “[our] vision for long-term economic growth is characterized by increased collaboration among academia, the private and public secdtors and labor to protect and grow our advanced manufacturing base while encouraging innovation. . . .”
Mid Hudson “. . . . creating a competitive, pro-business climate that cultiveates a high skilled, diverse workforce; encourages investment; nurtures entrepreneurism; promotes academic excellence and scientific discovery; fosters cluster development. . . “
Mohawk Valley “. . . a diverse, integrated and dynamic economy that capitalizes on technology and innovation to drive collaboration, inclusiveness, and efficiency in all endeavors; that is regionally networked and globally connected. . . .”
New York City “New York City seeks to . . . generate improvements in quality of life for its residents through the creation of good jobs, and better leverage its academic and corporate assets in the technology-driven growth sectors of the 21st-century economy”
North Country “. . . engage our micropolitan cities, building on growth in the aerospace, transit equipment, defense, biotech and manufacturing industries . . . attract and nurture entrepreneurial pioneers to cultivate innovative clusters in our rural communities . . . catalyze the highest per capita rate of small business start-ups in the state”
Southern Tier “Our focus will be on increasing the size and prosperity of the region’s workforce through new business creation based on high technology discoveries and other entrepreneurship activities”
Western “We will create a region . . . where entrepreneurs and businesses want to invest their time and capital”

 

Related venture recommendations
Region Related venture recommendations
Capital Foundation for Success (Revolving) Loan Fund
Central Innovate Upstate Fund
Finger Lakes Empire State Accelerated Innovation Fund at Eastman Business Park
Long Island Accelerate Long Island (commercialization center)
Mid Hudson  
Mohawk Valley Mohawk Valley Ventures (in addition to Regional Revolving Loan Fund and Microenterprise Grant Fund)
New York City General-purpose support for NYCSeedStart accelerator program associated with NYCSeed
North Country Seed capital investment fund
Southern Tier Rural Initiative Venture Fund
Western JumpStart (W)NY venture development initiative

 

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