Business incubation figures prominently in Governor Andrew Cuomo’s recent State of the State address. Here are some of the proposals made by the governor in the economic-development section of his speech:
- creating tax-advantaged “Innovation Hot Spots” that will function as flagship incubators for university-generated innovations, in each of the state’s 10 economic regions.
- creating an Innovation NY Network to promote collaboration among academic researchers, entrepreneurs, investors, and service providers.
- creating a new, state-financed $50 million Innovation Venture Capital Fund to invest in incubator-stage spin-offs and other startups.
- creating a $1 billion Green Bank to promote adoption of clean-energy/cleantech innovation.
The initial co-chairs of the Innovation NY network all have direct experience with business incubation:
- Dr. Jim Simons, the hedge-fund entrepreneur, a former mathematician who actually started his entrepreneurial career at the Long island High Technology Incubator, the flagship facility of our supporting member the Stony Brook University Incubator Program;
- Dr. David Skorton, the president of Cornell University, which operates our member incubator the McGovern Family Center for Venture Development in the Life Sciences. Dr. Skorton, who chaired former Gov. Paterson’s task force on higher-ed/university partnerships, is known for his support of academic-affiliated incubators throughout his entire career.
- Dr. Tim Killeen, the president of the SUNY Research Foundation, which oversees the university-affiliated corporations that in turn manage several SUNY-affiliated incubators that are members of our association.
We warmly appreciate Gov. Cuomo’s interest in the issues that affect successful business incubation statewide. For more information, see Gov. Cuomo’s State of the State Address and accompanying press material.