A new bill to recognize business incubators for adherence to best practice and make them eligible for financial support has been introduced in the state Senate. The Business Incubator Support Act (S-4078) was introduced by Senator Martin Golden (R,C,I-Brooklyn), the recently named chairman of the Senate’s Select Commitee on Science, Technology, Incubation and Entrepreneurship.
The bill sets up a system to encourage development of a wide range of incubator types and recognizes for the first time the state’s interest in supporting operational excellence, backed by regular reporting and accountability on economic outcomes. As such, this bill represents a completely new approach to the state’s interest in a robust business-incubator system statewide, and our board of directors has endorsed it.
The bill is also referenced in the state Senate’s budget resolution, which means it will be part of ongoing negotiations between the two chambers of the Legislature and Governor Andrew Cuomo, who has proposed funding for a Innovation Hot Spot program to recognize and support one flagship incubator in each economic region. In our view, the two approaches are complementary and we hope for a negotiated outcome that achieves maximum impact from both approaches.
The full text of S-4078 is available here. We thank the sponsor and co-sponsors for their commitment to business incubation as one component of a balanced state economic-development strategy.