Our member incubators gain Innovation Hot Spot status and major capital awards in the state’s fourth Regional Economic Development Council competition

Four of the five regions winning state-designated Innovation Hot Spots in the latest round of the Regional Economic Development Council competition went to our member incubators or consortia involving them. These awards carry the ability to grant certain tax-exemptions to qualifying incubator tenant/clients, and also $250,000 operating grants from the NYSTAR division of Empire State Development. For the full list of awards, see the booklet here. Here are the awards that involve our members:

  • In the Mohawk Valley, our member thINCubator, a project of SUNY’s Mohawk Valley Community College, won the award;
  • In the Mid-Hudson Valley, our member BioInc@NYMC, a project of New York Medical College, won the award;
  • In the Capital Region, a consortium coordinated by SUNY Albany and also involving our members CEG Innovation Center and RPI Emerging Ventures Ecosystem won the award, and we expect the Hot Spot itself to join us as a member;
  • On Long Island, the Long Island High Technology Incubator (LIHTI) at our member the SUNY Stony Brook Incubator Programs won the award; and
  • In New York City the award went to the CUNY Innovation Hub, which we expect shortly to join our membership ranks.

The REDC process also resulted in major capital awards to our members the Ceramics Corridor Innovation Centers ($300,000 for a manufacturing-oriented facility in Chemung County), and High Tech Rochester ($5 million for consolidation in downtown Rochester of its regional Finger Lakes Business Accelerator Cooperative). Here is some news coverage of that awards:

  • Governor Andrew Cuomo’s news release, which describes the funding that will permit HTR’s accelerator actitivites to occupy the top floor of the renovated former Sibley’s department store; 
  • Coverage in the Rochester Business Journal, which adds detail on the facility: a 68,000 square-foot incbuator with space for both “tech” and biotech startups, a 100-seat auditorium, and a roof deck; and
  • News release and fact sheet from HTR itself, which also discuss plans for HTR’s existing Lennox TEC incubator in Henrietta and the new incubator’s connection to the growing Rochester Downtown Innovation Zone. 

Warmest congratulations to all our members who did well in the fourth REDC round, welcome to our planned new members, and thanks to the State of New York, the Governor, and the Legislature for renewed strong support of business incubation and related activities. 

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