Innovate 518, the state-designated Innovation Hot Spot for the Capital Region, has joined BIA/NYS as our newest member. Headquartered at SUNY’s University at Albany, Innovate 518 is also a partnership with the Rensselaer Polytechnic Institute (RPI) and the Center for Economic Growth (CEG).
The Innovation Hot Spot in each of the state’s 10 economic regions receives an operating grant to coordinate incubation activities across multiple facilities. The Innovation Hot Spot may nominate startups at any of its partner incubators for five years of tax credits. We are in the process of preparing a table mapping the state’s designated programs to our membership. Our website will be updated when it is available.
Innovate 518 is run by Maria Pidgeon, associate director for the Hot Spot at UAlbany’s new economic-development office in the Division of Research. Matt Grattan, recently hired as the office’s director, coordinates UAlbany’s participation in the state’s START-UP NY tax-free zone. Esther Vargas of RPI’s Emerging Ventures Ecosystem, a BIA/NYS director, also sits on the steering committee for Innovate 518. We warmly welcome Innovate 518 to membership!