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Legislative Memo

Johnny Evers
Director of Government Affairs
T 518.465.7511, ext. 204
www.bcnys.org

BILL:

S.817-A (Funke) / A.1260-A (Buchwald)

Support

SUBJECT:

Relates to the New York State Innovation Voucher Program Act

 

DATE:

June 14, 2017

 

The Business Council of New York State, the state’s leading statewide business and industry association, supports this legislation that would amend the urban development corporation act to create the New York State Innovation Voucher Program.

This bill would establish a program administered by the Empire State Development Corporation (ESDC) to facilitate small businesses “access to research and development by the state’s colleges and universities, government laboratories and public research institutes.”

Projects designed by eligible small businesses would receive funding for “the development of prototypes, field testing, engineering or other projects authorized by the corporation that  enhance innovation  of products  or  services  that result in job growth and business expansion within the state.”

Businesses participating in the program would receive Innovation Vouchers, which would provide dollar-for-dollar matching funds in the amounts between $10,000 and $50,000. These funds would then be used to gain access to expertise that they would otherwise be unable to obtain. 

In essence, this program would help link research facilities and universities to small businesses in need of expertise and scientific assistance to develop new products and services.  

For these reasons The Business Council supports this legislation.