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.