Senate Bill S5423

2021-2022 Legislative Session

Relates to the New York incubator network

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Internet And Technology Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-S5423 (ACTIVE) - Details

Current Committee:
Senate Internet And Technology
Law Section:
Public Authorities Law
Laws Affected:
Add §3102-h, Pub Auth L
Versions Introduced in Other Legislative Sessions:
2009-2010: S7048
2011-2012: S3512
2013-2014: S3203
2015-2016: S2508
2017-2018: S2196
2019-2020: S5015
2023-2024: S7893

2021-S5423 (ACTIVE) - Summary

Relates to incubators for entrepreneurial development.

2021-S5423 (ACTIVE) - Sponsor Memo

2021-S5423 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5423
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               March 4, 2021
                                ___________
 
 Introduced  by  Sens. PARKER, ADDABBO -- read twice and ordered printed,
   and when printed to be committed to  the  Committee  on  Internet  and
   Technology
 
 AN  ACT to amend the public authorities law, in relation to the New York
   incubator network
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1.  Legislative intent. The legislature hereby recognizes that
 supporting a statewide network of university affiliated business incuba-
 tors,  selected  on  a competitive basis that maintain not only physical
 facilities but also most current industry best practice business  devel-
 opment  services is a cost effective approach to supporting start-up and
 early stage companies and helping  the  state's  creative  entrepreneurs
 successfully  transition  technological  breakthroughs  with  commercial
 potential from the laboratory to the  marketplace.  This  investment  in
 university affiliated business incubators will support regional develop-
 ment and local economic diversification, job creation, and the retention
 of the state's vast resources of intellectual capital.
   §  2.    The public authorities law is amended by adding a new section
 3102-h to read as follows:
   § 3102-H. NEW YORK INCUBATOR NETWORK. THE FOUNDATION IS AUTHORIZED  TO
 DESIGNATE TEN INCUBATORS AS PART OF THE NEW YORK INCUBATOR NETWORK. SUCH
 DESIGNATIONS SHALL BE MADE IN ACCORDANCE WITH THE STANDARDS AND CRITERIA
 SET  FORTH IN SUBDIVISION TWO OF THIS SECTION AND WILL LAST FOR A PERIOD
 OF FIVE YEARS. INCUBATORS SO DESIGNATED SHALL BE  ELIGIBLE  FOR  SUPPORT
 FROM  THE  FOUNDATION IN THE MANNER PROVIDED FOR IN SUBDIVISION THREE OF
 THIS SECTION, AND FOR  SUCH  ADDITIONAL  SUPPORT  AS  MAY  OTHERWISE  BE
 PROVIDED BY LAW.
   1.  AS  USED  IN  THIS  SECTION: (A) "INCUBATOR" OR "INCUBATE" MEANS A
 UNIVERSITY OR UNIVERSITY-AFFILIATED RESEARCH INSTITUTE OR  A  CONSORTIUM
 OF  SUCH  INSTITUTIONS,  DESIGNATED  BY  THE  FOUNDATION, WHICH PROVIDES
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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