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Assembly Bill A1111

2009-2010 Legislative Session

Creates the small business technology investment fund

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Archive: Last Bill Status - Stricken

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Bill Amendments

2009-A1111 - Details

Versions Introduced in 2011-2012 Legislative Session:
A5147

2009-A1111 - Summary

Creates the small business technology investment program; requires reporting by regional investment funds receiving investments and requires the foundation to report to the governor and legislature a summary of the program and an evaluation of reports submitted by the funds.

2009-A1111 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1111

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced  by  M. of A. DelMONTE, SCHIMMINGER, WEPRIN, KOON, GABRYSZAK,
  JAFFEE, LUPARDO, MAGNARELLI, FIELDS -- Multi-Sponsored by -- M. of  A.
  BRENNAN, COOK, JOHN, MAGEE, MAISEL, MAYERSOHN, MILLMAN, PEOPLES, REIL-
  LY,  ROBINSON,  SWEENEY,  WEISENBERG  -- read once and referred to the
  Committee on Economic Development, Job Creation, Commerce and Industry

AN ACT to amend the public authorities law, in relation to creating  the
  small business technology seed investment program

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Statement of legislative findings and purpose. It is hereby
found and declared that the success of new and emerging technology busi-
ness enterprises with growth potential is  essential  to  the  continued
economic  health  of  New York state. It is further found that entrepre-
neurs and start-up ventures looking for  seed  capital  to  develop  and
introduce  innovative  products  are  discovering  that  venture capital
financing for such activities is not always available. Only four percent
of all venture capital invested in 2007 went  to  seed-stage  companies.
Companies  looking  for relatively small infusions of cash, particularly
amounts under one million dollars, may find themselves shut out  of  the
market, as venture deals keep increasing in size.
  Thus, start-up and expansion of firms located in New York continues to
be hampered by a lack of seed funding. Providing state financial assist-
ance  for  seed  capital  investments in start-up technology enterprises
would help strengthen and stimulate a variety of emerging industries  in
the state and lead to increased employment and public revenues.
  The  legislature  further  finds  that  the  small business technology
investment fund managed by the New York state  foundation  for  science,
technology and innovation is directed precisely toward these gaps.
  Furthermore,  new  and  innovative approaches to leveraging additional
funds must be developed by entering into appropriate  partnerships  with

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

co-Sponsors

multi-Sponsors

2009-A1111A (ACTIVE) - Details

Versions Introduced in 2011-2012 Legislative Session:
A5147

2009-A1111A (ACTIVE) - Summary

Creates the small business technology investment program; requires reporting by regional investment funds receiving investments and requires the foundation to report to the governor and legislature a summary of the program and an evaluation of reports submitted by the funds.

2009-A1111A (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 1111--A

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 7, 2009
                               ___________

Introduced  by  M. of A. DelMONTE, SCHIMMINGER, KOON, GABRYSZAK, JAFFEE,
  LUPARDO, MAGNARELLI, FIELDS -- Multi-Sponsored by -- M. of A. BRENNAN,
  COOK,   JOHN,   MAGEE,   MAISEL,    MAYERSOHN,    McENENY,    MILLMAN,
  PEOPLES-STOKES, REILLY, ROBINSON, SWEENEY, WEISENBERG -- read once and
  referred  to  the  Committee  on  Economic  Development, Job Creation,
  Commerce and Industry -- committee discharged, bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN  ACT to amend the public authorities law, in relation to creating the
  small business technology investment fund

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The  public  authorities  law  is amended by adding a new
section 3154-a to read as follows:
  S 3154-A. THE SMALL BUSINESS TECHNOLOGY INVESTMENT  FUND.  1.    DEFI-
NITIONS. FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING WORDS AND TERMS
SHALL  HAVE  THE  FOLLOWING  MEANINGS  UNLESS THE CONTEXT SHALL INDICATE
ANOTHER OR DIFFERENT MEANING OR INTENT:
  (A) "REGIONAL INVESTMENT FUND" SHALL MEAN  A  LIMITED  PARTNERSHIP,  A
LIMITED   LIABILITY  PARTNERSHIP,  A  LIMITED  LIABILITY  COMPANY  OR  A
NOT-FOR-PROFIT FUND THAT IS PROFESSIONALLY  MANAGED  BY  AN  EXPERIENCED
FUND  MANAGER,  IS FORMED FOR THE PURPOSE OF PROVIDING PRIVATE EQUITY TO
TECHNOLOGY-BASED COMPANIES IN THEIR  FORMATIVE  STAGES,  ENCOMPASSES  AT
LEAST  TWO COUNTIES, AND INVESTS IN QUALIFIED ENTERPRISES LOCATED WITHIN
NEW YORK STATE.
  (B) "QUALIFIED ENTERPRISE" SHALL MEAN A COMPANY OR A PROPOSED  COMPANY
THAT  HAS  OR  WILL  LOCATE  ITS PRINCIPAL PLACE OF BUSINESS IN NEW YORK
STATE, THAT IS, OR PROPOSES TO BE, ENGAGED IN THIS STATE IN RESEARCH AND
DEVELOPMENT OR MANUFACTURING, AND THAT DEMONSTRATES  THE  POTENTIAL  FOR
SUBSTANTIAL  GROWTH  AND JOB DEVELOPMENT IN AN EMERGING TECHNOLOGY FIELD

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
A                                                          LBD01213-02-9

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