The New York State Business Incubator and Innovation Hot Spot Program was enacted as part of the 2013-14 State Budget and provides significant financial support for business incubators in the state.
ESD administers the Innovation Hot Spot and New York State Business Incubator program. Through a competitive process, ESD has designated ten Innovation Hot Spots and ten New York State Business Incubators and provides funding to expand services and assist a greater number of early stage companies. Successful applicants were chosen based on their suite of services recognized as “best practices” as defined by the National Business Incubator Association.
ESD’ s Innovation Hot Spots and New York State Business Incubators are operated by universities, colleges or not for profit organizations. The goal of this program is to help create and grow early stage companies by providing them with necessary support and services. Support at individual centers may vary but generally include: physical space; shared administrative staff; access to capital; coaching; mentoring; networking connections; prototype development and access to other technical services. In addition, client businesses of the Innovation Hotspots have access to tax benefits to further assist early stage businesses start and grow their business.