continued · Innovation Hotspots and Tech Transfer: The Executive Budget provides funding for a multi-faceted plan – outlined by the Governor in the 2013 State of the State Address – to foster the commercialization of innovative ideas from our academic institutions. The Budget provides the initial funding to launch: the Innovation Hot Spots program that will create or designate ten high-tech innovation incubators at locations affiliated with higher education institutions to encourage private-sector growth; a new $50 Million Innovation Venture Capital Fund that will provide critical seed and early-stage funding to incentivize new business formation and growth in New York State and facilitate the transition from ideas and research to marketable products; and the Innovation NY Network that will build collaboration among academics, venture capitalists, business leaders, patent lawyers and other professionals to facilitate and enhance the commercialization process.
· Next Generation Job Linkage Program: The Budget includes $5 million in performance grants to incentivize community colleges to place students in high demand jobs.
· Regional Councils: Since their launch in 2011, the Regional Economic Development Councils have leveraged close to $5 billion in total project investment, spurred by $1.5 billion in state funding. To build on this success, the Executive Budget includes $150 million for a third round of the Regional Council process.
· NY Works Economic Development Fund Program: The Executive Budget includes $165 million for capital grants that support job creation and retention and fund investments that facilitate business expansion and the attraction of new businesses.
· Market NY: To bolster Upstate economic growth, the Governor laid out in his State of the State address a multi-faceted marketing plan. The Executive Budget provides the funding needed to launch the Market NY program which includes the Taste-NY initiative and a new competitive grant program for regional tourism marketing.
· Commitment to Western New York: The Executive Budget provides $100 million in funding and Excelsior tax credits as part of the Governor’s ten-year $1 billion commitment to revitalize Buffalo’s regional economy, and $60 million as part of the state's contribution to keep the Bills in Buffalo.