Innovation Trail highlights from 2013-14 NY state budget proposal
Here are some dot point highlights from the 2013 New York State Budget Proposal.
You can scroll to the bottom after the break to view the whole document here. The Cuomo administration has also launched a website with resources for accessing the state's accounts called OpenBudget.
The Innovation Trail has picked out some of the key initiatives related to the innovation economy.
- Innovation Hot Spots: create or designate ten high-tech innovation incubators
An initial $1.25 million will be available to provide operating support for winning Hot Spots, growing to $5 million as the program is fully actualized.
- The NYS Innovation Venture Capital Fund
A new $50 million venture capital fund administered through Empire State Development (ESD)
- The Innovation NY Network
A university-based, not-for profit foundation model, and will not require taxpayer support.
- Regional Economic Development Councils (REDCs)
$150 million in flexible new economic development capital funding – appropriated to ESD to fund regional priority projects;
$70 million in State tax credits – set aside from the Excelsior Jobs tax credit program to fund regional priority projects.
- New York Works Economic Development Fund Program
$165 million to provide capital grants that support job creation and retention and fund capital
- Commitment to Western New York/Buffalo
$100 million in funding as part of the Governor’s ten-year $1 billion commitment to revitalize Buffalo’s regional economy,
- Market NY
Competitive Tourism Advertising Funds. $5 million in new competitive funding
$2 million will be provided to implement the Taste-NY initiative, (promoting New York produce).
- NYSUNY 2020 and NYCUNY 2020
The Executive Budget includes $55 million for a third round of NYSUNY 2020 grants and $55 million for a new NYCUNY 2020.
- New York Open for Business
Supported by $50 million in New York Power Authority resources, the Open for Business initiative will continue to provide an enhanced marketing effort to demonstrate the benefits of investing and doing business in New York.
- Continued Commitment to Critical Economic Development Investments
includes nearly $46 million to support ongoing economic development initiatives including: the New York State Economic Development Fund, the Minority and Women-Owned Business Development and Lending Program, the Urban and Community Development Program, the Entrepreneurial Assistance Program, tourism marketing initiatives, and international trade efforts.
- Continued High Technology Funding
The 2013-14 Executive Budget authorizes over $32 million to support ongoing university-based matching grants
- Coordinate and Consolidate Lab Functions
Beginning in 2013-14, the State will initiate a four year master plan that will leverage State lab activities for more focused research, create more opportunities for economic development, and help agencies maintain flat spending over the next two years.
- Improve the Workforce Development System
State agencies will adopt consistent and high performance standards for workforce training and development.
- Make New York the Leader in the Clean Tech Economy
$1 billion Green Bank, consisting primarily of NYSERDA and NYPA resources and the New York Sun Solar program, primarily funded by NYSERDA, will be expanded to $150 million annually for 10 years.
Click here for more information on the budget process.