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New York State has allotted $8.125 million for the Business Incubator and Innovation Hot Spots Support Program, which is part of Round XII of the Regional Council Initiative.

In this competition, ESD anticipates making up to three NYS Business Incubator designations and five Innovation Hot Spot designations. ESD anticipates that one Innovation Hot Spot will be designated in each of the following economic development regions: Mohawk Valley, Capital Region, Mid-Hudson, New York City and Long Island.

Awardees will receive operating funds from ESD to expand and create services. Designation as an Innovation Hot Spot brings significant state income and sales tax benefits for the start-up companies within the Hot Spot, for a period of five years.

Learn more about this funding program by attending this webinar.