Raia: Innovation Incentives And Economic Development Councils Key To New York’s Revival

July 29, 2011

Assemblyman Raia (R,I,C–East Northport) is commending Governor Cuomo for signing Innovate NY into law recently and announcing the regional economic development council on Long Island.

"Innovate NY is the quintessential example of how New York state can be business friendly," said Raia. "This economic development program is the support businesses have been looking for. Making these ‘seed stage’ funds available will help attract businesses that show potential to create jobs and economic benefits for New York - this bill not only helps attract business to New York but also helps create a path for them to stay, helping reverse the trend of people leaving."

The program is a new startup equity fund designed to support innovation, job creation, and increase growth in entrepreneurship throughout the state. Administered by the Empire State Development Corporation (ESD), the Innovate NY fund would allocate $25 million in federal dollars to economic development and technology development organizations, research universities, and investment funds that focus on seed-stage investments.

The application process to receive funds has yet to be determined. To stay updated with the Innovate NY fund, please visit the Empire State Development Corporation Web site www.esd.ny.gov.

Yesterday, Assemblyman Raia attended the announcement of the regional economic development council on Long Island. "It was a great day to welcome Governor Cuomo to Long Island and to support the creation of this Economic Development Council," said Raia. "I have always believed that Long Island is home to the best and brightest leaders in business and education. This council is a step in the right direction our community needs to create an environment where business can thrive."

For businesses, entrepreneurs or any parties interested in finding out more about the regional economic development councils or the Innovate NY fund, please call Assemblyman Raia’s office at 631-261-4151.