Assemblyman Robin Schimminger, chairman of the Assembly Economic Development, Job Creation, Commerce and Industry Committee, has introduced legislation (A.10364) that would create the Small Business Innovation Matching Grants program within the New York State Foundation for Science, Technology and Innovation.
“Encouraging existing research and development businesses to grow and expand and enticing out-of-state companies to locate or relocate here in New York State are extremely important for the economic well-being of upstate,” said Schimminger. “In this day and age, emerging biotechnologies are where innovation and advancement are taking place; we need to support and promote this type of industry and provide for incentives for it to grow.”
To be eligible, a small business must be located in New York State, must have received a Phase II federal Small Business Innovation Research Program (SBIR) grant or Phase II federal Small Business Technology Transfer Program (STTR) grant award, must be conducting research and development specific to biosciences, must perform the research and development in the state for at least five years after the date of final matching grant disbursement, and must adhere to any other eligibility requirements that the New York State Foundation for Science, Technology and Innovation may deem necessary.
“The matching funds will help small businesses conducting research and development in the biosciences to progress towards the commercialization or fabrication within the state of new or improved products, processes, or services,” said Schimminger.