New York State Legislature Passes Bill Encouraging Small Business Innovation
The New York State Legislature today passed legislation A.1260A/S.817-A sponsored by Assemblyman David Buchwald (D-White Plains) and Senator Rich Funke (R-Fairport) creating an Innovation Vouchers Program for small businesses. Innovation vouchers directly help small businesses, providing dollar-for-dollar matching funds to team the businesses with experts from colleges and universities, government laboratories and public research institutes.
“Encouraging public-private partnerships that connect small businesses with New York’s outstanding research and development facilities will create jobs and spark innovation,” said Assemblyman Buchwald. “This new program, which we hope will be swiftly implemented by the Empire State Development Corporation, will spur new products and services as small businesses are able to get the scientific and technological help they need, but can’t currently afford.”
“Small manufacturers in the Hudson Valley are among the world’s most creative and innovative,” said Harold King, Executive Vice President of the Council of Industry of Southeastern New York. “The Innovation vouchers program sponsored by Assemblyman Buchwald will help our members continue to invest in the new, innovative products and processes that will keep them competitive in the global marketplace.”
Small businesses would be selected based on the strength of their proposals and would then provide matching funds of their own to take advantage of and demonstrate a commitment to the collaboration.
Innovation voucher programs are not common in the United States, but they have a record of success providing entrepreneurs and small business owners with research and development assistance in Austria, Belgium, Canada, Denmark, Germany, the Netherlands, Ireland and Sweden.