Empire State Development news and press releases

REDCs Recommend Five Year Designations to Five Innovation Hot Spots and Three New York State Certified Business Incubators Full List of Awardees Available  Here Empire State Development (ESD) today announced that more than $8 million has been awarded to five Innovation Hot Spots and three Certified Business Incubators as part of the agency’s Division of Science, Technology and Innovation (NYSTAR). The eight awardees will each receive a five-year designation, and the awarded funding supports annual operating costs for NYSTAR programs and centers emphasize the importance of working with industry as a way to leverage New York State’s technology strengths to produce new products and services. Through this competitive process, administered by ESD, applications are received and reviewed through the Consolidated Funding Application (CFA)  by both the Regional Councils and ESD. NYSTAR designates a total of 10 Innovation Hot Spots—one for each of New York's economic development regions—and 20 Certified Business Incubators over a rolling competitive process, which receive funding to reach a greater number of early-stage companies.  “The success of early stage companies throughout New York State only strengthens our economy and NYSTAR’s hot spots and certified business incubators across the regions play an important role,” said Lieutenant Governor Antonio Delgado, Statewide Chair of the Regional Council initiative. “The Regional Councils are proud to support efforts to grow companies that advance New York State’s technology sector and ensure that we well prepared for the future.”  Empire State Development President, CEO and Commissioner Hope Knight said, “Nothing is more daunting than taking an idea and turning it into a business, and these designations and the funding that follows, demonstrate our continued commitment to supporting budding companies with the support they need to be successful in New York State. By supporting NYSTAR’s hot spots and incubators, we are able to assist a larger number of early stage companies and that makes a huge difference in a start-up companies future.” The Round XII awardees are: Innovation Hot Spots - $250,000 Annually: Capital Region – SUNY Albany – Innovate518 Long Island – Accelerate Long Island Mid-Hudson – SUNY New Paltz Mohawk Valley – Mohawk Valley Community College – thINCubator New York City – City University of New York Certified Business Incubators - $125,000 Annually: Capital Region – Rensselaer Polytechnic Institute Mid-Hudson – Hudson River Housing (EATS) Western New York – Olean Business Development Corporation Innovation Hot Spots are business incubators with the additional responsibility to coordinate regional entrepreneurial ecosystems. The goal of the Innovation Hot Spot program is to improve the quality and quantity of incubator services provided to young companies, enabling these businesses to successfully transition from the start-up phase to larger scale commercialization of their products and services. New York State's Certified Business Incubators offer a range of support to help get new and emerging businesses off the ground and put them on the path to success, with the goal of driving and directing growth. Incubators offer an array of business support services and resources, from finding physical workspaces and helping build capital, to initializing strategy and planning, and introducing new entrepreneurs to local businesses and networks. On average, companies can spend up to two years working alongside a business incubator, taking advantage of low-cost office space while gaining invaluable advice and expertise on best practices. For a full list of NYSTAR’s Innovation Hot Spots and New York State Certified Business Incubators, visit https://esd.ny.gov/certified-business-incubator. Funding for this program was included in Round XII of the Regional Economic Development Council Initiative. The REDC process continues to support and empower regional stakeholders in developing strategic plans and funding priorities that meet local economic needs. Regional Councils reviewed projects from this program and provided scores that reflect how well a project aligns with a region’s goals and strategies. Applicants utilized the New York’s Consolidated Funding Application, the state’s single application for state resources, which includes programs for numerous agencies. It is designed to provide expedited and streamlined access to a combined pool of grant funds and tax credits from dozens of existing programs. A full list of Round XII awards that have been made can be found here. About the Consolidated Funding Application                 The Consolidated Funding Application was created to streamline and expedite the grant application process. The CFA process marks a fundamental shift in the way state resources are allocated, ensuring less bureaucracy and greater efficiency to fulfill local economic development needs. The CFA serves as the single-entry point for access to economic development funding, ensuring applicants no longer have to slowly navigate multiple agencies and sources without any mechanism for coordination. Now, economic development projects use the CFA as a support mechanism to access multiple state funding sources through one application, making the process quicker, easier, and more productive. Learn more about the CFA here.    About the Regional Economic Development Councils     The Regional Economic Development Council initiative is a key component of the State’s approach to State investment and economic development. In 2011, 10 Regional Councils were established to develop long-term strategic plans for economic growth for their regions. The Councils are public-private partnerships made up of local experts and stakeholders from business, academia, local government, and non-governmental organizations. The Regional Councils have redefined the way New York invests in jobs and economic growth by putting in place a community-based, bottom-up approach and establishing a competitive process for State resources. Learn more at regionalcouncils.ny.gov.    About the Empire State Development Empire State Development is New York’s chief economic development agency. The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing the Regional Economic Development Councils and the marketing of "I LOVE NY," the State’s iconic tourism brand. For more information on Regional Councils and Empire State Development, visit www.regionalcouncils.ny.gov and www.esd.ny.gov. Contact: Kristin Devoe (ESD): [email protected] | 518-414-1087 ESD Press Office: [email protected] 

Eleven Downtown Revitalization Projects Enhance Its Vibrant Culture and Arts Scene, Walkability and Connectivity, Housing Opportunities, and Community Services Renderings of Projects Available Here Governor Kathy Hochul today announced 11 transformational projects in the City of Troy as part of the $10 million Downtown Revitalization Initiative Award. The awards will enhance the city's vibrant arts and culture scene, improve walkability, provide better housing opportunities, and expand community services. "Investing in vibrant downtowns allows communities to thrive, and our Downtown Revitalization Initiative in Troy will connect our local partners with the resources they need to succeed," Governor Hochul said. "This funding will not only improve the quality of life for those who live and work in Troy, but also ensure this community remains a gem in the Capital Region for decades to come." At the heart of Troy's downtown, the compact and walkable Riverwalk DRI District contains a large portion of the city's arts, cultural, and entertainment assets, including over one and a half miles of riverfront. This DRI award will allow the City of Troy to build on prior investment, the authentic charm and do-it-yourself spirit of the Riverfront District, and the growing number of residents, visitors, and entrepreneurs to transform the Riverwalk District into a regional center of innovation and talent, with great public places, thriving small businesses, and arts and entertainment venues. Historic buildings and flexible new spaces will offer options to live, learn, and create, and the expanded Riverwalk will connect neighborhoods and provide a clear pathway for investment in South Troy, North Central Troy, and beyond.  The investments are part of the Governor's ongoing efforts to revitalize the upstate economy and create more opportunities within the Capital Region. The DRI is led by the New York Department of State providing technical assistance as each participating community develops a Strategic Investment Plan identifying specific projects with a unique vision for the revitalization of the downtown area.   The projects to be funded through the DRI support several goals and strategies contained in the community's Strategic Investment Plan, such as enhancing the culture and arts scene; improving streetscape walkability, connectivity and vibrancy; expanding housing opportunities; and increasing community services.  The $9.7 million State investment in these projects through the DRI will leverage additional public and private sector investments as the revitalization process proceeds and builds momentum.  Read the full press release here.

Eight Downtown Revitalization Projects Will Enhance Streetscapes and Public Spaces, Restore Anchor Buildings, Support Small Business and Create a More Vibrant Downtown $10 Million DRI Investment in Round 5 is Part of a Strategic Goal to Enrich the Community with Key Catalytic Projects Renderings of Projects Available Here Governor Kathy Hochul today announced eight transformational projects in the Village of Massena as part of the $10 million Downtown Initiative Award. The Awards will repurpose blighted buildings, improve public spaces and streetscape connectivity, expand waterfront access and enjoyment and expand commercial and residential opportunities in Massena's historically intact, dense downtown. "We are ushering in a new era for Massena, attracting jobs, businesses, and people and making the community a better place to live and work," Governor Hochul said. "Thanks to this DRI investment, New Yorkers and visitors will be able to enjoy Massena's rich history and lively downtown for decades to come." Massena's revitalization is focused on creating a more walkable, green, vibrant, and connected community. Massena has a long and storied history as one of the first settlements in St. Lawrence County. Like many other Upstate communities, Massena suffered the decline, disinvestment and out-migration from de-industrialization. But with its charm, abundant forestland, waterfront access and inexpensive electric power, the Town has built momentum to redefine and revitalize its downtown, as its vision statement clearly conveys -- "Moving Massena Forward: Proud Past, Promising Future." Through the Downtown Initiative Award (DRI), the Village will transform its downtown by enhancing its streetscapes and public spaces, restoring and reusing key anchor buildings, and supporting small businesses. The investments are part of the Governor's ongoing efforts to revitalize the upstate economy and create more opportunities in the North Country. The DRI is led by the Department of State providing technical assistance as each participating community develops a Strategic Investment Plan identifying specific projects with a unique vision for the revitalization of the downtown area. The $9.7 million DRI investment will leverage public and private sector investments as the revitalization process proceeds and builds momentum. Read the full press release here.

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