NY A11616

Authorizes the foundation to designate ten business incubators as part of the New York Incubator Network, with designations lasting five years and distributed across the state's ten economic development regions.

Requires designated incubators to meet criteria including best business practices, comprehensive entrepreneurial mentoring, capacity to secure matching funds from private and non-state sources equal to state support, and ability to collaborate with economic development partners.

Permits designated incubators to receive state financial support for equipment, fixtures, staff employment, internships, and other foundation-approved purposes, but prohibits use for capital construction.

Mandates foundation evaluation of incubator performance beginning in the fourth year after designation, with option to redesignate or withdraw funding if incubators fail to meet established criteria or demonstrate assistance to emerging New York businesses.

Requires the foundation to submit annual reports to the Governor, Assembly Speaker, Senate President, and relevant legislative committees detailing incubator operations, achievements, evaluations, funding, and business assistance provided.