NY S07048

Authorizes the Foundation to designate ten business incubators as part of the New York Incubator Network, with designations lasting five years and subject to re-evaluation in year four.

Requires incubators to be university-affiliated or independent not-for-profit entities that provide business support services to entrepreneurs during start-up phases, with priority given to areas lacking existing business incubation support.

Establishes selection criteria including demonstrated best practices, entrepreneurial mentoring services, capacity to secure matching funds from private and non-state governmental sources, and ability to collaborate with regional economic development partners.

Authorizes Foundation funding for designated incubators to cover equipment, staffing, internships, and other approved purposes (excluding capital construction), with state funds requiring equal matching commitments from private and governmental sources.

Requires the Foundation to submit annual reports to the Governor, Legislature, and economic development committees detailing incubator performance, tenant lists, financial statements, external funding attracted, and remedial actions taken.