NY S01824

Establishes a matching grant program administered by the Commissioner of Economic Development in consultation with the Division for Small Business to provide funds to small businesses awarded phase one or phase two grants under federal SBIR or STTR programs.

Provides funding over three years: $100,000 in year one, $200,000 in year two, and $500,000 in year three for both phase one and phase two grant recipients.

Limits awards to 20 small businesses in year one ($100,000 each), 10 of those companies in year two ($200,000 each), and 4 of those companies in year three ($500,000 each as grants or equity).

Requires grant funds be used to expedite commercialization and cover expenses not allowed under federal programs, including patents and marketing studies.

Mandates recipients remain headquartered in New York for at least five years following successful product commercialization or return all grant awards to the state, with waivers available if the business ceases operations before the five-year period.