BIANYS Legislative Advocacy Update

Governor Cuomo releases 2021/2022 proposed State Budget - maintaining funding for Business Incubators and Hotspots

The Governor presented his proposed budget today. A number of our members who rely on State funding to support their programming for startup companies in their region were concerned about potential cuts in programs just when they are needed most.

BIANYS members pulled together and advocated to maintain funding for these programs. Incubators have seen a 30% increase in applications from people forced into entrepreneurship as a result of the economic crisis created by COVID19. We want to be able to help these entrepreneurs and their emerging enterprises, and in turn, collectively help our State economy grow. And the Governor understood the importance of maintaining the funding and programs that are essential to growing the economy.

It is important to note that these funds are subject to a 20% reduction if the economic condition of the State worsens this year rather than improves. But luckily we are seeing improvement in the economic outlook and forecasts done by the Division of Budget over the past few weeks.

Now the Legislature will be passing their versions of the budget and will negotiate with the Governor to pass the official state budget by April 1st.

This is a good first step, but there is a great deal of work that needs to be done. We need our members to contact their legislators and advocate for them to follow the Governor's lead and maintain funding for incubators in their respective budgets.

BIANYS will be planning a Legislative Advocacy Day in February. Please join with your colleagues in advocating for a vibrant innovation ecosystem in New York

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