New York State Senator Catharine M. Young has announced she has secured $100,000 in the 2013-2014 state budget toward operating the SUNY Fredonia Technology Incuba-tor so it can continue to grow fledgling businesses and jobs.
Young noted that the incubator has been recognized as being highly successful in promoting regional economic growth and has the potential to play a large role in helping Chautauqua County and the region.
Young said the appropriation demonstrates the commitment by New York state to the incubator. "It ties in with our focus on technology and research, and the commercialization of research to grow the economy."
OBSERVER?Photo by Samantha McDonnell
The SUNY Fredonia Technology Incuba-tor will receive $100,000 from the 2013-2014 state budget.
She added, "We have good success here at the incubator, and we want to build on that success." Young noted that she is also grateful for the support of Gov. Andrew Cuomo and Assemblyman Andrew Goodell in this initiative.
Recently, Young met with incubator leadership, including SUNY Fredonia President Virginia Horvath and tenant entrepreneurs. "The entrepreneurial spirit is very strong, and this appropriation is a way to take the incubator to a higher level of success," Young said.
As someone who was instrumental in establishing the incubator at SUNY Fredonia, Young noted that it is "gratifying to see it become a reality."
President Horvath made the request for operating funds to Young, noting that while the incubator is successfully building its client base and developing businesses, further support is needed to sustain operations and provide support and resources for the tenant entrepreneurs.
"The incubator tenants are developing companies that could have a positive impact on the economy of the region and New York state, so this support reflects an important commitment to our partnership with the communities we serve," Horvath said. "We are grateful to Senator Young for advocating for this grant."
The incubator offers its client entrepreneurs access to a unique facility, business resources, and technology expertise as well as a range of highly qualified faculty, technology experts, business professionals and mentors. Research shows businesses graduating from an incubator significantly increase their probability of long-term success.
Companies typically spend two to three years in an incubator and then graduate when they meet milestones that allow them to operate independently and expand.