The Capital Region’s Innovation Hot Spot
Innovate 518 orchestrates a robust and connected entrepreneurial ecosystem of incubators, accelerators and support organizations to assist in growing sustainable and scalable technology ventures. Innovate 518 is a partnership between the University at Albany, Rensselaer Polytechnic Institute and the Center for Economic Growth, and is designated as a New York State Innovation Hot Spot by NYSTAR.
Innovate 518 support services are offered by partner incubators and can provide a variety of tools to growing ventures to help work towards specific, impactful milestones. Services may include:
- Legal: company formation, bylaws, FEIN application, stockholder agreements, employment agreements, NDAs
- Business planning: business plan development, market research, financial projections, assistance with hiring and incorporation decisions
- SBIR assistance: finding solicitation and agency fit, SBIR process guidance, draft budget, writing assistance, project management, registrations and submissions
- Financial and administrative: payroll administration and tax withholding, quarterly and annual financial statements, Quickbooks deployment
- Commercialization: pricing research and model development, sales plans, marketing research, pitch coaching, marketing plans.
Please inquire with the Innovate 518 partner incubator on what specific services it offers.
Innovation Hot Spot tax incentives are applicable to ventures in good standing with Innovate 518 incubators/organizations that have been certified for eligibility. Incubated ventures meeting the outlined criteria will be issued a letter from Innovate 518 certifying their eligibility, and can then work with their accountant to file with their taxes.
For ventures to be certified, companies must be in good standing with an Innovate 518 incubator, be on a path toward scalable development, and at less than $2 million in operating annual revenue. In addition, ventures must complete the following steps:
- Provide a scanned copy of their articles of organization or other suitable documentation demonstrating that the venture is in its first five (5) years of operation; seven (7) years is acceptable for life sciences ventures.
- Provide a scanned copy of the Innovate 518 CEO Endorsement (Word file) signed by the venture’s CEO.
- Provide an updated version of the Innovate 518 Worksheet (Excel file) including the pertinent information for the venture. The file should be saved using the company name as the file name.
- Provide a scanned copy of a signed letter from the host incubator manager certifying: 1) that the venture is in good standing with the incubator; and 2) the date which the venture joined the incubator.
All files should be submitted electronically to Maria Pidgeon, Associate Director, Innovation Hot Spot, at firstname.lastname@example.org. Submissions will be accepted on a quarterly basis, with deadlines of March 15, June 15, September 15 and December 15 in each calendar year. Partial or late submissions cannot be considered.