State Senator Young announces $100,000 for Technology Incubator
State Senator Catharine Young with Incubator Tenant Ryan Wolf of SWCS Systems
New York State Senator Catharine M. Young has announced she has secured $100,000 in the 2013-2014 state budget towards operating the SUNY Fredonia Technology Incubator so it can continue to grow fledgling businesses and jobs.
Senator 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.
Senator 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.” She added, “We have good success here at the incubator, and we want to build on that success.” Senator Young noted that she is also grateful for the support of Governor Andrew Cuomo and Assemblyman Andrew Goodell in this initiative.
Recently, Senator 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.” As someone who was instrumental in establishing the incubator at SUNY Fredonia, Senator Young noted that it is “gratifying to see it become a reality.”
President Horvath made the request for operating funds to Senator 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,” President 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.
