New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter LXVII - New York State Science And Technology Foundation
Part 5902 - Applications For Financial Assistance-corporation For Innovation Development Program
Section 5902.5 - Principal criteria for financial assistance selection
Current through Register Vol. 46, No. 39, September 25, 2024
An application filed with the foundation shall be evaluated on the basis of the following criteria:
(a) the applicant must have an innovative technology orientation;
(b) the applicant must have a good probability of commercial success;
(c) the applicant must have made every effort to secure the necessary private capital prior to filing the preliminary application or current business plan;
(d) the applicant shall be required to provide a match from such other sources and in such amounts as is determined by the board after receipt of the recommendation of the investment review committee; and
(e) the applicant must be able to provide, after receiving financial assistance, substantial benefits to the State, including substantial primary employment and, where appropriate, utilization of manpower training programs, existing industrial spaces, and other infrastructure.
