Accelerate Long Island (ALI) was awarded $1.25 million in funding, over five years, from Empire State Development to manage the Long Island Innovation Hot Spot. ESD awarded the funding through round XII of New York State’s Economic Development Council Initiative. ALI partners with the region’s business incubator network and an Advisory Board with co-applicants Broad Hollow Bioscience Park, Hofstra University ideaHUb, Long Island High Technology Incubator, New York Institute of Technology, and Stony Brook University.
Through our Long Island Innovation Hot Spot, startup companies can access entrepreneurship support programs across our region through one central access point administered by Accelerate Long Island (ALI). A centralized professional services support program will provide direct assistance to companies in need of outside services to grow and develop their company. Startups that are part of the program will be able to search for the service that is right for their company and realize a reduction in expenses. Hot Spot tax incentives are applicable to companies that have been certified for eligibility and are affiliated with dedicated incubation and entrepreneurial programs. To learn more about the tax incentive program please download the file below.
The Long Island Innovation Hot Spot will directly fund one third of the cost of the professional service for eligible companies through our consultant contract with the provider and the company will be responsible for the remaining two-thirds of the cost. The service providers will include intellectual property and corporate legal/accounting/HR services, engineering, and marketing expertise (including digital marketing and website design).
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