Finger Lakes Innovation Hot Spot
What is the Finger Lakes Innovation Hot Spot?
The Finger Lakes Innovation Hot Spot provides selected startups in the nine-county region with mentoring support and five years of exemption from NY State corporate taxes. The Finger Lakes Innovation Hot Spot was founded by New York State to empower startups to achieve critical growth milestones and has six incubator locations.
Who can participate?
To participate in the Finger Lakes Innovation Hot Spot, a company must meet all the following criteria:
- Must have a physical New York State address
- Must be in existence less than five years (seven years for medical industry) and more than six months
- Must be beyond proof-of-concept stage
- Must be technology based or demonstrate a high degree of innovation
- Must not be currently receiving any other New York State tax benefits
- Must have less than $500,000 cumulative, cash-based revenue (excluding grants/venture capital)
- Must not be a reformation of a previous company
- Must have not graduated from a New York State designated 16v Business Incubator
- Must be registered as a legal entity (not Doing Business As)
Benefits of Finger Lakes Innovation Hot Spot
- Regular meetings with experienced mentors to set and achieve milestones
- Corporate New York State benefits
- Prototype development
- Customer discovery and validation methodology
- Technology development assistance
- Access to funding resources