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Innovation Hot Spot

The Program

Innovation Hot Spot is a program of NYSTAR (New York State Office of Science, Technology, and Research) designed to provide opportunities for early-stage companies to tap into regional support for growth and sustainability. There are ten Innovation Hot Spots across the state, of which the Capital Region is one. UAlbany is the lead entity for Innovate 518.

The incubators and accelerators that make up Innovate 518 offer a range of services including office space, coaching, mentoring, networking and access to tax incentives.

TAX INCENTIVES

These incentives provide up to five years of corporate tax exemptions in NYS in addition to sales tax refunds in New York State.

To receive tax incentives through the Capital Region Hot Spot program, companies must be certified and actively working with an Innovate 518 Affiliate Partner Incubator or Accelerator. Companies must also be technology-focused, on a path toward scalable development, and have less than $2 million in operating annual revenue. To learn more about certification, contact us.

While not available in conjunction with the tax incentives in START-UP NY, they are meant to serve as a pathway into that program. Visit START-UP NY for more information.  

Find out how New York's Capital Region innovation hotspot supports companies and works with START-UP NY to help them be successful. Watch this video!

*Note: Not all companies receiving services through an Innovate 518 affiliated partner program are eligible for tax incentives. The recommendation for tax incentives is made by the affiliated partner program in consultation with the Innovate 518 operational leadership. 

StArtup-Ny Program