Long Island Innovation Hot Spot Program
The Long Island Innovation Hot Spot was created with a goal to support innovation within Long Island’s entrepreneurial ecosystem. We at LIHTI have managed this program since 2015 through 2 award periods. A total of 61 companies associated with LIHTI and our partner incubators have received generous benefits from our funding agency, Empire State Development (ESD) managed by NYSTAR. Our Hot Spot program at LIHTI officially ended Dec 31, 2022.
We will continue to collect economic impact information, as required by our funding agency, from client
companies over a 5 year term from when their HS award started.
On Dec 14, 2022 Empire State Development (ESD) announced that more than $8 million has been awarded to five Innovation Hot Spots and three Certified Business Incubators as part of the agency’s Division of Science, Technology and Innovation (NYSTAR). The Round XII awardees include new Innovation Hot Spots ($250,000 annually for 5 years).
The Long Island region has been awarded a new Hot Spot program lead by Accelerate Long Island (ALI)
http://www.accelerateli.org/ , a 501c(6) non-profit founded in 2011. ALI is a unique collaboration among the region’s research and academic institutions and business community to commercialize research and create an entrepreneurial ecosystem. ALI will manage the Long Island Innovation Hot Spot, in collaboration with five co-applicants:
This new alliance will build upon the prior Long Island Innovation Hot Spot by coordinating the Long
Island region’s network of entrepreneurship support programs, incubator space, and professional
support services. Contracts are currently being processed and further details will follow. LIHTI, as well as
the other SBU Incubators, look forward to working with ALI to support our regional startup companies.