LONG ISLAND HIGH TECHNOLOGY INCUBATOR

Innovation hotspot program - the innovation hotspot program is a grant from empire state development's division of science, technology and innovation ("nystar") to lihti designating it as one of ten innovation hotspots across new york state. The purpose of the grant is to aid lihti to reach a greater number of early-stage companies. The financial support may be used for physical space, shared administrative staff, access to capital, coaching, mentoring, networking connections, prototype development, and access to other technical services. Innovation hotspots also offers tax benefits to participating companies. Lihti is specifically using the grant to reimburse qualified prototyping, intellectual property ("ip"), small business innovation research ("sbir"), and marketing expenses from participating companies and to financially support the administration of the grant and delivery of marketing and business mentoring staff services. In addition, lihti entered a subcontract with accelerate li to run the hot spot program through nystar, beginning 1/31/2023. Lihti validates companies for ali and offers mentoring and other incubation services. Ali is responsible for all of the administrative work and reporting to nystar. Lihti submits two reports a year to ali which covers $5,000/yr. Of salary/fringe at lihti.