irs program accomplishments · form 990 part iii · fy2024
What they reported doing
- #1 primary $42KINNOVATION 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.
named programs · 2 · from sources
What they call their work
Clean Energy Business Incubator Program (CEBIP)
Incubator program supported by NYSERDA to foster clean energy startups, providing access to technical resources, mentorship, and business development services
Innovation Hot Spot Program
State-funded initiative to support early-stage technology companies through financial reimbursement for prototyping, IP, SBIR, and marketing expenses; administered in partnership with Accelerate Long Island
activities · 3 groups
What they do
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Startup Acceleration & Business Growth Support 4 activities
- Deliver capacity-building services to early-stage technology companiesProvides mentoring, management guidance, technical assistance, and advising to scientific entrepreneurs and deep tech startups to support venture de-risking and development of high-potential solutions. Connects member companies with research support from students and interns, and guides incubated companies toward graduation from the program.
- Fund prototyping and commercialization expenses for startups via Innovation Hotspot ProgramReimburses early-stage technology companies for prototyping, intellectual property protection, SBIR application, and marketing expenses through the Innovation Hotspot Program, which was funded by NYSTAR and managed until December 31, 2022.
- Host and incubate specific portfolio startups in deep tech sectorsDirectly incubates startups such as Tetraimaging (medical imaging), esc Aerospace US, Inc. (aerospace tech), VascuArch Inc. (advanced wound care), and MindArch Health (mental well-being), providing targeted support for innovation in biotechnology, applied physics, data analytics, and other high-tech fields.
- Operate Clean Energy Business Incubator Program (CEBIP) for clean tech startupsProvides specialized incubation services and resource access to early-stage clean energy technology businesses through the Clean Energy Business Incubator Program (CEBIP), established with funding from NYSERDA.
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Research Facility Management 1 activity
- Operate technology business incubator with physical and remote supportProvides physical incubator space with 60 suites totaling 62,000 square feet, including wet laboratory spaces equipped with sinks, fume hoods, and gas and air connections, as well as shared offices, meeting areas, and kitchen and mailing facilities. Also operates an Incubator Without Walls (IWW) Program offering remote access to resources and support services for startups across New York State.
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Uncategorized 1 activity
- Collect and analyze economic impact data from client companiesContinues to collect economic impact data from client companies for up to five years following the start of their Innovation Hotspot award to assess long-term outcomes and program effectiveness.
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financials · form 990 · fy2024
revenue
Total revenue$2.57M
Contributions & grants$560K22%
Program service revenue$2.01M78%
Investment income$590%
Other revenue$0
expenses
Total expenses$2.10M
Program expenses83%
Admin / overhead17%
Fundraising0%
Salaries & benefits$767K
Grants paid out$24K
Largest expense lineCompensation
balance sheet
Total assets$16.86M
Cash$224K
Investments$0
Liabilities$2.21M
Net assets$14.65M
Liquid reserves1.3 mo
5 years on record · 2019–2024 · YoY revenue +39.5%
leadership · form 990 part vii · fy2024
Who runs it
board members · 10
- ANIL DHUNDALE — DIRECTOR
- DAVID MARCUS — DIRECTOR
- KACY BULLARD — DIRECTOR
- KEVIN GARDNER — DIRECTOR
- MICHAEL KINCH — CHAIR (AS OF 02/2025)
- NICHOLAS QUERQUES — DIRECTOR
- PAUL SHEIFFELE — DIRECTOR
- PETER DONNELLY — CHAIR (THROUGH 10/2024)
- RYAN WELCH — FACILITES AND OPS. MGR., SECRETARY
- SUSAN DIBBINS — TREASURER
relationships · 43
Who they work with
- AERTC Partner — Partner organization receiving additional space.
- Accelerate Long Island Partner — Lead organization for the new Long Island Innovation Hot Spot, collaborating with LIHTI and other regional institutions to support startups.
- Accelerate Long Island Partner — Subcontracted to administer the Innovation Hotspot Program; LIHTI validates companies and provides mentoring while ALI handles administration and reporting to NYSTAR.
- Advanced Energy Research & Technology Center Partner — Collaborates on innovative energy research, education, and technology deployment
- Amgen Partner — Hosted Amplicon, originally incubated at LIHTI, which was later acquired by Amgen.
- Broad Hollow Bioscience Park at Farmingdale State College Partner — Co-applicant in the new Long Island Innovation Hot Spot alliance, partnering with LIHTI to support regional startup companies.
- Brookhaven National Laboratory Partner — Provides research collaboration opportunities for incubator member companies.
- CEWIT Partner — Partner organization receiving additional space.
- Center for Biotechnology Partner — Supports development of bioscience innovations with impact on human health and society
- Center for Corporate Education (SBU) Partner — Collaborates to help organizations succeed in the complex business world
- Center of Excellence in Wireless and Information Technology Partner — Engages in first-class interdisciplinary research and development in wireless and information technology
- Cold Spring Harbor Laboratory Partner — Collaborates with the incubator to provide research collaboration opportunities for member companies.
- Empire State Development Government — Funding agency that awarded benefits to companies through the Long Island Innovation Hot Spot program managed by LIHTI.
- Empire State Development's Division of Science, Technology and Innovation (NYSTAR) Government — Funder of the Innovation Hotspot Program, designating LIHTI as one of ten Innovation Hotspots in New York State.
- Hofstra University Partner — Co-applicant in the new Long Island Innovation Hot Spot alliance, collaborating with LIHTI to support regional entrepreneurship.
- Incubator Selection and Review Committee (ISRC) Partner — Governing body responsible for reviewing applications and making admission decisions.
- LinkedIn Network — Member organization with a profile on LinkedIn
- Linkedin-in Partner — Partners with LinkedIn for professional networking and outreach.
- Long Island Angel Network Partner — Provides access to seed-stage funding for Long Island-based start-ups and early-stage businesses
- Long Island Angel Network Partner — Works closely with the Long Island Angel Network to support early-stage ventures through financing and network connections.
- Long Island Capital Alliance Partner — Collaborates through shared engagement with the regional business community, including participation in joint forums and events.
- Long Island Life Sciences Initiative Partner — Partners with the Long Island Life Sciences Initiative to support technology and life sciences ventures.
- Long Island Regional Incubator Council Partner — Works with the Long Island Regional Incubator Council to support regional incubation efforts.
- Long Island Software and Technology Network Partner — Collaborates with the Long Island Software and Technology Network to support technology-based businesses.
- National Business Incubation Association Network — Member of the National Business Incubation Association, ranked as the number one mixed-technology incubator in the nation.
- National Business Incubation Association Network — Member organization that has ranked LIHTI as the top mixed-technology incubator in the nation.
- New York Institute of Technology Partner — Co-applicant in the new Long Island Innovation Hot Spot alliance, working with LIHTI to expand support for startups.
- New York State Energy Research and Development Authority Government — Funder and supporter of the Clean Energy Business Incubator Program (CEBIP).
- Research Foundation of the State University of New York Network — Member corporation of LIHTI, providing governance and institutional support.
- SBU Medical Center Partner — Provides access to core medical and health-related research facilities for incubator members.
+ 13 more
strategies · 3
How they approach the work
Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.
- Lab-to-Market Commercializationmethodology: lab-to-marketBy integrating entrepreneurial training, venture development support, and physical infrastructure with university research, we accelerate the path from discovery to market-ready products, because proximity and structured support reduce time-to-commercialization for early-stage technologies.
- Mentorship-Driven Capacity Buildingmethodology: mentorship-driven business developmentBy providing targeted mentorship and training programs, we build startup business capacity and increase the likelihood of financial sustainability and independence, because structured guidance fills critical knowledge gaps in early-stage entrepreneurs.
- University-Integrated Incubationmethodology: university_integrationBy embedding startups within a university ecosystem, we enhance their research capabilities and innovation potential through access to academic resources, technology transfer, and faculty collaboration, because integration lowers R&D barriers and strengthens intellectual foundations.