irs program accomplishments · form 990 part iii · fy2024
What they reported doing
- #1 primary $0ALI WAS AWARDED THE LONG ISLAND INNOVATION HOT SPOT ("LIIHS") GRANT ISSUED BY NEW YORK STATE EMPIRE STATE DEVELOPMENT ("ESD") IN 2023. THE CONTRACT PERIOD BEGAN ON JANUARY 1, 2023, AND ENDS ON DECEMBER 31, 2027, WITH TOTAL GRANT FUNDING OF $1,250,000 FROM ESD. THIS IS MATCHED BY FUNDING OF $250,000 FROM ALI AND $1,050,000 FROM THE GRANT CO-APPLICANTS, WHICH INCLUDE THE LONG ISLAND HIGH TECHNOLOGY INCUBATOR, THE RESEARCH FOUNDATION FOR THE STATE UNIVERSITY OF NEW YORK, HOFSTRA UNIVERSITY, NEW YORK INSTIUTE OF TECHNOLOGY, AND BROAD HOLLOW BIOSCIENCE PARK. THE PURPOSE OF LIIHS IS TO ADMINISTER A NYS TAX INCENTIVE AND PROFESSIONAL SERVICES REIMBURSEMENT PROGRAM FOR EARLY-STAGE COMPANIES TO HELP THEM GROW. ALI CONNECTS EARLY-STAGE COMPANIES WITH INCUBATOR SPACE THROUGHOUT ITS NETWORK, COORDINATES WORKSHOPS AND EVENTS ACROSS LONG ISLAND, COLLABORATES WITH THE HOT SPOT ADVISORY BOARD, AND MANAGES A CENTRALIZED PROFESSIONAL SERVICE SUPPORT PROGRAM.
named programs · 3 · from sources
What they call their work
Accelerate New York Seed Fund
Seed funding initiative managed by ALI’s Program Director to support high-tech ventures across Long Island, facilitating commercialization and follow-on investment.
Long Island Innovation Hot Spot (LIIHS)
State-funded program administered by ALI that provides tax incentives and professional services reimbursement to early-stage science and technology companies on Long Island, connecting them with incubator space, workshops, and a centralized support network.
MIT Venture Mentor Service (VMS) Long Island
Mentorship program adapted from MIT’s model, using a team-based, objective approach to guide entrepreneurs through startup development, now administered by the Center for Biotechnology.
activities · 4 groups
What they do
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Startup Acceleration & Business Growth Support 3 activities
- Administers Long Island Innovation Hot Spot program with ecosystem coordination and support servicesAdministers the Long Island Innovation Hot Spot program, which provides tax incentives and professional services reimbursement to early-stage companies, connects them with incubator space, coordinates regional workshops and events, and manages a centralized professional service support program; also coordinates biotechnology, clean technology, and artificial intelligence ecosystems across Long Island through a NYSTAR Hot Spot partnership.
- Operates startup accelerator program providing commercialization resources and ecosystem accessOperates the Hot Spot startup accelerator program, providing early-stage science and technology ventures with access to support services, ecosystem partners, and commercialization resources to advance innovation.
- Supports commercialization of scientific discoveries through direct collaboration with researchersWorks directly with researchers at academic, medical, and industry institutions to support the commercialization of groundbreaking technologies, providing assistance in intellectual property navigation, business modeling, and startup formation to translate scientific discoveries into funded ventures.
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Flexible Grants to Grassroots Organizations 1 activity
- Awarded working capital grants to technology startups (completed program)Funded early-stage technology firms on Long Island through working capital grants as part of a regional effort to support new technology startups and research collaborations; this grant program was completed as of December 31, 2015.
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International Student Recruitment & Academic Partnerships 1 activity
- Establishes academic partnerships to advance science and tech entrepreneurshipBuilds and maintains academic partnerships to support science and technology entrepreneurship, fostering collaboration between research institutions and the regional innovation ecosystem.
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Endowment and Gift Fund Management 1 activity
- Funds and manages high-tech startup portfolio through seed fundManages a portfolio of high-tech startups through the Accelerate New York Seed Fund, supporting their commercialization and tracking collective follow-on funding raised by portfolio companies.
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financials · form 990 · fy2024
revenue
Total revenue$243K
Contributions & grants$143K59%
Program service revenue$100K41%
Investment income$3380%
Other revenue$0
expenses
Total expenses$230K
Program expenses—
Admin / overhead—
Fundraising—
Salaries & benefits$0
Grants paid out$0
Largest expense lineProfessional Fees
balance sheet
Total assets$958K
Cash$119K
Investments$0
Liabilities$35K
Net assets$923K
Liquid reserves6.2 mo
6 years on record · 2019–2024 · YoY revenue +31.0%
leadership · form 990 part vii · fy2024
Who runs it
board members · 15
- ALON KAPEN — DIRECTOR
- BRUCE STILLMAN — DIRECTOR
- CHARLES M STRAIN — DIRECTOR
- DAVID CALONE — DIRECTOR
- HANK FOLEY — DIRECTOR
- JERRY WARD — TREASURER
- JOANNE HEWETT — DIRECTOR
- LEO GUTHART — DIRECTOR
- MATTHEW COHEN — DIRECTOR
- MICHAEL DOWLING — DIRECTOR
- NANCY RAUCH-DOUZINAS — DIRECTOR EMERITUS
- RICHARD MCCORMICK — DIRECTOR
- STACEY SIKES — CHAIRWOMAN
- STEVE WINICK — DIRECTOR
- SUSAN POSER — DIRECTOR
relationships · 34
Who they work with
- Broad Hollow Bioscience Park Partner — Co-applicant in the Long Island Innovation Hot Spot grant, contributing matching funds and program collaboration
- Brookhaven National Lab Partner — Research partner in supporting science-driven entrepreneurship and commercialization
- Brookhaven National Laboratory Partner — Collaborates with Accelerate Long Island to support commercialization of technologies
- Brookhaven National Laboratory Partner — JoAnne Hewett, Director of Brookhaven National Laboratory, serves on the board of Accelerate Long Island.
- Center for Biotechnology Partner — Administers the mentorship program originally developed in collaboration with ACCELERATE LONG ISLAND INC and partners
- Cold Spring Harbor Lab Partner — Academic and research partner in supporting science-driven entrepreneurship
- Cold Spring Harbor Laboratory Partner — Collaborates with Accelerate Long Island to support commercialization of technologies
- Cold Spring Harbor Laboratory Partner — Dr. Bruce Stillman, President of Cold Spring Harbor Laboratory, serves on the board of Accelerate Long Island.
- EY Partner — Collaborates with Accelerate Long Island to support commercialization of technologies
- Ernst & Young Partner — Jerry Ward, Managing Partner at Ernst & Young, serves as Treasurer of the Board of Accelerate Long Island.
- Farrell Fritz Partner — Alon Y. Kapen and Charles Strain of Farrell Fritz have served on the board of Accelerate Long Island.
- Farrell Fritz Attorneys Partner — Collaborates with Accelerate Long Island to support commercialization of technologies
- Hofstra University Partner — Co-applicant in the Long Island Innovation Hot Spot grant, contributing matching funds and program collaboration
- Hofstra University Partner — Collaborates with Accelerate Long Island to support commercialization of technologies
- Hofstra University Partner — Susan Poser, President of Hofstra University, serves on the board of Accelerate Long Island.
- Hot Spot Startup Program Network — Curated accelerator initiative for science and tech startups operated by Accelerate Long Island.
- Jove Equity Partners LLC Partner — David Calone, CEO of Jove Equity Partners LLC, serves on the board of Accelerate Long Island.
- Long Island Association Partner — Collaborates with Accelerate Long Island to support commercialization of technologies
- Long Island Association Partner — Shared leadership and financial management, with Michelle Byrne serving as Finance Director for Accelerate Long Island and CFO for the Long Island Association.
- Long Island High Technology Incubator Partner — Co-applicant in the Long Island Innovation Hot Spot grant, contributing matching funds and program collaboration
- NYSTAR Government — Partner in a Hot Spot program to support technology-based economic development.
- New York Institute of Technology Partner — Co-applicant in the Long Island Innovation Hot Spot grant, contributing matching funds and program collaboration
- New York Institute of Technology Partner — Collaborates with Accelerate Long Island to support commercialization of technologies
- New York State Empire State Development Government — Primary grant funder for the Long Island Innovation Hot Spot program and provider of a $500,000 grant for working capital to technology firms
- New York State Opportunity Empire State Development Government — Collaborates with Accelerate Long Island to support commercialization of technologies
- Northwell Health Partner — Collaborates with Accelerate Long Island to support commercialization of technologies
- Northwell Health Partner — Michael Dowling, President & CEO of Northwell Health, serves on the board of Accelerate Long Island.
- Stony Brook University Partner — Academic and research partner in supporting science-driven entrepreneurship
- Stony Brook University Partner — Collaborates with Accelerate Long Island to support commercialization of technologies
- The Research Foundation for the State University of New York Partner — Co-applicant in the Long Island Innovation Hot Spot grant, contributing matching funds and program collaboration
+ 4 more
strategies · 4
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.
- Ecosystem Bridging for Science-Driven Entrepreneurshipmethodology: ecosystem_bridgingBy connecting research institutions, startups, investors, and regional partners, the organization enables the translation of scientific discoveries into scalable ventures, because integrated ecosystems accelerate commercialization and regional economic growth.
- Research-to-Startup Commercialization Supportmethodology: research_commercialization_supportBy providing hands-on guidance in intellectual property, business modeling, incorporation, and funding access, the organization transforms early-stage research into funded, scalable startups, because structured support reduces barriers to market entry for science-based ventures.
- Sector-Specific Acceleration in High-Impact Technologiesmethodology: sector-specific_accelerationBy focusing acceleration efforts on biotech, clean-tech, and advanced science sectors, the organization concentrates resources where scientific innovation has the highest potential for economic and societal impact, because targeted support increases success rates in complex, capital-intensive fields.
- Team-Based Mentorship for Objective Startup Guidancemethodology: team-based_mentorshipBy using a team-based mentorship model with mentors who maintain no financial or business ties to startups, the organization ensures objective, conflict-free guidance that improves decision-making and venture viability in early-stage technology companies.