Empire State Development

What Empire State Development does

Empire State Development (ESD), legally the Empire State Development Corporation, is New York State's chief economic development agency and a state-chartered public corporation operating under the authority of the State of New York. Formed in 1995 through the consolidation of the Department of Economic Development and the Urban Development Corporation (itself tracing roots to the 1941 Division of Commerce), ESD administers a portfolio of tax incentive programs (Excelsior Jobs Program, START-UP NY, Life Sciences Tax Credit), venture capital deployment through NY Ventures ($300M+ across 122 portfolio companies), business accelerators (GENIUS NY for unmanned aerial systems, Luminate NY for optics/photonics/imaging, Grow-NY for ag-tech, 43North), MWBE certification, export assistance via Global NY, broadband infrastructure through ConnectALL, and site development via FAST NY and POWER UP. Services are delivered through 10 regional offices spanning every economic development region of the state, with industry experts providing site selection, workforce development, and capital coordination support.

ESD does not develop proprietary technology products; rather, it operates as an economic development intermediary that channels state appropriations, bond financing (via the New York State Urban Development Corporation and Job Development Authority), and federal grants into programs that attract, retain, and grow businesses in New York State. Its business model is grant- and incentive-based: qualifying businesses receive refundable tax credits (up to $4B via Excelsior), equity investment (pre-seed through Series B via NY Ventures), matching grants (NYSTAR Innovation Matching Grants up to $200K), accelerator placement with prize funding, and low-cost loan programs. Programs are performance-based, typically tied to job creation, capital investment, or R&D commitments. Customer segments span SMBs (98% of NYS businesses), minority and women-owned business enterprises (MWBEs), strategic high-growth industries (semiconductors, life sciences, cleantech, advanced manufacturing), export-oriented businesses, startups, and large enterprise anchors such as Micron Technology, Broadridge, TTM Technologies, and BAE Systems. Key flagship initiatives include a $100B semiconductor partnership with Micron, a $10B Albany NanoTech Complex initiative with NY Creates, and an $800M shovel-ready industrial site program.

Name

Empire State Development

Legal name

Empire State Development Corporation

Website

https://esd.ny.gov

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Empire State Development is New York State's chief economic development agency, administering tax incentives, venture capital, accelerators, MWBE certification, and site development programs through 10 regional offices to attract, retain, and grow businesses across the state.

Ownership category

akta.pro rank

Product category

Economic Development Services

NAICS

Administration of Economic Programs (9261), Administration of General Economic Programs (92611), Administration of Economic Programs (926)

akta.pro primary industry

Trade, Industry & Economic Development Administration (BPAIAAAL)

Keywords

• Economic development
• Tax incentives
• Venture capital
• Business accelerators
• Export assistance

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices12 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Government Appropriations and Bond Financing: ESD operates as a government agency funded through state appropriations, bond financing, and federal grants. The agency provides economic development financing, tax credits, and grants to businesses rather than generating commercial revenue. Key financing entities include the New York State Urban Development Corporation and the Job Development Authority.

Go-to-market motion1 record

Distribution channels6 records

Marketing channels8 records

Core offering

Empire State Development is New York State's chief economic development agency, administering a portfolio of tax-incentive programs, venture capital investments, business accelerators, export assistance, MWBE certification, and site-selection/infrastructure programs to attract, retain, and grow businesses operating in or relocating to New York State. Services are delivered at no cost or reduced cost to qualifying businesses through ten regional offices, the Albany headquarters, and a NYC office, funded through state appropriations, bond financing, and federal grants.

Product overview

Empire State Development (ESD) is New York State's chief economic development agency, offering a comprehensive portfolio of business support programs rather than a unified software product. The agency's offerings include tax incentive programs (Excelsior Jobs Program, START-UP NY, Life Sciences Tax Credit), venture capital through New York Ventures, business accelerators (GENIUS NY for uncrewed systems, Luminate NY for optics/photonics/imaging), the Grow-NY and 43North business competitions, export assistance through Global NY, MWBE certification, innovation matching grants through NYSTAR, and broadband infrastructure via ConnectALL. These programs are administered through regional offices across New York's 10 economic development regions and are designed to support businesses at every stage from startup to large-scale manufacturing.

Differentiator

Problem solved

Functional benefit

Brands

• NY Ventures: New York State's venture capital arm that invests in diverse entrepreneurs, fund managers, and accelerators to fuel New York's innovation ecosystem
• ConnectALL Office
• Global NY
• NYSTAR
• GENIUS NY
• Luminate NY

Products and services

• Excelsior Jobs Program A performance-based New York State tax credit program providing job creation and investment tax credits to businesses that locate or expand in New York State. The program offers up to $4 billion in refundable credits, with enhanced terms for green and semiconductor supply chain projects. Available to businesses meeting job creation and investment thresholds.
• START-UP NY A New York State tax incentive program offering tax benefits to businesses that relocate to or expand in New York State, particularly targeting academic institutions and designated economic development zones. Designed to attract new business formation and corporate location decisions.
• NYSTAR Innovation Matching Grants A matching grants program supporting early-stage technology companies that have received federal SBIR or STTR awards, providing up to $200,000 each for commercialization services. Round 4 awarded over $3 million to 28 NYS small businesses.
• Global NY Export Assistance Programs helping New York businesses enter or expand in global markets through trade missions, export funding, marketing assistance, market intelligence, and connections to international sales agents and distributors. Covers international markets including Africa, Asia, Europe, Middle East, and the Americas.
• New York Ventures New York State's venture capital arm providing equity investments for startups from pre-seed through Series B, managed through multiple fund programs including the NYS Innovation Venture Capital Fund and Pre-seed and Seed Matching Fund. Manages over $300M and has invested in 122 companies with 45% located outside NYC.
• GENIUS NY Accelerator The world's largest accelerator for uncrewed aerial systems, based in Central New York, providing investments and support for UAS-related startups. Round nine awarded $1M grand prize to Flox Intelligence and $500K each to four other finalists. Since 2017, $27M invested in 47 teams that raised $500M+ follow-on funding.
• Luminate NY Accelerator An optics, photonics, and imaging accelerator program based in Rochester, NY, administered by NextCorps. Round nine selected 10 startups from 138 applicants, each receiving $100,000 initial investment with opportunity for up to $2M follow-on funding. Program has invested $23M in 85 startups that raised $497M additional capital.
• Grow-NY Competition A food, beverage, and agriculture tech business competition awarding $3 million in total prizes, including a $1 million grand prize, to startups committing to economic impact in the Finger Lakes, Central New York, and Southern Tier regions. 49 winning companies since 2019 have created hundreds of jobs and secured $127M in follow-on funding.
• MWBE Certification Program Minority and Women-Owned Business Enterprise certification program that provides resources, support, and contracting opportunities for certified businesses, administered by ESD's Division of Minority and Women's Business Development. Includes the 2026 MWBE Regional Opportunities Expo scheduled for July 23 in NYC.
• ConnectALL Office State office working to deliver affordable broadband to New Yorkers through digital infrastructure investments ($1 billion ConnectALL Initiative, the largest-ever NYS digital infrastructure investment) and digital literacy programs.
• Life Sciences Tax Credit Program Refundable tax credits for life sciences companies engaged in research and development, qualifying for credits on qualified research expenses. Targets biomedical and biopharmaceutical R&D activity in New York State.
• 43North Competition A startup competition in Buffalo attracting innovative entrepreneurs from around the world through business plan competitions and funding. Part of ESD's broader innovation and entrepreneurship ecosystem.

Quantifiable outcome

• $2.5B+ in investment from businesses locating on NYS infrastructure-improved sites
• +3 more outcomes

Named customers14 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core, flagship, strategic and minor.

• NY CreatescoreStrategic or Co-development Partner · 13 May 2026NY Creates operates the Albany NanoTech Complex hosting North America's first publicly owned High NA EUV Lithography research center. Part of $10 billion initiative with $1 billion from ESD and $9 billion industry investment involving IBM, Micron, Applied Materials, Tokyo Electron, and ASML.
• NY Creates Partners (IBM, Micron, Applied Materials, Tokyo Electron, ASML)flagshipStrategic or Co-development Partner · 11 April 2026Partnership for $10B semiconductor R&D initiative at Albany NanoTech Complex. Tokyo Electron's CLEAN TRACK LITHIUS Pro DICE system being installed as first major equipment for High NA EUV Lithography Center. ASML's High NA EUV system expected to arrive before end of 2026.
• Micron TechnologyflagshipStrategic or Co-development Partner · 27 March 2026Partnership for Micron's $100 billion semiconductor megafab in Onondaga County. First grants from $500M Green CHIPS Community Investment Fund: $30M housing fund and $5.55M for workforce development. Housing Central NY Fund launched with $150M (including $30M from ESD, $120M from Micron and private partners) for 2,500 workforce housing units.
• NSF Energy Storage Engine (Binghamton University)strategicStrategic or Co-development Partner · 24 March 2026$45M NSF funding for Phase 2 of Energy Storage Engine led by Binghamton University. Program may receive up to $160M over 10 years to establish upstate NY as America's battery tech capital. Partners include Cornell, RIT, Syracuse, and others. Already supported 15 battery startups and 300+ workers.
• NextCorps (Luminate NY Administrator)coreStrategic or Co-development Partner · 23 March 2026NextCorps administers the Luminate NY accelerator program through the Finger Lakes Forward initiative. Has invested $23M in 85 startups that raised $497M and created 184 jobs in the Rochester region.
• Waste Tire Reuse and Recycling PartnersminorStrategic or Co-development Partner · 9 March 2026$2.36M investment in six technology research projects for waste tire reuse and recycling through NYS Waste Tire Program managed by REMADE Institute. Projects involve partnerships with Michelin North America, Northwestern University, and other technology developers.
• STELLAR Project (NSF Regional Innovation Engine)strategicStrategic or Co-development Partner · 5 March 2026University of Rochester-led initiative to establish Rochester as national hub for laser R&D. NYS committed $16 million in matching funds if awarded NSF Regional Innovation Engines grant. Competing among 15 finalists nationwide for up to $160 million over 10 years to address $16 trillion global laser marketplace.

Scale indicators15 records

Recent moves12 records

Expansion highlights6 records

Direct peers

• Illinois Department of Commerce and Economic Opportunity (DCEO): Illinois's state economic development agency; offers an overlapping set of tax incentives, business financing, workforce programs, and international trade services, competing with ESD for Midwest/Northeast corporate expansions.
• Georgia Department of Economic Development: Georgia's statewide economic development agency; directly competes with ESD for film, logistics, and advanced manufacturing projects with a comparable program stack of tax credits, workforce grants, and site development.
• Economic Development Partnership of North Carolina (EDPNC): North Carolina's public-private economic development organization; directly comparable to ESD in coordinating site selection, incentive delivery, and international investment attraction for a similarly manufacturing-heavy state economy.
• Texas Office of the Governor - Economic Development & Tourism: Texas's state-level economic development office; a primary competitor to ESD for large corporate relocations, semiconductor investments, and FDI projects, with a comparable emphasis on incentives, workforce, and site readiness.
• JobsOhio: Ohio's private nonprofit state economic development corporation; directly comparable to ESD in mandate (job creation, capital deployment, site development) and target market (corporate site selection and expansion), differing mainly in its privately-structured governance model.
• New Jersey Economic Development Authority (NJEDA): New Jersey's state economic development financing authority; offers tax credits, venture funding, and real estate development programs that mirror ESD's Excelsior, NY Ventures, and UDC functions, serving a comparable Northeast corporate base.
• California Governor's Office of Business and Economic Development (GO-Biz): California's statewide economic development office; comparable to ESD in serving the nation's largest state economy with tax incentive coordination, international trade promotion, and small business support for a similarly diverse industry base.
• Pennsylvania Department of Community and Economic Development: Pennsylvania's state-level economic development agency; offers overlapping programs (tax credits, financing, workforce development, site selection) targeting manufacturing and tech investment in a comparable Northeast/Mid-Atlantic footprint.
• Massachusetts Executive Office of Economic Development: Massachusetts' umbrella economic development office; comparable to ESD in coordinating life sciences, advanced manufacturing, and venture capital initiatives, with similar strengths in talent pipeline and innovation ecosystem development.
• Enterprise Florida: Florida's public-private economic development partnership; mirrors ESD's site selection, incentive negotiation, and FDI attraction functions, competing directly with NYS for corporate relocations and expansions in the Southeast.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/EmpireStateDev
• YouTubeyoutube.com/user/EmpireStateDev
• Facebookfacebook.com/EmpireStateDevelopment
• LinkedInlinkedin.com/company/empire-state-development

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments34 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Empire State Development