Foundation for Science, Technology and Innovation

Small Business Technology Investment Fund

The Small Business Technology Investment Fund , which was created in 1981 as part of the Stateís Science and Technology Foundation, provides start-up, high-tech companies throughout New York State with a source of venture capital to promote new job creation and economic growth. In 2006, the Fund was transferred to a newly created public benefit corporation, the Foundation for Science, Technology and Innovation. We examined the Fundís investment performance and evaluated whether its investments were consistent with its overall investment objectives. We found that Fund officials had followed the Fundís stated investment processes. However, Fund officials had not established a long-range strategic plan or clear overall goals and objectives. We recommend these actions be taken.

For a complete copy of Report 2006-S-57 click here.