In order to address the legislatively identified needs of the State of New York to attract private sector investment in new research, translate research into marketable products, strengthen university/industry connections, and prepare New York businesses to compete for private-sector venture investment, part JJ of chapter 59 of the Laws of 2013 authorized the New York State Urban Development Corporation to establish and administer the New York State Innovation Venture Capital Fund in order to provide critical seed and early-stage funding to incentivize new business formation and growth in the State of New York and facilitate the transition from ideas and research to marketable products.