(a) The corporation will invest fund monies in beneficiary companies either directly or, through investment entities, indirectly. Generally, investments in seed-stage businesses will range from $25,000 to $750,000 and investments in early-stage businesses will range from $750,000 to $5,000,000. The corporation may also directly or, through an investment entity, indirectly make additional follow-on investments. Fund investments may include investments in seed-stage businesses and early-stage businesses made directly, through investment entities, along with co-investors, or utilizing one or more large investment fund partners to source similar investments, or larger investments in venture-stage businesses, that agree in writing to relocate to New York State.

(b) In order to identify potential beneficiary companies, the corporation may identify technologies and companies from the State’s innovation network and support efforts of other governmental entities and programs in order to attract beneficiary companies from outside the State. The process for evaluating prospective beneficiary companies for funding will include identifying candidate beneficiary companies, conducting due diligence and evaluating the potential financial return, economic value, and considering the significance of the technology. The corporation may consider advisory recommendations from an advisory committee established in accordance with guidelines approved by the corporation’s directors. Unless the corporation’s directors create and empower a special committee to authorize fund investments, all fund investments must be authorized by the corporation’s directors.

(c) The corporation may invest fund monies in the investment entities that will in turn invest in beneficiary companies. For such investments, the corporation shall perform due diligence with respect to the investment entity; provided, however, with respect to investments in beneficiary companies made by an investment entity, deal sourcing, investment due diligence, and portfolio management and reporting (other than the reports required to be made by the corporation pursuant to the authorizing legislation and other applicable law and regulations) may performed by investment entity.