Local leaders are putting forward a $50 million proposal to give entrepreneurs a space to start manufacturing small batches of their prototype product and to seek financing from more than 300 investors.

The proposal, called the Regional Commercialization Corridor, was developed by the Long Island Regional Economic Development Council . The council consists of 22 business executives, university presidents, union leaders and nonprofit officials who were appointed by Gov. Kathy Hochul to help allocate state grants and tax credits for economic development.

Next week, the council will apply for funding for the commercialization corridor, said Cara Longworth, the council’s executive director and head of Long Island operations for Empire State Development, the state’s primary business-aid age

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