Empire State Development awards $8M to support technology sector
ALBANY — In an effort to advance the state’s technology sector, Empire State Development has awarded more than $8 million to colleges and organizations that encourage the development of emerging tech companies.
The funding was granted through the 12th round of the Regional Economic Development Council Initiative as part of the agency’s Division of Science, Technology and Innovation. The eight awardees selected statewide will receive a five-year designation of funding to support the costs of “incubator services” provided to help entrepreneurs establish and grow their business.
“The success of early-stage companies throughout New York state only strengthens our economy and NYSTAR’s hot spots and certified business incubators across the regions play an important role,” Lt. Gov. Antonio Delgado, statewide chair of REDC, said.“The regional councils are proud to support efforts to grow companies that advance New York state’s technology sector and ensure that we are well prepared for the future.”
The awardees were selected through a competitive application process administered by ESD that considered the 10 innovation hot spots that are located in each of the state’s economic development regions and its 20 certified business incubators designated by NYSTAR.
Innovate518, a collaborative effort of startup networking and resources in the Capital Region based at the University of Albany, was selected as one of the hot spot awardees and will receive $250,000 annually to continue accelerating entrepreneurship and innovation through research and engagement.
Other innovation hot spots granted funding include SUNY New Paltz, Mohawk Valley Community College, City University of New York and Accelerate Long Island.
Rensselaer Polytechnic Institute will receive $125,000 annually as one of the three certified business incubators which are recognized for offering a range of services to get start-up businesses off the ground and toward continued growth.
Hudson River Housing in Mid-Hudson and the Olean Business Development Corp. in western New York also have been selected in this category of funding, which will go toward the cost of offering business support resources, from finding physical workspaces and helping build capital to initializing strategy and networking with local businesses.
This batch of funding is intended to support more companies as they transition from the start-up phase to larger-scale commercialization and encourage the development of new products and services in the state’s technological sector.
“Nothing is more daunting than taking an idea and turning it into a business, and these designations and the funding that follows, demonstrate our continued commitment to supporting budding companies with the support they need to be successful in New York State,” ESD President Hope Knight said.
The funding comes as part of the REDC’s larger effort to develop long-term strategic plans for regional economic growth. Earlier this month, ESD announced $15 million in awards to support projects and destinations throughout the state that promote tourism.
A full list of Regional Council awardees can be found on the council’s website and will be updated as more agencies and programs are selected for funding.
