U.S. Senator Kirsten Gillibrand today announced $2,653,546 in federal funding for programs that promote tech-based regional economic development. The funding was allocated through the Economic Development Association’s Build to Scale Program and will support entrepreneurship, accelerate innovation and job creation, and provide access to capital in areas where it is in short supply.
“Startups and emergent businesses are vital to the resiliency of our local economies,” said Senator Gillibrand. “At a time when growing businesses have been hit particularly hard by the COVID-19 pandemic, this funding will support innovation-driven entrepreneurs, draw investment, and create jobs statewide. I will continue fighting for funding that promotes entrepreneurship and contributes to economic growth and prosperity throughout New York.”
“Now more than ever making entrepreneurship drive meaningful job and wealth creation is vital to our economic recovery, and this new EDA award for our Fast Forward initiative will ensure that we have the stepped up services for our robust pipeline of startups who are ready to move beyond the seed stage into scale-up mode,” said Marnie LaVigne, Ph.D., President & CEO of Launch NY.
In June of 2020, Senator Gillibrand successfully sent a letter of support to the Secretary of the U.S. Department of Commerce advocating for Launch NY to receive funding from the Build to Scale Program in order to provide support to businesses that lack traditional sources of funding.
A full list of funding recipients is below:
|
Recipient |
Amount |
County |
Purpose |
|
City University of New York |
$750,000 |
New York |
Accelerate 40 new medical technology products; create over 800 desirable STEM jobs in Greater Harlem |
|
FuzeHub |
$753,546 |
Albany |
Support collaborative projects between manufacturing and technology startup companies and not-for-profit organizations with manufacturing expertise |
|
Launch New York |
$750,000 |
Erie |
Serve startups that have progressed beyond minimum viable product development to help them scale commercial operations in technology-driven industry sectors |
|
Cornell University |
$400,000 |
Tompkins |
Increase the flow of capital to seed- and early-stage startups in New York |