U.S. Senators Charles E. Schumer and Kirsten Gillibrand today announced $116,667 in federal funding for the Ain Center for Entrepreneurship at the University of Rochester. The funding was allocated through the federal Economic Development Administration’s (EDA) University Center grant program. This federal investment will support the Ain Center’s efforts to cultivate innovation, expand business in urban and rural areas across the Finger Lakes region, and develop a high-skilled regional workforce. This funding covers the first year of a five-year program that leverages applied research and technical assistance from the university to help neighboring communities capitalize on economic development potential and opportunities. Specifically, the Ain Center will support early-stage and entrepreneurship by providing funding for team projects, supplying the development tools needed to increase productivity and innovation, and attracting new students and community participants to help increase long-term regional competitiveness and economic diversification.
“These funds will give the Ain Center for Entrepreneurship the opportunity to support tomorrow’s business owners and innovators right here in the Rochester-Finger Lakes Region,” said Senator Schumer. “It is imperative that we not only invest in higher education, but in the kinds of programs that support entrepreneurship and the creation of good-paying, middle-class jobs for residents across urban and rural areas.”
“Investments like this one help boost the local economy, revitalize our communities, and create new jobs,” said Senator Gillibrand. “The Ain Center at the University of Rochester will help provide the necessary resources for businesses and entrepreneurs to create new businesses, making the region more competitive and allowing long-term economic growth.”
The EDA’s University Center program is a competitive partnership between EDA and academic institutions. The EDA’s policy is to create a foundation for sustainable job growth through innovation and regional collaboration. This is exactly what the Ain Center is doing for their community. Partnerships such as this one make university resources available to the economic development practitioner community.