New York State has established three funds to support innovation, job creation, and high growth entrepreneurship. The Funds target seed and early stage-companies in emerging technologies, advanced technology, energy, advanced materials, or biotech.
These opportunities are well-suited for many of the companies that we work with across the Southern Tier Startup Alliance incubators. For example, participants in the Passenger to Pilot program at Rev: Ithaca Startup Works are well-prepared to apply for the Minority and Women Owned Business Investment Fund. Members of Binghamton University’s Startup Suites and Cornell’s McGovern Center are great candidates for the New York State Innovation Venture Capital Fund. There are other opportunities that specifically target underserved economic communities in New York State. Read below for more information on each.
Innovate New York Fund
The Innovate New York Fund is a seed-stage business Fund-of-Funds that invests in technology companies up to $500,000, with a private capital matching requirement of 2:1. Seed and early-stage companies operating in an emerging technology field or that have the potential to achieve technological advances and innovation can apply. The participating investment entities are: Cayuga Ventures Fund, Excell Partners, ff Venture Capital, Golden Seeds, The Partnership Fund for New York City, SCP Incubators/Z80 Labs, Stonehenge Growth Capital.
For more information, contact InnovateNY@esd.ny.gov.
Download informational PDF: NY Innovate Fund
New York State Innovation Venture Capital
The New York State Innovation Venture Capital (NYSIVC) Fund will offer investment in two categories for organizations located in NYS.
One, the Fund will invest in seed and/or early-stage companies in information technology, energy, advanced materials, healthcare and life science/biotech. The Fund will focus on underserved regions of the NYS with investments ranging from $100,000 to $5,000,000, although private matching funds of 2:1 is required.
Two, the fund will also allow for commercialization of new technologies emerging from universities and research labs. The funds for this will be up to $100,000 with a private capital matching requirement of 1:1.
For more information, contact NYSIVC at NYSInnovationVCFund@esd.ny.gov.
Download informational PDF: MWBE Investment Fund
Minority and Women Owned Business Investment Fund
The Minority and Women Owned Business (MWBE) Investment Fund will invest in early-stage New York State certified WBEs, MBEs, and MWBEs that are in emerging technologies. Investments up to $500,000 per company are available, although private matching funds of 2:1 is required.
For more information, contact ESD at MWBEInvestmentFund@esd.ny.gov.
Download informational PDF: NYS Innovation Fund