Grant funding will support ‘Fast Forward’ start-up projects
Congressman Brian Higgins announced a $750,000 federal grant awarded to Launch NY. Funded by the Department of Commerce’s Economic Development Administration (EDA), the grant will support Launch NY’s investments in technology-driven start-ups across upstate New York.
“Launch NY’s leadership in Western and upstate New York has been critical in helping small businesses navigate through the complicated start-up environment and succeed,” Higgins said. “Technology is a driving force for economic development in today’s world. This grant will allow Launch NY to continue their transformative work by supporting emerging technology entrepreneurs who will bring sustainable jobs to the area.”
Launch NY is introducing the “Fast Forward” program to serve its high volume of start-ups, helping them to scale commercial operations in technology-driven industry sectors. This three-year grant will fund the “Fast-Forward for Tech-Driven Start-Ups” project, which aims to help the growing number of seed-stage technology-based companies that have seen success from Launch NY’s entrepreneur-in-residence program (EIR) continue to expand. It focuses on providing access to investments and strategic partnerships, placing a special priority on Cleantech and underrepresented founders.
“We’ve built the most active seed fund in New York state to help our budding entrepreneurs with their proof-of-concept funding, and now we’re poised to support them through the next phase of scale-up when the jobs and wealth creation can be felt throughout our community. This federal award ensures that high-growth potential entrepreneurs can make their impact right in our own backyard,” said Marnie LaVigne, Ph.D., president and CEO of Launch NY.
A press release stated, “Many entrepreneurs need continued support and mentorship as their start-ups begin to takeoff, create jobs and grow wealth. This program provides a ‘Fast Forward’ curriculum that includes a suite of evaluation and programming methods suited to match the needs of advanced start-ups, as well as company action plan and industry mentor panels. Overall, the ‘Fast Forward’ program will help provide tech-driven start-ups with accelerated fundraising, strategic partnerships, product revenues, job retention and creation, and liquidity events that yield inclusive economic growth in the region.”
Launch NY is a nonprofit venture development organization that operates in the state’s 27 westernmost counties with the mission to identify, support and invest in high-growth, high-impact companies to create jobs and wealth in upstate New York. With 250 active clients and a history of helping over 1,300 companies, it provides start-ups with pro-bono mentoring services and access to the most active seed fund in New York state. To learn more, visit https://launchny.org/.