News
December 27, 2017‘Innovate 518’ Receives $1.25 Million Grant to Continue its Mission
Innovate 518, a program that connects startup companies and would-be business owners to programs and services to help them grow, will be expanding its services in 2018, thanks to a new grant of $1.25 million in state economic development funding awarded last week [Dec. 13] by Governor Andrew M. Cuomo. The award was part of the Regional Economic Development Council process, in which the Capital Region received a total of $85 million for 110 projects.
Innovate 518 collaborates with businesses, investors, universities, non-profits and local governments, coordinating a growing network of over 20 incubators, accelerators, co-working space and service providers across the 8-county Capital Region.
Innovate 518’s goal is to build and nurture the “entrepreneurial ecosystem” for the region, said Matt Grattan, director of community and economic development at UAlbany, which provides leadership for the organization.
“People might have a great idea for a business, but not know where to go to get help turning that idea into a viable business. We connect the dots, matching entrepreneurs with the services and supports that are right for them. We also help early-stage companies accelerate their growth, and connect business owners with potential investors,” said Grattan.
Since launching in 2015, Innovate 518 has worked with some 300 companies and has seen eight startups go from concept to commercialization. With the new funding, the program aims to support startups that will create over 500 jobs and attract $5 million in investments.
The funding will allow Innovate 518 to expand its services to the region, which include:
- Connecting with businesses, non-profits, colleges and universities across the region to inform more entrepreneurs about the services available to them.
- Delivering workshops and networking events at downtown locations, helping to support the revitalization of core city locations across the region.
- Helping companies find potential investors, including teaching them how to pitch their business.
- Matching startups with experienced executives who can mentor these young businesses and provide needed management talent.
New programs and services to be launched with the grant include:
- Expanding services to under-represented communities, which are often overlooked, by teaming with the FAST initiative, a service of the NYS Small Business Development Centers, a program that provides technical assistance to small businesses looking to create and commercialize high-tech innovations.
- Recruiting investors from within and outside of the region – helping solve a crucial problem for Capital Region entrepreneurs, who can find it more difficult to connect with investors than their counterparts in places like Boston or New York City.
- Documenting and mapping the entrepreneurial ecosystem, producing a clearer picture of what’s happening in this crucial, yet hard-to-measure sector of the economy, working in partnership with the Kaufman Foundation and Upstate Venture Connect.
- Creating customized commercialization plans for industry sectors and individual companies, to improve the startup success rate across the region.
- Supporting the growth of young companies that have launched successfully and are now ready to scale-up, by teaching skills in customer acquisition and retention, sales and marketing, branding, and negotiating.
- Speeding up the commercialization of discoveries by regional scientists and inventors, working in collaboration with regional higher education institutions and helping to support testing, development and prototyping or new products and helping with market research.
Innovate 518 is managed by the University at Albany and is directed in collaboration with the Center for Economic Growth (CEG), IgniteU NY/NYSTEC, and SUNY Adirondack.
CEG has over three decades of experience in assisting early stage technology startups with commercialization services. Andrew Kennedy, CEG’s president and chief executive officer, said, “The Center for Economic Growth is proud to continue its partnership with Innovate 518 so that we can continue to connect local entrepreneurs to existing businesses, foster academic partnerships, identify work space and provide technical assistance. By providing these targeted services, resources and support for the acceleration and growth of innovation-driven, technology-based companies, Innovate 518 helps ensure the Capital Region’s communities and businesses continue to thrive.”
Troy-based IgniteU NY connects entrepreneurs to their communities and to each other. It is part of NYSTEC’s innovation and leadership initiatives. NYSTEC, a non-profit technology consulting company brings extensive technology transfer experience and knowledge from long-standing collaborations with the Griffiss Institute and Air Force Research Laboratory in Rome, NY. Michele Salisbury, NYSTEC’s chief financial officer and director of economic development, said, “Creating a culture of innovation in our workforce and communities, one that embraces new ideas and change, is critical to sustaining economic development. NYSTEC is honored to be part of the Innovate 518 team, working together to support a diverse range of entrepreneurs and developing companies from all socio-economic sectors in the Capital Region.”
SUNY Adirondack, based in Queensbury, N.Y., serves Warren, Washington and northern Saratoga counties. John E. Jablonski, the college’s vice president for academic affairs, said, “We’re very excited about the synergy we have with Innovate 518. This partnership comes at a time when SUNY Adirondack is expanding Business Central and starting a new center for entrepreneurship. These assets will help us to connect the businesses and entrepreneurs in Warren, Washington and Saratoga counties to the Innovate 518 ecosystem. Together, we’re poised to make a significant contribution to the entire region.”
Startups have become an increasingly important part of the regional economy. Privately-owned companies less than a year old now employed 12,209 workers in 2016 in the eight-county region, up 7.3 percent. Over the last five years, startup employment has grown 21.8 percent.
