PowerBridgeNY, a proof-of-concept center sponsored by NYSERDA to commercialize cleantech inventions, has joined BIA/NYS as our newest member. PowerBridgeNY was founded by Columbia University and the New York University Polytechnic School of Engineering, and it sources new inventions from those institutions as well as at the City University of New York, Cornell NYC Tech, Brookhaven National Laboratory, and SUNY’s Stony Brook University.
The PowerBridgeNY program operates as a virtual or pre-incubator, stepping faculty/postgraduate teams through a series of educational and mentoring sessions designed to help them sharpen the business case for their inventions. Winning teams are allocated up to $150,000 each to support any combination of applied research, market research, prototype development and testing, and market development. By aggregating access to excellent research spanning six institutions, PowerBridgeNY has been able to attract a strong panel of judges from the venture community and raise visibiity for the winners. For more information on the process, see Governor Cuomo’s news release on the first round of winners.
Although PowerBridgeNY is a “virtual” incubator, it operates out of both NYU SoE’s Urban Future Lab in MetroTech Center and Columbia’s Technology Transfer Office. MetroTech Center is also home to our member incubator the New York City Accelerator for Clean and Resilient Economy (ACRE), cosponsored by NYSERDA and NYCEDC. PowerBridgeNY is paralleled by NEXUS-NY, a proof-of-concept center serving upstate academic institutions and independent inventors, housed at our member High Tech Rochester’s Lennox Tech Enterprise Center. The Proof of Concept Centers program and the incubator program both fit in a spectrum of programs sponsored by NYSERDA’s Innovation and Business Development unit.
The membership by PowerBridgeNY also represents a return to our membership ranks of Columbia University, NYU’s partner in the initiative. We warmly welcome all the participating institutions in PowerBridgeNY to membership!