The U.S. Department of Commerce Economic Development Administration has reinforced two NYS incubator programs (both members of our association) with significant awards under components of the newly expanded Regional Innovation Strategies program.
According to a news release from U.S. EDA, the following awards were made:
- $399,585 from the i6 Challenge Program to the Albany Medical Center Biomedical Acceleration and Commercialization Center (BACC), and an additional $124,910 from the Cluster Grants for Seed Capital Program toward planning for an associated (BACC)SEED Fund.
- $500,000 from the i6 Challenge to the Southern Tier Startup Alliance (the NYS-designated regional Innovation Hot Spot, which is joining the association as an entity separate from the several distinct incubator sites that comprise its regional network).
The i6 Challenge is the fourth cycle of a national competition supporting targeted, high-impact federal investments in cluster formation through startup creation, innovation and commercialization. The Cluster Grants program provides funds to support planning for cluster-based seed-capital investment funds.
How incubators and related programs can leverage federal, state, and local funding to deliver services to entrepreneurs more effectively is precisely one of the topics we will be exporing at our 2015 annual meeting, which features a panel on this topic and as lunch speaker Ms. Julie Lenzer Kirk, director of U.S. EDA’s Office of Innovation and Entrepreneurship (which operates the Regional Innovation Strategies).