February 28, 2020

Launch NY February 2020 Newsletter

Launch NY Announces New Chief Operating Officer

Scott Terhaar joins Launch NY as the new Chief Operating Officer. Terhaar was previously the Executive Vice President and Chief Financial Officer for ValueCentric, a pharmaceutical data management company based in Orchard Park. Terhaar will be responsible for finance and grants administration, product development, and related organizational planning, playing a key role in the growing organization.

 

Launch NY Receives $300,000 Investment from JPMorgan Chase for Inclusive Entrepreneurship

JPMorgan Chase supports Launch NY’s new Founders Go Big program with a $300,000 investment. The Founders Go Big program will serve underrepresented entrepreneurs by building outreach tools and tailored mentorship and provide access to a “Starter Funding Pool.”  The goal is to inspire and support women and minority founders especially in economically distressed areas to create high-growth businesses that create jobs and wealth, which is perfectly aligned with Launch NY’s designation by U.S. Treasury as the only Community Development Financial Institution (CDFI) in the country providing venture funding directly to startups in NYS.
  

A Perfect Pairing: Launch NY Marks Double Investment Milestones

Launch NY celebrates adding its 50th portfolio company to its nonprofit Seed Fund and its 20th company to its Limited Partner (LP) Fund with its investment in Gian Corporation. Gian Corporation is a Rochester-based company that focuses on providing consumers with better food choices base on their health needs, medication, and more. The company plans on using the capital to drive key initiatives including adding new positions, and initiating pilot programs with the YMCA and University of Rochester Medical Center.

 

InvestLocal Investor Network Webinar Series

Next Session: Monday, February 24 at 12:00 PM

Want to start on the path to investing locally from the convenience of your laptop or smartphone? Start by joining Launch NY’s Investor Network during our no cost, no obligation pilot. To learn more, join one of our convenient 30 minute webinar series for an introduction and Q&A for accredited investors.


#LaunchHour TwitterChat Tips

#LaunchHour TwitterChats are monthly virtual chats featuring important topics for startups, entrepreneurs, investors, and ecosystem stakeholders.

Startup Funding: What does raising a seed round mean?


What does a typical seed round look like in Upstate NY? How does that compare to NYC or the West Coast?

@LKS_Law: Seed rounds in #UpstateNY tend to range on the lower end – $250k-$1M which is ok because cost of living & doing business is less in Upstate. Seed rounds in NYC and Silicon Valley typically range between $2M-$6M

What is a convertible debt note? Why does the Launch NY Seed Fund use it?

@MarnieLaVigne2: Because of its name the convertible debt note is often mistaken to be a loan that is intended to be repaid like traditional debt instruments. However, the convertible debt note, as its name implies, is designed to convert into a stake in the company typically within two years, but avoids the challenges of deciding at the seed stage how much stake the investor gets for a specific dollar amount.

Read the whole #LaunchHour here & past TwitterChats in our archive.

Join us for our next #LaunchHour TwitterChat on March 18, 2020.


Startup Spotlight: TROVE Acquisition & Circuit Clinical Award


Launch NY ECO Incubator Client, TROVE, the leading provider of predictive data science software solutions for the utility industry, recently announced their acquisition by Colorado based E Source. E Source is committed to making Buffalo the hub of its expanding data science software practice, taking full advantage of the technology community and economic incentive programs offered in the greater Buffalo/Niagara region. Congratulations to the entire TROVE team, including ECO Incubator Advisory Board member and TROVE CTO, Adam Stotz! Read the full press release here.

Launch NY portfolio company and 43North winner, Circuit Clinical was awarded the Participant Engagement Award at the SCOPE 2020 conference in Orlando, FL this month. The summit for clinical operations executives featured pitches on innovating how clinical trial managers communicate with potential participants and patients.

Meet the Launch NY Team: Don De Laria
Don De Laria’s career has spanned a number of industries from founding startups to business development and enterprise sales for early stage companies to participating on the senior management team for $1B+ public companies. Prior to moving to Buffalo, Don mentored at the ATDC in Atlanta, the oldest incubator in the U.S. He’s also a member of the Western New York Venture Association and Buffalo Angels. In addition to his role as a Launch NY EIR, Don currently serves as President of Larkin Express Logistics.