October 15, 2024
National Grid provides $250,000 grant to Launch NY to support mentorship of 100 Upstate NY startups
The grant will support Launch NY’s mandate to foster a robust, diverse and inclusive innovation economy in Upstate NY
National Grid’s Clean-Tech Incubation Program assists entrepreneurs who are creating new jobs and capitalizing on new opportunities
Oct. 15, 2024, Buffalo, N.Y. – Launch NY is pleased to announce it has received a $250,000 economic deveopment grant from National Grid, made through its CleanTech Incubation program.
The National Grid CleanTech Incubation program provides up to $250,000 to support entrepreneurial ventures, assist them in creating new clean tech industry jobs and capitalize on emerging opportunities. This program complements Launch NY’s mission to create a robust, diverse and inclusive entrepreneurial economy in Upstate New York through mentorship and seed stage investments.
Matched 1:1 with other funding sources, the “Empower & Launch: Entrepreneurial Skills and Resources to Build Your Business” project will support Launch NY’s mentorship activities over the course of two years, starting Oct. 1.
Launch NY takes a “mentorship first” approach to its portfolio, helping high-growth startups with large potential markets prepare to pitch investors, including Launch NY and others, raise funds and scale their business. Through Entrepreneurs-in-Residence and its National Mentor Network of subject matter experts, Launch NY supported 417 Upstate NY startup companies in 2023. Launch NY also offers the most active seed funding source by volume of transactions in the entire state.
“We’re grateful for this support from National Grid, an important community partner that carries a tremendous reputation for quality and service,” said Marnie LaVigne, Ph.D., president and CEO of Launch NY. “This funding will allow Launch NY to continue its impactful activity in mentoring startups, which in turn is creating a new generation of diverse, ambitious business leaders in our backyard.”
Startups mentored through Launch NY receive a custom Company Action Plan, and then training through individual and group sessions. Training is led by Launch NY Entrepreneurs-in-Residence, who cover subjects that include funding, talent, product development, operational support and more.
This is the third time National Grid has invested in Launch NY, including awards in 2013 and 2018. The most recent grant is part of National Grid’s broader economic development mandate to support the communities it serves by partnering with local institutions doing impactful work.
The goal of the grant is to support companies that go on to raise private capital and create jobs in Upstate New York.
“National Grid understands and appreciates the importance of healthy, diverse local economies that sustain western New York communities,” said National Grid Regional Director Ken Kujawa. “Partnerships like those that we enjoy with Launch NY are important, and our CleanTech Incubation program is a perfect match for their initiative because the funding provides ambitious entrepreneurs the opportunity to create a solid foundation upon which they can build their companies.”
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About Launch NY: Launch NY is the only nonprofit venture development organization and U.S. Treasury-designated Community Development Financial Institution (CDFI) that serves and directly funds startups in Upstate New York. The core mission of Launch NY is to identify, support and invest in high‐growth, high‐impact companies and to catalyze the entrepreneurial culture of Upstate New York on behalf of job and wealth creation. Since its inception in 2012, Launch NY has served more than 1,700 companies which have gone on to raise more than $1.5 billion, generate more than $265 million in annual revenue and support more than 5,300 jobs.
Launch NY delivers its mission via mentorship and capital access programs, starting with pro bono mentoring through its Entrepreneur-in-Residence program, Founders Go Big program for underrepresented and underserved founders, and Emerging Cleantech Opportunity (ECO) Incubator. These programs prepare entrepreneurs for investment capital from multiple sources, including Launch NY’s InvestLocal Financing Programs comprised of nonprofit and for-profit investment funds, and the Investor Network deals marketplace that features hundreds of accredited investors. Through these vehicles, Launch NY is the most active seed investor in New York state and has been ranked among the top 5 nonprofit seed funds in the country. Women- and/or BIPOC-led companies have consistently comprised over 40% of Launch NY’s mentored companies and have received more than 55% of Launch NY’s investment capital.
For more information about Launch NY, its programs, and other entrepreneurial opportunities, visit www.launchny.org, and follow Launch NY on Facebook, Twitter and LinkedIn.