Launch NY
|
Location |
Buffalo, NY |
|
|---|---|---|
|
Project Name |
Rebound and Innovate: Full-Scale Virtual Office and Investor Network Platforms |
|
|
Award Amount |
Federal Share |
Local Match |
|
$750,000 |
$187,500 |
The Rebound and Innovate project will enable Launch NY (LNY) to solve challenges to accessing entrepreneurship support and capital caused by coronavirus through a full transition to virtual mentorship and novel financing programs for technology-based startup companies, driving economic recovery and ensuring long term resilience in responding to similar threats. LNY is the only venture development organization serving high-growth companies across the 27 westernmost counties of New York State, coordinated with its 5-year partner Cornell University.
Rebound and Innovate brings full-scale capacity to LNY’s digitally-enabled entrepreneurship support and novel capital access programming that will include: a) virtual office platform technologies and new curriculum supporting online company resilience assessment, one-on-one coaching, office hours, individual and group education, and incubator-like facilities accommodating startups, investors, and LNY personnel and mentors; and b) a commercial scale technology platform for LNY’s digital Investor Network for optimized remote fundraising.
Rebound and Innovate will yield capacity for ongoing engagement of 50 mentors and staff, 250 investors, and 200 companies, ensuring equal access through its new Founders Go Big Diversity and Inclusion Resource Center. The project is anticipated to build long term virtual service capacity and support companies raising $25 million in new capital and generating $14 million in annual company revenues and 600 jobs.