The Capital Region's resources for innovation have been described as siloed and difficult to access. Often, that initial access to programs fostering budding businesses is crucial to a startup's establishment.
From funding to programming, here's a list of the Albany's areas resources useful in getting startups off the ground.
Startup accelerators and incubators in the Capital Region
Accelerators are shortened courses that usually run for a few weeks and help solidify aspects of the business like customer discovery — who the product is for and what kind of market exists for it. They also provide practice on how to pitch investors.
“That gets you in the place to really be able to focus on building your team and moving on to the next level of say, an incubator, but that accelerator program should be able to give you some of that initial funding too,” said Maria Pidgeon, interim director of community and economic development at University at Albany.
After accelerators, incubators are a logical next step, Pidgeon said. They last a few years and offer resources to companies that help them grow.
“[Startups are] able to utilize not only the entrepreneur-in-residence services, events, workshops, networking, and they could stay there up to three years. But during that three-year phase, they’re meeting milestones and they’re growing and they’re getting to a point where they’re hiring and utilizing all the other resources and services like mail and marketing.”
IgniteU — Downtown Troy
NYBizLab — Schenectady, affiliated with Transfinder
Tech Valley Center of Gravity — Manufacturing incubator, downtown Troy
Biomedical Acceleration and Commercialization Center — Albany Medical Center
STEAM Garden — Entrepreneurial incubator/accelerator from the Central Avenue BID
UAlbany Innovation Center — Incubator program for tech companies, including climate and environmental science, biomedical science and biotechnology, forensic sciences and cybersecurity, and advanced data analytics
ACES Incubator — Community Loan Fund incubator for women- and minority-owned small businesses and nonprofits
Investment funds for Capital Region startups
Here's a list of area venture capital firm and angel investment groups in upstate New York:
New York Ventures (Empire State Development): Seed and Series A
Eastern New York Angels: Seed from $50,000 to $250,000
Armory Square Ventures: Seed Stage and Series A between $500,000 and $2M
Hudson Valley Startup Fund: Pre-seed and Seed from $200,000
Grants and loans for Capital Region startups
Here’s a list of local, state and federal options for loans and grants:
Capital Region Chamber of Commerce Micro Loan Program — Several micro loan programs that can provide up to $25,000 for startups, and up to $50,000 for existing businesses with a proven track record.
Small Business Development SEED Loan — Program for future entrepreneurs that bases the lending decision on the character of the applicant and feasibility of the business model. Maximum loan is $35,000.
Innovate 518 Shovel Ready Fund —For companies in good standing at an Innovate 518 affiliated partner. Last round awarded $50,000 to three winners. Affiliated partners include the Center for Economic Growth, NYSTEC, SUNY Adirondack, Biomedical Acceleration and Commercialization Center, University at Albany Innovation Center, NYBizLab, SPARK Saratoga, NY - BEST, IgniteU, Tech Valley Center of Gravity and STEAM Garden.
SBIR/STTR awards — Small Business Innovation Research and Small Business Technology Transfer programs are competitive federal programs that encourage small businesses to engage in federal research and development with the potential for commercialization. Phase I awards are generally $50,000–$250,000 for 6 months (SBIR) or 1 year (STTR).
Empire State Development Pre-Seed and Seed Fund Matching Program — For companies across technology markets. Program will offer early-stage businesses growth assistance from $50,000 up to $250,000 with matching from the private sector.
FuzeHub Manufacturing Grants — For New York state nonprofit organizations that partner with at least one New York state small- to medium-sized manufacturer at any stage of maturity.
Competitions for Albany region startups
New York Business Plan Competition: Intercollegiate competition for students.
FuzeHub Commercialization Competition: Companies throughout New York state compete to demonstrate the commercialization potential of their technology or product, with an opportunity to win up to $50,000. For small/medium manufacturing companies.
U.S. Small Business Administration Growth Accelerator Fund Competition: Aims to increase the pipeline and success of STEM/R&D-focused, prospective Small Business Innovation Research companies, innovators, and entrepreneurs via the facilitation of partnerships and relationships between stakeholder groups.
I-CORPS in the Capital Region
The I-Corps program is designed to support the commercialization of high-tech discoveries in fundamental science and engineering.
Rensselaer Polytechnic Institute runs teams from all over the region. The program allows for customer discovery and testing the hypothesis of an idea that could be a business model later.
Rensselaer will offer four I-Corps cohorts of six to 10 teams each this academic year. Teams will receive $1,000 in seed funding to explore the commercial potential of a research project, which could range from medical devices to new materials, software, hardware, physical products and more. After completing the program, participants may be eligible to apply for the second-stage I-Corps program that includes a $50,000 grant.
