The University at Buffalo debuted its Cultivator program this year as a way to help seed ambitious young founders in Western New York.
Four down. Many to go.
UB made equity investments into four companies from its first Cultivator cohort as it seeks at least a handful more startups to join the program this year.
Those receiving $100,000 investments include:
Immunaeon, which proposes the high-tech storage of healthy immune cells, led by Adam Utley.
Oro Sports, which designs and manufactures clothing that regulates body heat, led by Luanne DiBernardo.
Real Talk, a social learning platform that promotes diversity, equity and inclusion in higher education, led by co-founders Sonya Tareke and Malkijah Griffiths.
Alo Services, a business-to-business marketplace that connects restaurant owners in need of maintenance and repair service to a local network of trusted service professionals, led by Dylan Howatt.
Those four companies will now enter the second phase of the program, an intensive six-month commitment to working on the business full time.
Rick Gardner, UB’s director of startup ventures, said Cultivator is designed as a funnel for startups throughout Western New York. It partners with other programs in the Western New York Incubator Network and with facilities such as the Beverly Gray Exchange Center.
Unlike a startup accelerator program, Cultivator does not limit its programs to high-growth businesses that are preparing for venture capital. “Medium-growth” enterprises are acceptable as well, eh said.
Broadly speaking, it is the university’s way of providing access to “friends and family”-stage money as companies figure out whether their solution meets an actual need in the market.
“Many startups can’t get validation without wealthy friends and family pitching in, and we believe that limits the number of people who become entrepreneurs,” Gardner said. “This is really gap funding for entrepreneurs who are excited about an idea and are coachable.”
It’s part of UB’s broader commitment to become a more integrated partner in the region-wide effort to create and support entrepreneurs. The university opened a 42,000-square-foot incubator on the Buffalo Niagara Medical Campus earlier this year.
Cultivator will run two phase one cohorts each year, targeting 10 companies in each. Companies that demonstrative passion and can find a co-founding team to help them move forward will receive teh investment and enter phase two.
The university is currently accepting applications for the program.
“We think we’re going to have a significant impact in underserved minority communities, in terms of their pathway to entrepreneurship,” Gardner said. “ We want to see a bing increase in the number of diverse founders in Western New York.”
