Marnie LaVigne is encouraged, even proud, of Buffalo’s entrepreneurship wave.
The Launch NY CEO – who was among the early evangelists for the potential of tech in Buffalo – said the local startup community has gained a visible breadth over the past few years. People are founding companies. Others are investing. Some are becoming mentors or service providers.
“The environment for being a startup founder has heated up, with more recognizable touch points and resources than ever before,” LaVigne said.
What comes next: Getting more Buffalonians under the startup tent. That includes newcomers with expertise or resources to help right now, particularly through the Launch NY Investor Network, which was built as a front door for people considering investing in local startups.
It also includes reaching into poor or overlooked communities for a diverse founder mix. The nonprofit now has 35 companies in its Founders Go Big program, launched two years ago to support inclusive economic prosperity.
“We still have a large part of our population who isn’t necessarily engaged yet,” LaVigne said. “Many of those are the exact individuals who need an on-ramp into the innovation economy.”
Buffalo-based Launch NY, which exists to support entrepreneurs in central and western New York, has steadily grown since it was founded ten years ago. The firm recently announced a new $3 million grant from the Ralph C. Wilson Jr. Foundation – the Wilson foundation has now invested $10 million in grants into Launch NY.
Launch NY, in the meantime, controls a nonprofit seed fund that has invested about $4.3 million in local startups right now with about $2.5 million left to invest following the most recent philanthropic support. It also leads a for-profit, limited partner fund which has invested thus far in 51 startups. The firm also offers mentorship services.
When it comes to supporting diversity, equity and inclusion in startups, she said the key has often been to support different kinds of businesses at earlier stages of development.
“You don’t just implement a program and see a see change to a problem that has existed for decades and decades,” LaVigne said. “If you’re going to do this, you have to be committed and assume it’s going to take a long time to make a difference.”
