The finalists includes Halomine, Inc. and Heat Inverse, LLC, both of Ithaca, and Natural Beauty Breast Prosthesis, LLC of Hamilton, FuzeHub announced.
FuzeHub is an Albany–based nonprofit organization that works to help small and medium-sized manufacturing companies in New York. As part of the Jeff Lawrence Manufacturing Innovation Fund, FuzeHub will hold its third Commercialization Competition Nov. 18-19 at the Albany Capital Center.
The companies from across New York state will pitch their ideas before a live audience. FuzeHub will award a total of $400,000 to the top presentations.
“This is considered one of FuzeHub’s signature events. It brings awareness to the diversity of innovation and entrepreneurship that exists in all of our regions across New York. Each year, we continue to see new cutting-edge products and technologies,” Elena Garuc, executive director of FuzeHub, said in a news release. “These awards can be an essential element to help companies achieve sales and growth.”
The two-day event will feature an investment-themed welcome program, exhibits, speakers, and “the opportunity to see how New York is helping to retain talent and move innovative early-stage companies toward success,” FuzeHub said.
Companies will demonstrate the commercialization potential of their product or technology for the chance to win up to $150,000. Six companies will win a $50,000 award, and one of those six will capture the grand prize of an additional $100,000.
The winning firms must use their funding awards to improve a working prototype that will enable the company to pursue additional investment and customers, leading to the commercialization of their product concept.
About the Lawrence fund
Launched in 2016, the Jeff Lawrence Manufacturing Innovation Fund supports activities designed to promote technology development and commercialization across New York state, including the commercialization competition and manufacturing innovation grants.
The manufacturing-innovation fund was established with $1 million annually for five years. FuzeHub administers the fund as part of its role as the Empire State Development-designated statewide Manufacturing Extension Partnership (MEP) Center.
Lawrence, who died in 2015, was a top executive at the Albany–based Center for Economic Growth, the MEP Center for the Capital Region, and a supporter of New York manufacturing and entrepreneurial communities.
Contact Reinhardt at ereinhardt@cnybj.com