BUFFALO, N.Y. — Buffalo–based Launch NY will use a $250,000 economic-development grant from National Grid (NYSE: NGG) to support entrepreneurial ventures. The goal of the grant is to support companies that go on to raise private capital and create jobs in upstate New York, Launch NY said. The funding comes through the utility’s CleanTech Incubation […]
BUFFALO, N.Y. — Buffalo–based Launch NY will use a $250,000 economic-development grant from National Grid (NYSE: NGG) to support entrepreneurial ventures.
The goal of the grant is to support companies that go on to raise private capital and create jobs in upstate New York, Launch NY said.
The funding comes through the utility’s CleanTech Incubation program, Launch NY said in its Oct. 15 announcement. The program “complements” Launch NY’s mission to create a “robust, diverse and inclusive entrepreneurial economy” in upstate New York through mentorship and seed-stage investments.
“National Grid understands and appreciates the importance of healthy, diverse local economies that sustain western New York communities,” Ken Kujawa, regional director at National Grid, said in the Launch NY announcement. “Partnerships like those that we enjoy with Launch NY are important, and our CleanTech Incubation program is a perfect match for their initiative because the funding provides ambitious entrepreneurs the opportunity to create a solid foundation upon which they can build their companies.”
Matched 1:1 with other funding sources, the “Empower & Launch: Entrepreneurial Skills and Resources to Build Your Business” project will support Launch NY’s mentorship activities over the course of two years, starting Oct. 1.
“We’re grateful for this support from National Grid, an important community partner that carries a tremendous reputation for quality and service,” Marnie LaVigne, president and CEO of Launch NY, said in the announcement. “This funding will allow Launch NY to continue its impactful activity in mentoring startups, which in turn is creating a new generation of diverse, ambitious business leaders in our backyard.”
Startups mentored through Launch NY receive a custom company-action plan and then training through individual and group sessions. Training is led by Launch NY entrepreneurs-in-residence, who cover subjects that include funding, talent, product development, and operational support.
Launch NY says it takes a “mentorship first” approach to its portfolio, helping high-growth startups with large potential markets prepare to pitch investors, including Launch NY and others, raise funds and scale their business. Through entrepreneurs-in-residence and its National Mentor Network of subject matter experts, Launch NY supported 417 upstate New York startup companies in 2023.
Launch NY contends it offers the most active seed-funding source by volume of transactions in the entire state.
About Launch NY
Launch NY describes itself as the only nonprofit venture-development organization and U.S. Treasury-designated community development financial institution (CDFI) that serves and directly funds startups in upstate New York.
The core mission of Launch NY is to “identify, support and invest in high‐growth, high‐impact companies and to catalyze the entrepreneurial culture” of the upstate region. Since its inception in 2012, Launch NY has served more than 1,700 companies, which have gone on to raise more than $1.5 billion, generate more than $265 million in annual revenue, and support more than 5,300 jobs.
