SYRACUSE, N.Y. — Syracuse University will use $500,000 in federal funding for a new initiative to promote entrepreneurship in Central New York.
The funding comes from the U.S. Economic Development Administration’s (EDA) i6 Challenge, U.S. Senators Charles Schumer (D–N.Y.) and Kirsten Gillibrand (D–N.Y.) said in a news release that Gillibrand’s office issued.
Schumer is the current U.S. Senate Minority Leader. The EDA is a bureau within the U.S. Department of Commerce.
The i6 Challenge is a national initiative “designed to support the creation of centers for innovation and entrepreneurship that increase the rate at which innovations, ideas, intellectual property, and research are translated into products, services, viable companies, and, ultimately, jobs,” as described at the EDA website.
The i6 Challenge was launched in 2010 as part of the Startup America initiative, the lawmakers said.
With its funding, Syracuse University will monitor and research impacts of import competition and global trade in the region.
Once the three-year project period is complete, the university will also provide support for the establishment of 10 new business ventures and 15 new products commercialized by existing companies, the lawmakers said.
EDA provides funding to “distressed” communities to assist in their efforts to develop strategies, infrastructure, and programming important to economic growth and job creation, the senators said. It awards grants based on the application’s merit and eligibility, and the availability of funds.
Contact Reinhardt at ereinhardt@cnybj.com