SparkCharge of Syracuse; Potsdam Sensors, LLC of Potsdam; and Good People Energy Technologies, Inc. of Cooperstown are among the finalists, FuzeHub said in a news release.
FuzeHub is an Albany–based nonprofit organization that works to assist small to medium-sized manufacturing companies in New York.
FuzeHub will debut its New York State Commercialization Competition at the mid-November event at the Hilton Albany.
The 17 finalists from across New York will pitch their ideas before a live audience. The contest will award a total of $250,000 to five companies, based on the top presentations.
Companies will demonstrate the commercialization potential of their product or technology for the chance to win up to $50,000. The firms must use their funding awards to produce, or improve upon, a working prototype or beta phase to “enable the applicant to pursue additional investment and customers, leading to the commercialization of their product concept,” according to the release.
“FuzeHub is pleased to be able to provide funding at this phase in a company’s product development,” Julianne Clouthier, industry-engagement manager at FuzeHub, said. “The goal of this investment is to move these early stage companies toward commercialization and we believe that these funds will help advance their products to the next level as well as to address specific challenges that they have identified.”
Jeff Lawrence fund
The New York State Commercialization Competition is part of the Jeff Lawrence manufacturing-innovation fund, FuzeHub said.
The manufacturing-innovation fund, which was established with $1 million annually for five years, supports activities designed to “spur technology development and commercialization” across New York.
Lawrence, who died in 2015, was a top executive at the Albany–based Center for Economic Growth, the manufacturing extension partnership (MEP) center for the Capital Region, and a supporter of New York manufacturing and entrepreneurial communities.
FuzeHub is administering the fund as part of its role as the Empire State Development (ESD)-designated statewide MEP center. As part of the fund, FuzeHub offers manufacturing-innovation grants.
Besides the funding in this competition, FuzeHub also awards grants to New York nonprofit organizations, including higher-education institutions, proposing “innovative” projects involving small and mid-sized manufacturers or early-stage companies.
Contact Reinhardt at ereinhardt@cnybj.com