NYSEG and RG&E will provide one-time financial support designed to spur development of high growth potential businesses by selectively and competitively awarding funds to early stage startup businesses that agree to locate in a recognized innovation zone. The awards are determined based on the technical and commercial opportunity of the businesses, and will typically be made to a pre-revenue company at a proof-of-concept stage. Funding awards are up to $25,000 with 50% matching funds. The startup will be considered once it has successfully passed the proof-of-concept stage by providing the necessary early stage funding to help them move closer to commercial success. Funds could be utilized for market and/or customer research, business model or business plan development, prototype/product development and intellectual property/patent-related activities..
- The program will be administered by the awarded high tech advocacy organization within a given region.
- The awarded organization will assemble an independent screening and selection committee that will review all applications for Ignition Grant awards, and select the most promising company for inclusion in the program.
- Startups that receive awards must locate their business in a recognized innovation zone and will agree to receive coaching, mentoring, and connections to help them maximize their chance of success.
- Startups that receive awards must also agree to keep their business in New York State for a period of at least three years.
- Project must hold the company harmless in regard to any liability.
- Facility must be within the company’s service area.
- Recipient must be the owner or leaseholder of facility and must be current in payments to the company or have a deferred payment agreement in place and current (existing customers).
Please contact a NYSEG/RG&E economic development representative to check on the availability of funding assistance under the economic development programs. Click here to email us.
