NYSEG and RG&E will provide one-time financial support designed to spur development of high growth potential companies by selectively and competitively awarding funds to early stage startup companies that agree to locate in a recognized innovation zone/district or have a regional economic impact and/or footprint. The awards are determined based on the technical and commercial opportunity of the business and will typically be made to pre-revenue companies at a proof-of-concept stage, with funding awards up to $25,000 with 50% matching funds.
It is anticipated that this program will help more early stage startups 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 awards, and select the most promising companies for inclusion in the program.
- Startups that receive awards must locate their business in a recognized innovation zone/district or have a regional economic impact and/or footprint, and 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 businesses in New York and/or contribute to a regional economic impact in New York State for a period of at least three years.
- Startups and/or high tech advocacy organizations must hold the Companies harmless with regard to any liability.
- A startup facility may either be located in the Companies’ service areas or may make a regional economic impact through existing businesses that are located in the Companies’ service areas.
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.