Innovate 518, the Capital Region's innovation hotspot, received a $1.25 million grant on Wednesday through the Capital Region Economic Development Council (CREDC).
The regional grant will help Innovate 518 continue to drive commercialization within the Capital Region by leading the development of a supportive innovation infrastructure and connecting entrepreneurs to the start-up ecosystem. Innovate 518 does this through a coordinated affiliate partner network of over 20 incubators, accelerators and entrepreneurial service providers.
The funding, provided by the Empire State Development’s Division of Science, Technology and Innovation (NYSTAR), has enabled Innovate 518 to increase its partnerships with two new operational affiliates: SUNY Adirondack and NYSTEC, a nonprofit technology consulting company, according to Matt Grattan, director of community and economic development at UAlbany.
“We are very excited to continue the momentum that the Capital Region entrepreneurial ecosystem is gaining through leadership by Innovate 518's expansive network,” he said. “Along with our partners the Center for Economic Growth, NYSTEC/Ignite U and SUNY Adirondack, we hope to build on that momentum to scale a larger percentage of businesses from throughout the region towards commercialization.”
Grattan said Innovate 518 will seek to focus on research development and technology transfer from a variety of sources in industry clusters, including: advanced manufacturing, health sciences, clean energy, advanced analytics, cybersecurity and agriculture to commercialize and bring innovative ideas to market.
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