Schumer, Gillibrand Announce, Following Their Push, Feds Have Approved Critical Funds Needed For Launch NY In Buffalo, Which Is Already Positively Impacting Upstate Job Growth - Fed Funds Will Provide Resources For Start-Ups & Entrepreneurs To Grow, Expand & Create Jobs

Press Release

U.S. Senators Charles E. Schumer and Kirsten Gillibrand today announced $245,460 in federal funds for Buffalo-based Launch New York. This funding was allocated through the federal Economic Development Administration's (EDA) Seed Fund Support program and will allow Launch NY to provide funding for start-up companies in Western New York. Specifically, this funding will bolster the Launch NY Seed Fund, which is aimed at helping entrepreneurs at the earliest stages in their development. This early investment will help start-ups access the initial seed funding they need to get off the ground and attract further investments. Schumer and Gillibrand said this funding is a critical component of making the full implementation of the Launch NY Seed Fund a reality.

"Start-up companies are the job-creating engines that power our economic growth in the 21st Century. But as any entrepreneur knows, the first few years can be especially challenging. That's why I was proud to secure the initial funding that helped kick-start Launch New York, which gives businesses the resources they need to get off the ground and create new jobs," said Senator Schumer. "Today's fantastic news of additional funding will further build on Launch NY's success, by enabling it to provide local entrepreneurs the seed funding they need at their earliest stage of development. I will continue fighting tooth and nail to secure the federal funding Launch NY needs and do everything in my power to grow local start-up companies to create jobs across Upstate NY."

"Upstate New York is ripe with opportunity and this funding would enable local businesses and entrepreneurs to unlock new investments and expand their operations," said Senator Gillibrand. "I wrote to the Department of Commerce pushing for this funding because Launch NY's mentorship and other support programs will help our businesses and entrepreneurs with the resources and knowhow they need to create growing, thriving businesses. Providing startups with these resources will continue to help boost the local economy, revitalize our communities, and create new jobs allowing for long-term economic growth."

"In addition to mentoring more than 600 companies comprising more than 1,500 jobs, Launch NY is adding the powerful impact of seed funding. This award will allow us to fully capitalize and invest our fund that started this year and drive growth of our most promising startups to build our new economy," said Marnie LaVigne, President & CEO of Launch NY. "We appreciate Senator Schumer and Senator Gillibrand's continued support of Launch NY."

As a result of the $637,000 in federal funds Schumer and Gillibrand helped secure from the EDA, Launch NY was able to begin helping entrepreneurs and startup companies all across Upstate NY by beginning to implement their Regional Entrepreneurial Action Plan (REAP), which is aimed at helping to transform university-led research and scientific advances into business success and job creation. Over the last several years, Launch NY has met with nearly 7,000 entrepreneurs, 1,300 investors, and over 2,500 resource providers. Launch NY has been the driving force behind the Bright Buffalo Niagara Venture Forum, the NEXT Conference held near Syracuse, and is working to support the Buffalo Business Plan Competition. In addition, Launch NY has worked to establish an Entrepreneur-In-Residence Program (EIR) that allows new startup companies to gain access to qualified and experienced entrepreneurs that can help mentor and guide their early-stage company. Launch New York has provided coaching to 169 entrepreneurs with over 450 employees in their initial two years. Launch has also focused on helping to spur investment in these early-stage companies and has already facilitated the investment of more than $2 million into startup companies in Upstate New York.

The EDA's Seed Fund Support program provides funding for technical assistance and operational costs that support the feasibility, planning, formation, launch, or scale of cluster-based seed funds that will invest their capital in innovation-based startups with a potential for high growth. EDA grants are awarded through a competitive process based upon the application's merit, the applicant's eligibility, and the availability of funds. More information on EDA's grant process and investment process can be found at www.eda.gov.

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