SYRACUSE — CenterState CEO, the area’s main economic development and chamber of commerce organization, announced it is accepting applications for the 11th round of its Grants for Growth program. To date, the program has invested $2.25 million in 41 companies, leveraging $43.5 million in matching and follow-on funding through the program, according to CenterState CEO. […]
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SYRACUSE — CenterState CEO, the area’s main economic development and chamber of commerce organization, announced it is accepting applications for the 11th round of its Grants for Growth program.
To date, the program has invested $2.25 million in 41 companies, leveraging $43.5 million in matching and follow-on funding through the program, according to CenterState CEO.
Grants for Growth is a seed program that supports innovative applied research projects between universities and industry to improve business competitiveness and create jobs, the organization says. Companies can apply for the award in one of two categories based on their growth stage: $25,000 “Proof of Concept” grants for early-stage companies, and $150,000 “Concept to Marketplace” investments for later-stage companies.
“The academic research and development happening at educational institutions across our region provides growing businesses opportunities to create new investment, new products, and new jobs,” Robert Simpson, president of CenterState CEO, said in a news release. “Grants for Growth is an effective tool to drive these relationships; as it provides the support needed to accelerate products to market. We also realize that not every company has the same needs, so we are excited to support companies based on their current stage of development.”
Companies are encouraged to apply for Grants for Growth at www.thetechgarden.com by Dec. 1, 2013.
CenterState CEO says that to date, the Grants for Growth program has:
• Created 55 patents
• Engaged entrepreneurs from across seven CenterState New York counties
• Connected growing companies to 129 professors at six colleges and universities
• Created 108 jobs
• Created the potential for 679 new jobs
• Generated the potential for $46.2 million new revenue
The program receives funding from the New York State Senate via Senator John A. DeFrancisco.
“Grants for Growth is a proven job stimulator and provides great returns to these growing companies and ultimately our community” State Senator DeFrancisco said in the release. “During the program’s 10th round, we saw the highest level of interest from small and emerging companies looking to take part. The program’s value is obvious which is why I proudly continue my support.”
One of the programs most recent grant recipients, Rapid Cure Technologies, of Syracuse, is teaming up with SUNY College of Environmental Science and Forestry to develop and manufacture unique resins, coatings, inks, and adhesives, according to the release. The firm specializes in formulating and supplying customized, rapid-cure chemistries and processes that save energy and space, while increasing quality and productivity. The $150,000 investment Rapid Cure Technologies received in Round 10 is already being used to advance its products to market while bringing the firm additional exposure and demand.
“As a new start-up company, Rapid Cure Technologies is utilizing the Grants for Growth funding to overcome key organizational hurdles and build execution into our strategy,” Tim Shaughnessy, president & CEO of Rapid Cure, said in the news release. “This program allowed us to create and capture new demand for our product and grow as an organization.”
For every $18,041 invested in the Grants for Growth program, a job that pays more $68,000 is created, CenterState CEO contends.
Grants for Growth also gives companies across the 12-county CenterState region more access to the extensive resources available at area colleges and universities. In turn, those universities and research centers gain additional capacity to transfer the latest knowledge and skills to targeted industrial clusters, CenterState CEO says.
Contact Rombel at arombel@cnybj.com
