ALBANY, N.Y. — FuzeHub announced it has launched a new grant fund as part of its Build4Scale NY initiative.
It’s a program that helps inventors and manufacturers take new products to market and “more rapidly expand” their operations in New York, per FuzeHub.
The Build4Scale NY fund will provide startups and product “innovators” with grants of up to $10,000 to launch or accelerate manufacturing projects.
FuzeHub describes the fund as a “critical element” of the overall Build4Scale NY program. The program provides training and one-on-one guidance and “matchmaking” to state resources and contract manufacturers. It also provides companies with “individualized support” to address specific needs, solve challenges, and “spark growth.”
“Access to funding tends to be a significant barrier for a lot of startups and small manufacturers,” Elena Garuc, executive director of FuzeHub, said in a statement. “The Build4Scale NY fund will help alleviate the financial obstacles they encounter when trying to scale a new product. It will award grants to support great ideas and inventions that will generate new manufacturing activity and help create jobs in New York State.”
About the fund
Build4Scale NY is a membership program that is open to startups, early-stage developers of physical products, and small to medium-sized manufacturers across New York, FuzeHub said.
Funding will be awarded to member companies that are pursuing projects aligned with a set of requirements. For example, the company’s hardware product is — or nearly is — “manufacturing-ready.”
In addition, the project will help the product get to market and/or scale more quickly.
FuzeHub also requires that the company has “engaged” partners and resources to support the project. The company has to be based in New York or plans to manufacture in the state.
To apply, businesses should visit fuzehub.com/build4scale-ny/membership.
FuzeHub will award Build4Scale NY grants of varying values, up to $10,000. A total of $140,000 in grant funding is available.
FuzeHub had scheduled a Build4Scale workshop in Syracuse on April 29, but the event has since been postponed due to the coronavirus restrictions. FuzeHub intends to reschedule the workshop at a later date.
Build4Scale is a registered trademark of the U.S. Department of Energy (DOE), which FuzeHub has applied to its program with DOE’s permission.
The Albany–based nonprofit FuzeHub is the statewide New York Manufacturing Extension Partnership (NY MEP) center, supported by NYSTAR (Empire State Development’s Division of Science, Technology & Innovation.)
NY MEP is a network of 11 organizations that provide “growth and innovation” services to small and mid-sized manufacturers across the state to help them “create and retain jobs, increase profits, and save time and money.”