Release Date: September 14, 2016
BUFFALO, N.Y. — The University at Buffalo has been awarded $50,000 from the U.S. Small Business Administration (SBA) as part of the agency’s Growth Accelerator Fund Competition.
The university is one of 68 winners — selected from a pool of more than 400 applications — that will receive funding to boost economic impact of growth accelerators across the country.
“We are thrilled to have been chosen for this esteemed award,” said Christina Orsi, UB associate vice president for economic development. “This funding will further allow us to support our startup ecosystem and foster long-term relationships with our innovative and entrepreneurial communities.”
The university will leverage the funds to support Critical Path, a new VilCap Communities Life Sciences Accelerator Program and partnership among UB, Launch NY, Invest Buffalo Niagara and the Western New York Incubator Network, designed to assist scalable life sciences startups with advice from industry and investment experts. The five-month, 10-day program kicks off Sept. 22 and culminates in two peer-selected companies receiving a $50,000 investment from the Launch NY Seed Fund.
The SBA created the Growth Accelerator Fund Competition in 2014 to make connections and strengthen existing partnerships with America’s small business support network, bringing entrepreneurs and innovators together with local and national resources that support small business job creation and growth.
The awards deliver on SBA’s commitment to strengthening the support systems in parts of the country where access to capital has been a major barrier for startups.