Launch NY to serve region's young, high-growth companies

The Buffalo Niagara region has a new asset that is poised to transform the region's entrepreneurial ecosystem. Launch NY is a non-profit entity that will serve the region's young, high-growth companies with a myriad of complimentary services, all meant to help facilitate growth and success of the companies and the regional economy. Launch NY commenced operations in the fall of 2012 with a grant from the federal Economic Development Administration (EDA) and matching awards from the Oishei Foundation and Wendt Foundation. The mission of Launch NY is to identify, support and invest in high growth companies in all industry sectors and in collaboration with regional ecosystem partners. Modeled after the highly successful JumpStart program in Cleveland OH, Launch NY adopts the same philosophical approach toward entrepreneurial growth by providing concentrated support services. "Harnessing the entrepreneurial power of Upstate New York by bringing together managerial expertise and initial seed funding to support startups will be transformative to the entire ecosystem," said Launch NY president & CEO John Seaman. "Upstate New York has all the components to emerge as a top ten innovation hub in the country, a place where entrepreneurs thrive, new jobs are created, and new sources of funding high growth companies are established." Launch NY will service 27 counties in NY through four regional Entrepreneurs in Residence (EIRs) strategically located in Buffalo, Rochester, Syracuse and Ithaca. The EIRs fulfill a critical role in identifying and mentoring emerging companies and matching them with available resources to maximize their potential. This approach creates an environment for greater success with EIRs that are experienced and can quickly assess the needs of the organization and the available community assets. In its brief tenure of operations, Launch NY has already supported over 78 companies, participated in 31 events, and sponsored 6 programs. One particular company came to Launch NY with a strong business model but needed assistance in making the right connections in the community and in their industry. Launch NY worked as an intermediary and was successful in connecting them to the right individuals to make their pitch and receive critical feedback. Most recently, Launch NY was awarded $5.4 million from the New York Power Authority's Western New York Power Proceeds Allocation Board (WNYPPAB) to develop the most ambitious business plan competition in the history of the United States. The winner of this multi-month competition will include a $1 million prize to invest in the growth of their company. This creative approach will transform the Buffalo Niagara region into one of the top ten innovation hubs in America. All activities at Launch NY are part of an ongoing Upstate New York initiative to build, grow and attract new business to our region by providing a world class infrastructure designed to support needed business growth through mentoring, coaching and investing in high growth companies. Now more than ever, Western New York is OPEN for business!