Rochester Institute of Technology’s Venture Creations incubator has been awarded a four-year, $1.8 million contract from the New York State Energy Research and Development Authority for early-stage, clean-energy companies.
Businesses eligible for admission to RIT’s Venture Creations incubator include those developing a wide range of clean-energy technologies such as wind, solar, biofuels, fuel cells, energy storage and smart-grid solutions.
“Venture Creations takes great pride in supporting clean-energy companies,” said Richard Notargiacomo, incubator director. “We have been working with these uniquely innovative and creative businesses for nearly nine years, and we have emerged as one of the premier incubators in the state for providing valuable resources and one-on-one coaching to those companies in this market.
“With this continued commitment from New York State, we are fortunate to be able to continue to provide our clean-energy companies with the tools they need to help them advance their businesses, and produce a viable future that we can all feel good about.”
NYSERDA, since 2009, has invested a total of $14 million in six clean-energy incubators at academic institutions and venture development organizations statewide. At the end of March, there were 163 companies that are current clients or graduates of NYSERDA-sponsored clean energy incubators.
Venture Creations is one of seven NYSERDA-sponsored clean-energy incubators that offers commercialization resources, technical assistance and business development support to early-stage companies to help them achieve key milestones and accelerate their time to market. Clients benefit from networking events, workshops and skills enhancement boot camps, and share experiences, challenges, solutions and contacts with fellow entrepreneurs. Most incubators offer low-cost physical office and work space as well as virtual services.
Since opening in 2003, RIT’s Venture Creations has graduated 38 companies, of which 12 have been clean-energy companies. Collectively, these businesses have created 499 jobs and raised more than $70 million in private capital. There are 10 clean-energy companies among the 24 clients currently at Venture Creations.