Buffalo Innovation Seed Fund offers #startup #funding for local entrepreneurs
Attention all #Buffalo NY area #startups, #innovators, and entrepreneurs: there is a new seed fund in town. In partnership with UB and as part of the Innovation Hub program, investments are being allocated to #startups through the Buffalo Innovation Seed Fund.
The Buffalo Innovation Seed Fund is an early-stage, evergreen venture capital fund dedicated to funding and growing the next generation of outstanding businesses in Buffalo. Read more about the program on their website. This program was created as part of The Innovation Hub Initiative which seeks to connect #innovators to the resources required to accelerate the commercialization of technology being developed at UB and their research partners at Roswell Park Comprehensive Cancer Center, the Jacobs Institute and Kaleida Health, and Hauptman-Woodward Medical Research Center. UB, The Innovation Hub, and the Buffalo Innovation Seed Fund want to develop innovative commerce and enterprise in WNY.
How does it work?
The investment will be allocated over a five (5) year time span in pre-seed and seed investments. Some capital will be reserved for follow-on investments in portfolio companies who show the most progress. Buffalo Innovation Seed Fund will partner with exceptional entrepreneurs to help them build valuable companies that start to grow in Buffalo. The fund is administered by the State University of New York Research Foundation at University at Buffalo.
To be eligible for the Buffalo Innovation Seed Fund, you must be a technology-based #startup and must be created by an Innovation Hub Partner’s researchers, faculty, staff, or student. You must also be developing a scalable, technology-based business that is projected to have $25 million in revenue within 10 years. Life Sciences based innovations must be projected to have $10 million in revenue within 5 years. Your business must
have less than $1 million in annual revenue and less than $250,000 in prior equity
If this sounds like you or someone you know, please consider applying to the Buffalo Innovation Seed Fund. The advisory board generally provides an answer to applicants in 8-10 weeks. If you have an innovative idea, connections to UB, and a scalable plan for commercialization, you may be eligible for this investment.
See more here
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