Photonics startup accelerator gets $10 million in New York

Published: April 12, 2017

Business DevelopmentEconomic Development/RegulationInformation TechnologyNEW YORK STATE DEPARTMENTS (NEW YORK)Small Business

New York’s 2018 budget includes $10 million in funding for what the state claims is the world’s first photonics startup accelerator.

In an effort to attract technology-based business to the state, New York has included $10 million in funding for a new Photonics Venture Challenge program located in the Rochester region. The program will select 10 to 15 startups for the program, which will receive $100,000 to $125,000 in funding and participate in a four to six month accelerator program. At the end of the period, three companies will be selected to receive cash prizes and have their technologies showcased, though winners are required to stay in the region and operate for a minimum of one year.

The goal is to position Rochester as a technology hub, including related industries such as construction, consumer electronics, and medicine. While the challenge requires the startups to locate in the area for at least one year, investing time and money in the establishment of a physical presence in the region, there is no guarantee that they will stay.

Source: State Scoop