U.S. Economic Development Administration Invests $500,000 to Spur Entrepreneurship in New York
WASHINGTON – Today in Buffalo, New York, U.S. Assistant Secretary of Commerce for Economic Development Jay Williams, U.S. Senator Kirsten Gillibrand, and U.S. Representative Brian Higgins announced a $500,000 grant to Launch NY Inc., a non-profit venture development organization, to create an entrepreneur mentorship program in the region. According to grantee estimates, companies assisted by this project will create or retain an average of five jobs per company, with increased payrolls and revenues.
“Developing new ideas and nurturing entrepreneurs are key to economic growth and global competitiveness,” said Assistant Secretary Williams. “EDA is proud to support this unique program in New York, which will offer critical mentoring and support to entrepreneurs as they look to build their businesses and bring their ideas to market.”
In order to fill the current gaps in expertise and volume of available mentors, EDA’s investment will implement the use of a hybrid network of local 'on-site' and national virtual entrepreneurs-in-residence. In addition to mentorship, this new program will provide technical assistance, including legal, research, and development resources to support startup growth. This network of more than 1,600 mentors will work with start-up firms throughout the Launch NY 27 county region, particularly in innovation-based sectors such as life sciences, advanced manufacturing, clean-tech, and new information technology businesses.
About the U.S. Economic Development Administration (www.eda.gov)
The Economic Development Administration marks 50 years of public service, leading the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.