Launch New York, Inc., doing business as Launchny, was awarded a $2,625,000 Project Grant from the Department of Commerce Economic Development Administration under the Economic Adjustment Assistance program. The grant will enable Launchny to fully transition its entrepreneurship support services to virtual platforms and develop novel financing programs for technology-based startup companies in Western New York.
Specifically, the Rebound and Innovate Project will support Launchny's implementation of virtual office technologies, online curriculum for company resilience assessment and coaching, and an incubator-like virtual environment. It will also develop a digital investor network platform to optimize remote fundraising. The project aims to engage 50 mentors, 250 investors, and support 200 startup companies with equal access through a new Diversity and Inclusion Resource Center. The funding is intended to build long-term virtual service capacity and ensure the region's economic recovery and resilience against future adverse economic impacts.