NYU-Poly, in conjunction with City University of New York, received a $5 million grant from New York State Energy Research and Development Authority to form one of three Proof of Concept Centers in the state dedicated to helping inventors and scientists turn their high-tech, clean-energy ideas into successful businesses.
A second award was made to the team of Columbia University with Brookhaven National Laboratory, Stony Brook University, and Cornell University’s NYC Tech. The third award was made to High Tech Rochester Inc. Each of the three awards is for $5 million and will be funded over 5 years.
The centers will connect inventors and scientists with business mentors and potential investors to help turn clean-energy ideas into clean-tech companies ready to advance toward commercialization.
The two Downstate centers will be known collectively as PowerBridgeNY. They will work collaboratively to identify promising early stage technologies and fund translational work to advance these technologies toward technical validation. All awards will be made through a competitive process, overseen by a panel of objective external judges from industry, venture capital, and not-for-profit organizations.
PowerBridgeNY will also provide a variety of services such as marketing, business planning, market research, mentoring and coaching, educational seminars, and discounts with service providers. Start-ups emerging from these projects may be eligible for “ignition grants” to fund early post-launch activities.
NYU-Poly is currently working with the state authority and its PowerBridgeNY partners on the formal contracting and other administrative matters. It anticipates official center activities will begin with a call for proposals in September 2013, with the first awards being granted later that fall.