Blackstone Charitable Foundation announced today that New York University is one of five universities across New York State receiving a grant as part of the largest expansion of their campus entrepreneurship program Blackstone LaunchPad. New York becomes the eighth Blackstone LaunchPad region, following Michigan, Ohio, Pennsylvania, Florida, Montana, California, and Ireland.
Blackstone Charitable Foundation announced today that New York University is one of five universities across New York State receiving a grant as part of the largest expansion of their campus entrepreneurship program Blackstone LaunchPad.
New York becomes the eighth Blackstone LaunchPad region, following Michigan, Ohio, Pennsylvania, Florida, Montana, California, and Ireland.
The Blackstone Charitable Foundation’s three-year, $4.5 million grant will establish a Blackstone Launchpad presence at New York University, Cornell University, Syracuse University, University at Albany (SUNY), and University at Buffalo (SUNY) to introduce entrepreneurship as a viable career option and provide more than 180,000 students, regardless of major, with a network of venture coaches and an entrepreneurial support system.
Blackstone LaunchPad in New York will connect the university campuses, the business community, and local entrepreneurs throughout the state to create an environment that nurtures students and provides them with the skills and network necessary to succeed as entrepreneurs. With a physical presence on each university campus and access to the Blackstone LaunchPad’s global technology platform, the program has the potential to generate some 4,000 new ventures and 6,000 new jobs across New York over the next five years.
The program aims to drive economic development in communities around partner universities, increasing the likelihood that students remain and develop their ideas within the region. It is funded through the Blackstone Charitable Foundation, which was recognized by Obama’s Startup America initiative for its earlier successes in states like Michigan and California.
John Sexton, president of New York University, said: “Entrepreneurship is deeply intertwined in NYU’s DNA like it is in New York City’s DNA. This magnificent gift will permit that spirit to flourish more fully on our campus.”
The announcement event at New York University’s Skirball Center for the Performing Arts was attended by US Senator Chuck Schumer (D-NY) and Blackstone President and Chief Operating Officer Tony James, who delivered remarks. Presidents and chancellors from each of the five universities expressed their support of the program, as did other local New York politicians.
Welcoming the announcement, Senator Chuck Schumer said, “The more we can do to encourage young New Yorkers with an idea to turn that idea into a viable business, the better.
Blackstone’s LaunchPad program, with this new grant, will provide the tools that young entrepreneurs at our premier universities need to succeed and create the next generation of New York businesses. From its earliest days, New York has been a cauldron of innovation. The LaunchPad program will help tap into that entrepreneurial spirit; it will be a tremendous resource for our students, the participating universities, and for our economy.”
“New York’s superb universities have always drawn some of the country’s most driven and talented young people,” said Blackstone President and Chief Operating Officer Tony James. “The Blackstone LaunchPad program will provide these students with the tools to build strong enterprises rooted in the state and connected to a global network of entrepreneurs.”
“NYU has made significant investments and efforts to grow its entrepreneurial ecosystem over the last several years, and is seeing the impact on campus and in the city around us,” said Frank Rimalovski, executive director of the NYU Entrepreneurial Institute. “The grant, resources, and network provided by the Blackstone LaunchPad are a game changer, and will enable us to better serve our students and scale our impact by providing personalized coaching and mentorship to aspiring entrepreneurs across NYU’s numerous schools and colleges throughout the academic year."
Each regional program established through the Blackstone Charitable Foundation is linked, drawing ideas and best practices from across 21 campuses, and giving student entrepreneurs in New York access to an international community of more than 500,000 of their peers and expert advisers. Funding for this program is made possible through the Blackstone Charitable Foundation’s Entrepreneurship Initiative, which seeks to support the development of ecosystems for aspiring entrepreneurs creating the high-growth ventures that are known to spark economic growth.
About The Blackstone Charitable Foundation:
The Blackstone Charitable Foundation was founded at the time of Blackstone’s IPO in 2007 with substantial commitments from the Firm’s employees. Influenced by the enterprising heritage of the firm and its founders, The Blackstone Charitable Foundation is directing its resources and applying the intellectual capital of the firm to foster entrepreneurship in areas nationwide and globally. Through its investment expertise across several asset classes and geographies, Blackstone has a unique perspective on the global economy and a heightened understanding of how entrepreneurial activity is often the crucial catalyst in the growth of successful businesses, industries and communities. For more information, see http://www.blackstone.com/foundation.
About NYU Entrepreneurial Institute:
Tracing its roots to the launch of the NYU Innovation Venture Fund in 2010, the NYU Entrepreneurial Institute leads a university-wide initiative to accelerate the pace of technology commercialization and the launch of successful start-ups founded by NYU’s 60,000 students, faculty, and researchers. For more information, go to entrepreneur.nyu.edu.