New ideas. New partnerships. New business formations. All aimed at expanding Buffalo Niagara’s economic footprint within the technology and life sciences sectors, and building the local entrepreneurial ecosystem.
In 2018, Governor Andrew Cuomo tasked University at Buffalo’s Business and Entrepreneur Partnerships office with managing a $32 million New York State grant to cultivate innovative ideas, catalyze university research, fortify businesses and relationships across the region, and fund promising companies and ventures through an Innovation “Hub,” a collaborative network of industry resources and partnerships intended to support the momentum of Western New York startups.
“By building a comprehensive network of entrepreneurial support, expertise, funding and facilities … this region will build on its foundation and accelerate the growth of Buffalo’s innovation economy,” said Cuomo during a recent visit to the university.
The UB Innovation Hub is slated for official launch on May 28, 2019, during a special event at the university attended by community leaders and partners, including Roswell Park Comprehensive Cancer Center, the Jacobs Institute, Hauptman-Woodward Medical Research Institute and Kaleida Health.
“Through our extensive faculty expertise, our longstanding engagement in the community, and our established record of student and faculty entrepreneurial collaborations, UB has created a dynamic environment where entrepreneurship can grow and flourish,” said University at Buffalo President Satish K. Tripathi.
The Innovation Hub marks the state’s second-largest investment, via the Buffalo Billion program, toward the expansion of entrepreneurship in Western New York. The first was the launch of 43North—the biggest business competition of its kind in the world—which has successfully attracted innovators from around the globe to Buffalo.
Unlike 43North, UB’s Innovation Hub will focus on building a robust network of resources and industry leaders to support commercialization of technologies generated by UB and local partners, such as Hauptman-Woodward and Roswell Park. The hope is that by providing more resources, support and a state-of-the-art incubator space, ideas will rapidly transition out of labs and classrooms and into the marketplace, ultimately growing private investment and jobs in Western New York.
“When you think of the most successful startup communities from Boston to Silicon Valley to Boulder, they all have strong ties to research institutions and universities as central sources of innovation,” said UB Associate Vice President for Economic Development Christina Orsi. “They also have early stage venture capital and connections with successful entrepreneurs and market expertise.
“The hub brings all of this together to help accelerate the number of new inventions spinning out of our institutions into startups that grow in Western New York.”
Learn more about the UB Innovation Hub here.