Syracuse, NY – U.S. Senate Minority Leader Charles E. Schumer and U.S Senator Kirsten Gillibrand today announced $500,000 in federal funding for Syracuse University. The funding was allocated through the Economic Development Administration’s (EDA) i6 Challenge and will allow Syracuse University to invest in a new initiative to promote entrepreneurship in Central New York. Specifically, Syracuse University will monitor and research impacts of import competition and global trade in the region. At the end of the three-year project period, Syracuse University will provide support for the establishment of 10 new business ventures and 15 new products commercialized by existing companies.
“This critical federal investment will give Syracuse University the opportunity to support tomorrow’s business owners and innovators right here in Central New York,” said Senator Schumer. “It is imperative that we not only invest in higher education, but in the kinds of programs that support entrepreneurship and the creation of good-paying, middle-class jobs for residents across Upstate New York. I am proud to announce this funding and will fight tooth and nail for New York’s world class educational institutions that foster innovation and entrepreneurship.”
“Syracuse University is one of the most innovative institutions in the country and will use these EDA funds to help support and strengthen entrepreneurship in Central New York,” said Senator Gillibrand. “I will continue to fight for funding in the Senate to help jumpstart new businesses, boost the local economy, and provide new opportunities to create good-paying jobs for New Yorkers.
“We are exceedingly grateful for Senator Schumer and Senator Gillibrand’s support of Syracuse University’s application to the 2017 Regional Innovation Program’s i6 Challenge. Syracuse University’s selection as an i6 Challenge awardee serves to highlight the innovative research being conducted by our faculty, students, and collaborators at the Center of Excellence for Environmental and Energy Systems, and the potential of that globally important research to fuel entrepreneurial and economic opportunity across Central New York and beyond,” said Dr. Mike Haynie, Vice Chancellor for Strategic Initiatives and Innovation, Syracuse University.
EDA provides funding to distressed communities to assist in their efforts to develop strategies, infrastructure, and programming important to economic growth and job creation. EDA grants are awarded based on the application’s merit, the applicant’s eligibility, and the availability of funds. The i6 Challenge, was launched in 2010 as part of the Startup America. More information on EDA’s grant and investment process can be found at www.eda.gov.