U.S. Senate Minority Leader Charles E. Schumer and U.S. Senator Kirsten Gillibrand today announced $750,000 in federal funding for the Research Foundation for the State University of New York’s Binghamton Acceleration of Cleantech Entrepreneurial and Economic Development (XCEED) Initiative. The funding was allocated through the federal Economic Development Administration’s (EDA) i6 Challenge program. Specifically, the XCEED Initiative will use these funds to mentor and support clean-tech innovators and entrepreneurs in the Southern Tier.
“The valuable contributions EDA make in our communities is why I have fought to protect its funding. This federal investment to boost the creation of exciting new ‘clean-tech’ businesses is a perfect example, and is great news for Binghamton University and all of Broome County. With this critical funding, the Research Foundation for SUNY can offer much-needed support to clean-tech entrepreneurs in the Southern Tier, helping to transform the region into a hub for clean-tech innovation and job creation,” said Senator Schumer. “I was proud to deliver critical EDA funds to support the construction of the Koffman Southern Tier Incubator and this federal funding is one of the many success stories of this tremendous facility. I will keep fighting tooth and nail for investments that bolster the Southern Tier’s green economy.”
“I am excited to announce this federal investment for the Binghamton region’s XCEED initiative, which will help create opportunities for clean-tech innovators and businesses in the Southern Tier,” said Senator Gillibrand. “This project will help transform New York into a leader in the clean-tech industry, as well as create good local jobs and strengthen the region’s economy. I will always fight in the Senate for the resources needed to strengthen the state’s economy and support the efforts of our local entrepreneurs.”
“I want to thank Senator Schumer, Senator Gillibrand, all of our federal representatives and the Economic Development Administration for supporting Binghamton University and recognizing its clean energy research expertise and its ability to marshal the necessary resources to help deepen the pool of entrepreneurs, spur economic activity and ultimately create new clean-tech jobs in the Southern Tier,” said Harvey Stenger, President, Binghamton University.
“With the support of these federal EDA funds, our program will leverage our recently established Clean Energy Incubator Program and help fill a pipeline of Binghamton clean-tech companies by educating graduate students and other participants in business, product-market fit, customer discovery, intellectual property fundamentals, undertaking company formation, and accelerating growth through sales, licensing, and investments,” said Per Stromhaug, Assistant Vice President, Innovation and Economic Development, Binghamton University, the State University of New York.
The EDA’s i6 Challenge was launched in 2010 as part of the Startup America Initiative. The i6 Challenge program is a national competition that makes small, targeted, high-impact investments to support startup creation, innovation, and commercialization. EDA grants are awarded through a competitive process based upon the application’s merit, the applicant’s eligibility, and the availability of funds. More information on EDA’s grant process and investment process can be found at www.eda.gov.