ROME, NY - The Griffiss Institute announced Tuesday that they will be receiving an Upstate Revitalization Initiative Grant for 2 million dollars over the next 3 years.
The grant will be used to fund the Innovation and Development Entrepreneurial Accelerator program or the IDEA New York program.
IDEA NY will supplement the Commercialization Academy, which the institute has been running for the past 4 years in conjunction with Rome Lab.
It takes aspiring entrepreneurs and teams them up with technology from the lab in hopes of bringing new start-up companies to New York state.
Bill Wolf, the president of the Griffiss Institute says the program has brought 45 start-up companies to the state, of those companies more than 30 of them are still in operation.
"We have had companies from high tech companies, companies building cybersecurity tools, to telemedicine for pets. We run the gambit. A lot of the companies employ the technology from the airforce research lab in ways we never thought they could. That's the objective of the program, to transfer the technology out and commercialize it."
IDEA NY will fund prizes for a Shark Tank like event at the end of the Commercialization Academy.
Winners of the competition will have to keep their businesses in NY for at least a year to receive the prize.
Applications for the IDEA NY program will be available starting in September.
Click here for the application.