Success Story: $16M venture fund opens to Albany companies in new effort

The Venture Readiness Program matches entrepreneurs with mentors to provide guidance on business model development, financial planning, market validation, and investor pitch preparation. It includes a partnership with Buffalo-based early-stage venture fund Launch NY to expand its service area beyond western New York to the Capital Region.

To date, Launch NY’s entire suite of nonprofit and for-profit financing programs have provided nearly $16 million in investment to more than 100 startups, according to company's website.

Mark Eagan, president and CEO of CEG, said the program's concept came after a consulting firm observed a lack of spin-out companies from the area's major corporations, like Regeneron, GlobalFoundries, GE Vernova and Plug Power.

"How do we change that? And oftentimes people say that, 'Well, it doesn't happen because there's not access to money,' and that can be part of it, but there's much more to it than that. Sometimes those businesses need other supports before they can access money," Eagan said.

CEG's response was to build what they're calling the region's entry point for startups. The structured program works collaboratively with others in the region, like the UAlbany Innovation Center and Rensselaer Polytechnic Institute's entrepreneurship programs.

Applications are open for startups.

Heidi Knoblauch has been consulting on the program as venture adviser. Mentors in the program include Peter Dean, founder of RenderTribe; Ken Kramer, a local investor and former executive at TerrAlign; Clint Ballinger, former founder of Self Array; and Scott Alpizar, a life sciences entrepreneur and managing partner of Emerging Innovations Consulting.

The program currently has 14 companies. Those participating are preparing to raise funds, and if they aren't ready to pitch after 90 days, they'll be directed to another area organization to continue development.