The New York state government will spend $32m on nurturing the entrepreneurial ecosystems of institutions including University of Buffalo and Buffalo Niagara Medical Science, Buffalo News reported today.
The sum will be invested over five years as the government looks to drive the nascent VC pool available around the Buffalo-Niagara region in the west of the state.
The budget includes a $13.5m commercialisation fund administered by University of Buffalo which will make initial investments of $25,000 and provide up to $1m in follow-on funding.
Another $11.5m will be spent on entrepreneurial services and administrative expenses for the wider initiative. The remaining $7m will fund an extension to Buffalo’s incubator, New York State Center of Excellence in Bioinformatics and Life Sciences, with enough room for 30 more startups.
The hub will likely partner local healthcare system Kaleida Health and research centre Roswell Park Comprehensive Cancer Center, as well as the Hauptman-Woodward…
