Startups Working on Emerging Technology Enabled by Optics, Photonics, or Imaging Are Encouraged to Apply to Leverage Comprehensive Support and Funding
Accelerator Competition is Supported Through “Finger Lakes Forward” – The Region’s Robust Strategy to Revitalize Communities and Grow the Economy
ROCHESTER, N.Y., Sept. 12, 2024 (GLOBE NEWSWIRE) -- Empire State Development (ESD) today announced a “call to apply” to round eight of Luminate NY—the world’s largest business accelerator for startup companies that are working on technologies enabled by optics, photonics, or imaging (OPI). Visionary startups located anywhere are encouraged to apply for a spot in the accelerator, which brings companies to the Finger Lakes Region to leverage a world-renowned ecosystem of resources to speed the commercialization of industry-changing solutions in a range of applications, including autonomous vehicles, quantum computing, communications, packaging, robotics, augmented reality, advanced materials and manufacturing, and more.
“New York State is the OPI capital of the world, offering one-of-a-kind resources that can help supercharge companies’ success through tech development and commercialization,” said Empire State Development President, CEO and Commissioner Hope Knight. “We encourage startups to take advantage of this unmatched ecosystem by applying to join the more than 70 companies in the Luminate portfolio—now valued at more than $675 million.”
The companies selected to take part in round eight of Luminate NY will compete for one of 10 available slots and will each receive $100,000 at the start of the six-month hybrid program. At completion, the teams will compete for a total of $2 million in follow-on funding, including a $1 million investment to the winning team and other investments totaling an additional $1 million. Teams winning follow-on funding must commit to doing some aspect of their business operations or manufacturing in the region for at least 18 months.
Applicants for Luminate NY must be incorporated, have at least two full-time employees, and should have proven their core technology, preferably having developed a working prototype. Once admitted, companies will receive assistance, including capital, access to comprehensive lab facilities for technology development, education, and business mentoring. Teams must be able to participate in person in Rochester, NY, one week per month, and in virtual programming the other weeks. Applications are being accepted through January 10, 2025.
Dr. Sujatha Ramanujan, Managing Director, Luminate NY said, “Luminate is specifically designed to help startup companies become ready for investment. If you’re a founder that wants a business that is attractive to potential funders, needs a soft landing into the US market, or a clear path to commercialization, Luminate is the accelerator that can help you forward both your business and technology.”
Luminate NY is funded by the transformative Finger Lakes Forward Upstate Revitalization Initiative, a comprehensive strategy to foster economic development and revitalize communities. The program is administered by NextCorps, and located in Rochester, NY. In addition to immediate funding, companies get comprehensive instruction, mentoring matched to their needs, access to vetted suppliers and partners, and the chance to pitch more than 30 investment firms.
Interested companies can get a closer look at the benefits of Luminate by attending Luminate Finals 2024 on September 26. For the fifth year in a row, Optica is sponsoring the event, which will take place online and in person at The Theatre at Innovation Square in Rochester, NY, at 4:00 p.m. EDT. Attendees can register for the free event here. In addition to seeing the teams compete for funding, attendees will vote for their favorite startup, which will be awarded $10,000 as part of the annual New York State competition.
The Finger Lakes Region is home to an incredibly rich ecosystem for forward-thinking entrepreneurs who are looking to grow their business. Rochester offers the American Institute for Manufacturing Integrated Photonics’ Test, Assembly, and Packaging facility at Eastman Business Park, the University of Rochester’s Institute of Optics, the Rochester Institute of Technology, and more than 150 local OPI companies which employ more than 17,000 employees who are building on the region’s legacy as a global imaging leader.
Finger Lakes Regional Economic Development Co-Chairs Bob Duffy, President and CEO, Greater Rochester Chamber of Commerce and Dr. Denise Battles, President of SUNY Geneseo said, “The history of entrepreneurship in Rochester is grounded in the history of the imaging sciences. The optics, photonics, and imaging sectors continue to be a priority for the council as we work to establish the Finger Lakes region as the global leader in the innovative light-based products and services industries. The Luminate NY accelerator extends targeted support for startups looking to take their amazing ideas to the next level, and we encourage them to apply and take advantage of all it has to offer.”
For additional information about Luminate NY, visit: https://luminate.org/.
To register for an upcoming informational session about Luminate NY and tips for applying, visit: Information Sessions.
For additional information about NextCorps, visit: https://nextcorps.org/.
Accelerating Finger Lakes Forward
Today’s announcement complements “Finger Lakes Forward,” the region’s comprehensive strategy to generate robust economic growth and community development. The regionally designed plan focuses on investing in key industries including photonics, agriculture and food production, and advanced manufacturing. More information is available here.
About Empire State Development
Empire State Development is New York's chief economic development agency, and promotes business growth, job creation, and greater economic opportunity throughout the state. With offices in each of the state's 10 regions, ESD oversees the Regional Economic Development Councils, supports broadband equity through the ConnectALL office, and is growing the workforce of tomorrow through the Office of Strategic Workforce Development. The agency engages with emerging and next generation industries like clean energy and semiconductor manufacturing looking to grow in New York State, operates a network of assistance centers to help small businesses grow and succeed, and promotes the state's world class tourism destinations through I LOVE NY. For more information, please visit esd.ny.gov, and connect with ESD on LinkedIn, Facebook and X.
Media Contacts:
Shari Voorhees-Vincent | Shari.Voorhees-Vincent@esd.ny.gov | (585) 399-7055
Press Office | pressoffice@esd.ny.gov | (800) 260-7313
Shannon Wojcik | Luminate | shannon@rkgcomms.com | (585) 831-6267
