Thanks to new partnerships between Arizona State University’s Furnace Technology Transfer Accelerator and community development partners in New York, entrepreneurs in upstate New York will have the opportunity to commercialize technologies developed by the Air Force Research Lab – Information Directorate based in Rome, New York.
“Arizona State University is proud to bring this startup acceleration program to New York," said Mitzi Montoya, vice president and university dean for Entrepreneurship and Innovation at ASU. “We have seen the Furnace model bring economic success to entrepreneurs in our home state of Arizona, and we are excited to contribute to the economic development of participating regions throughout the country.”
New York Furnace, which is one of a broader network of startup accelerators initiated by ASU, brings new technologies out of the research lab and into the marketplace. The lead program funder is National Grid. As part of National Grid’s suite of economic development programs, the company committed $200,000 in startup seed funding to help launch the New York Furnace program.
“National Grid is proud to support Mohawk Valley businesses, and seeks opportunities to promote entrepreneurship and investment in the region,” said Melanie Littlejohn, regional executive of National Grid, Central New York. “We are committed to programs like New York Furnace that will allow entrepreneurs in our community to interact, share resources and accelerate their businesses.”
Program and supporting partners providing the additional $200,000 to New York Furnace include the Community Foundation of Herkimer and Oneida Counties Inc.; New York State Technology Enterprise Corp.; Oneida County and Mohawk Valley EDGE/Oneida County Industrial Development Agency; and NBT Bank.
The New York Furnace initiative is part of the Practitioner-based Center of Excellence in Technology Transfer at ASU, established by the Department of Defense – Office of the Assistant Secretary of Defense. ASU received a $1 million award to establish three cohorts of startup companies based on Department of Defense intellectual property.
Potential New York Furnace participants must go through a competitive process that includes selecting one of the lab’s available technologies, forming a management team and submitting a proposal. Technologies are available in the fields of communication, cybersecurity, hardware, software and more. The application deadline is Nov. 17.
Teams accepted into New York Furnace will participate in an intensive nine-month accelerator experience that provides $25,000 in seed funding per team, office space and access to top industry mentors. The experience culminates in Demo Day, when each team meets with accredited investors.