BUFFALO, N.Y. — University at Buffalo is receiving a $750,000 grant from the Ralph C. Wilson, Jr. Foundation for its early-stage startup support program.
Known as Cultivator, the program helps connect UB businesses and entrepreneurs with resources to help start and grow businesses. It provides mentorship and investment opportunities to bring ideas to viable businesses. The funding will help maintain three more years of operation for the program.
Senior Program Officer, entrepreneurship and economic development at the Ralph C. Wilson, Jr. Foundation, Paul Riser said the program makes an impact in the community.
“Access to resources and mentorship is integral to transforming innovative ideas into thriving businesses that truly benefit our communities,” he said.
Cultivator began three years ago, and since then it has helped 66 companies with more than 70% founded by women or founders of color. According to UB, the school has invested in 28 companies with $2.7 million in pre-seed investments through the program.
Vice President for Research and Economic Development at UB Venu Govindaraju said the funding helps local entrepreneurs achieve their goals.
“This award builds upon the program’s successes and infuses Buffalo’s startup ecosystem with early-stage funding, supporting entrepreneurs in turning their visions into reality and contributing to our region’s economic growth,” he said.
The program is nine months long and is open to all entrepreneurs from Western New York even without UB affiliation, said organizers.
“Startups leave Cultivator on a greater path to sustainability and success. In turn, the program produces a risk-reduced supply of companies for other regional support organizations and investors that work with later-stage startups,” said Richard Kim, director of startup ventures at UB.
26 companies graduated from the program, and several have secured additional funding after the program, according to UB.
RELATED VIDEO:
