76West initiative to provide $20 million for clean energy in NY
"This competition is designed to jumpstart the clean energy economy in the Southern Tier, bringing with it new jobs, new economic opportunity and increased sustainability to local communities," Governor Cuomo said.
"By supporting the growth of clean energy companies in the area and investing in the infrastructure they need to succeed, we are laying the groundwork for a brighter future for residents and businesses throughout the region."
76West was modeled after the successful 43North business idea competition in Western New York, which named its winners last October. 43North garnered thousands of applications from companies who would locate their company to Buffalo.
Centered on a $10 million business model competition, 76West will be open to any early-stage clean energy technology business that builds on the indigenous strengths and assets of the Southern Tier. Individual prizes will range from $100,000 to $1 million. Eligible categories will focus on business development.
The initiative, expected to launch this fall, supports the Reforming the Energy Vision plan, which is designed to enable self-sustaining, clean energy markets to build a clean, resilient, and affordable energy system for New York.
As a condition of the competition, it is expected that winners will be in or move their operations to Allegany, Broome, Cattaraugus, Chautauqua, Chemung, Chenango, Delaware, Schuyler, Steuben, Tompkins or Tioga counties.
The competition will be measured by the amount of private capital invested in clean energy technology businesses in the region, strategic partnerships formed with leading private firms and institutions, and the commercialization of new clean energy technology products.
In addition to the business competition, 76West will offer $10 million of business support services to the local clean energy market. Services may include access to entrepreneurial training programs, incubators, and networking events. ■