Bootstrapping entrepreneurs can apply for funding from Accelerate Long Island by year-end to cover startup costs. The nonprofit, which supports tech startups, has $130,000 available this year through the Innovation Hot Spot program. The funds come from a $1.25 million, five-year grant from Empire State Development.
The money can be used for professional services like legal, accounting, HR, and marketing. Accelerate Long Island reimburses startups for one-third of these costs.
Arielle Gabalski, 26, founder of CMS BioTechnologies, emphasized the importance of this funding. CMS BioTechnologies, which is developing technology to reduce medication side effects, is one of eight companies approved for funding.
Key Points:
- $130,000 in grant money is available for tech startups before year-end.
- The funds cover professional services, including marketing, legal, accounting, and HR.
- The funding is crucial for early-stage companies to gain momentum and grow.
Michael Nizich, director of NYIT’s Entrepreneurship and Technology Innovation Center, said that high costs make support essential for startups on Long Island. Accelerate’s funding and networking events improve the survival rate of early-stage tech startups.
Stacey Sikes, chair of the Accelerate board, highlighted the collective effort to support startups, emphasizing mentorship and networking events.
Accelerate has streamlined the application process on its website. Funding is available to tech startups less than five years old, not yet profitable, and with less than $1 million in equity. Awards are given in blocks of up to $10,000.
To apply, visit AccelerateLI.org/hot-spot/#apply.
Read the full article on Newsday by Randi F. Marshall here: https://www.newsday.com/business/accelerate-long-island-tech-startups-tcz74jyq