NEW PALTZ, N.Y. — The Hudson Valley Venture Hub at SUNY New Paltz provided incubation to 20 regional companies and generated $4.5 million in returns in its first year in the Mid-Hudson Valley, the college announced on Monday.
The 20 companies that received Venture Hub support were in industries ranging from software, food and beverage to the sharing economy, SUNY New Paltz officials said Monday.
The firms reported a cumulative 26 new full-time equivalent jobs created and generated $4.5 million in private investment secured and revenue increased, university officials added.
SUNY New Paltz officials said this economic growth was made possible by $250,000 over five years in Innovation Hot Spot Funding from Empire State Development. The private investment represents an 18 times return on the state’s one-year investment in the Hudson Valley Venture Hub, officials said.
The Venture Hub helps to match businesses to existing organizations and services to support their goals, while also providing direct individual incubation services to select startups helping them reach larger-scale commercialization of their products and services, university officials said.
Other services include hosting events for entrepreneurs and investors, creating opportunities for mutually beneficial collaboration among businesses, organizing angel investment pitch events and educational programs, and a Slack group for regional startup founders to share ideas and discuss their challenges, a news release said.
The year “2023 was a game-changer for the Hudson Valley Venture Hub,” Venture Hub Director Eliza Edge said. “With the support from Empire State Development Division of Science, Technology and Innovation and other sponsors, the Venture Hub was able to roll out a highly individualized accelerator program, bringing resources to the strongest regional entrepreneurs. And as the Innovation Hot Spot, we’ve coordinated with our service provider partners to help them add value to the Hudson Valley economy through investment, growth and job creation.”
The Venture Hub region includes Ulster, Dutchess, Orange, Putnam, Rockland, Sullivan and Westchester counties.
For more information about the Hudson Valley Venture Hub at SUNY New Paltz visit https://bit.ly/3uuAA62.