FOR IMMEDIATE RELEASE
Final Round of Springboard Prize Competition Awards Nearly $200K to Eight Organizations Supporting the Entrepreneurial Ecosystem Across Western New York
Strong interest in New Rapid Prize Competition attracted a total of 447 applications in three application rounds and has awarded more than $600,000 to 26 organizations in 2024
Buffalo, N.Y., October 23, 2024 – Nearly $200,000 was awarded to eight organizations and projects in the final round of Springboard, a new regional, innovative rapid prize competition launched this year that aims to support those contributing to and expanding the entrepreneurial ecosystem in Buffalo, Rochester and Southern Tier communities. A total of 26 organizations have been awarded $610,545 in three rounds throughout 2024.
The third and final cohort of 2024 winners and the associated funding were announced at an event hosted by the Small Business Development Center at Jamestown Community College in Jamestown on Wednesday evening. Third-round winners were chosen after a competitive process that attracted 196 applicants and were awarded prize money ranging from $24,000 to $25,000.
The 2024 pilot program attracted a total of 447 unique applications for the program in all three rounds, indicating that the entrepreneurial communities in WNY are diverse, engaged, creative, and in need of additional support. Third round winners include:
Southern Tier Communities:
· CHQ Chamber - $25,000 - Reimagining Foot Traffic Initiatives to Support Local Businesses, sponsored by the Chautauqua Chamber of Commerce which will use the Bandwango platform to provide data to evaluate impact and consumer traffic of new initiatives and to create contact lists to market repeat visits.
· The Hatch Business Incubator at SUNY JCC - $25,000 - For their Internship and Resource Impact: Empowering Small Business Growth initiative designed to offer students hands-on experience while giving small businesses additional support at no cost.
· The Solutions Hub - $25,000 - A modern, technology-driven coworking space in Wellsville, N.Y. for a multi-purpose event space in a supportive environment for entrepreneurs, freelancers, and small businesses.
· Southern Tier West Development Foundation, Inc. - $25,000 - to address significant gaps in entrepreneurship within Southern Tier communities, funding will support the Empowering Rural Women Entrepreneurs in the Southern Tier initiative which aims to address barriers such as limited networks and restricted resources that often hold back entrepreneurs.
Buffalo Area:
· Latinas Evolving LLC - $25,000 - A dynamic organization dedicated to empowering Latina entrepreneurs and leaders for their Cafecito Tempranito On the Road - Entrepreneur Support program that provides funding and a platform for their participants to showcase their stories.
· The Bricks Collaborative - $25,000 - A Buffalo-based community organization that focuses on supporting an ecosystem of emerging food entrepreneurs for their Brick by Brick Peer Mentoring initiative designed to provide access to resources, mentors and brand visibility.
Rochester Area:
· Tech Rochester - $24,000 - A nonprofit organization that focuses on bringing tech professionals and companies together to strengthen Greater Rochester technology community, the organization will use the funding to foster online and in-person connections between its members and Rochester area founders to fuel start-up progress.
· Connected Communities - $25,000 - A community development organization’s efforts in the Rochester neighborhoods of Beechwood and EMMA to form their first Business Association and hold a Pitch Competition that will prioritize community-based entrepreneurs and include entrepreneurial training and networking programming.
Organizations, projects, and individuals were eligible to apply once throughout the three application rounds and were required to work toward the shared goal of strengthening entrepreneurs through various support and programmatic initiatives to bolster the entrepreneurial ecosystem across the region. Applications were accepted by the same organization more than once only if they applied for separate programs. Financial awards were based on the amount requested by applicants and the project’s merit as determined by judges for specific projects. More information about the program can be found at springboardny.org. Videos of previous winners were created to share their stories and may be viewed here.
“We are delighted to host the final Springboard awards and to see so many Southern Tier organizations apply and win funding for entrepreneurial activities in rural communities. We have been blown away by the robust response in all three rounds from so many diverse, innovative and engaged organizations working to support entrepreneurs of all kinds,” commented Dr. Courtney Curatolo, Director of the Small Business Development Center at JCC. “More than a half a million dollars will now be fueling entrepreneurial organizations and programs throughout the region that will boost the possibility of success and growth for small businesses and entrepreneurs.”
The Judging Process
Each round of applications were reviewed and chosen by a different group of judges through a rigorous review process. They include the following for round three:
· Joe Stefko, OneROC
· Carolynn Welch, WEDI
· Kim LaMendola, Southern Tier West Regional Planning and Development Board
· Courtney Curatolo, Small Business Development Center at JCC
The judging committee considered a variety of factors to determine awardees, including product or service design; ability to address current gaps in the marketplace or ecosystem; clearly defined target market; funding needs to test an idea that otherwise wouldn't be able to launch. Judging criteria also included whether the idea, program, product, or service ultimately benefits entrepreneurs or strengthens the chances for entrepreneurs to start and grow businesses successfully.
Program Eligibility
The program was open to for-profit or non-profit applicants with an Employer Identification Number (EIN) that operate in the nine counties of Western New York including Allegany, Cattaraugus, Chautauqua, Erie, Genesee, Monroe, Niagara, Orleans or Wyoming County.
Funding through Springboard is designed to help fund activities that benefit entrepreneurs or promote business and ecosystem growth, such as pilot programs or new initiatives that are focused on entrepreneurship support, education, or ecosystem building; networking, mentoring, and match-making activities; entrepreneurship competitions such as hackathons or startup weekends; activities designed to support a target demographic; and innovation that helps facilitate the growth of many other companies.
Eligible applicants included a variety of entrepreneur support organizations; high schools, colleges and universities that support up-and-coming entrepreneurs; and capital providers such as seed-stage funders, angel groups, venture capital funds and Community Development Financial Institutions. Additionally, organizations that support diverse ownership or entrepreneurs from underserved communities, innovative businesses with less than $2,000,000 in gross revenue, and entrepreneurs with existing companies that support entrepreneurship, including sole proprietorships, are eligible to apply.
Program Collaborators
The Center for Regional Strategies, Main Light Strategies, Ralph C. Wilson, Jr. Foundation, Victor & Company and several community partners collaborated to lead the development of the pilot program that seeks to provide incentives for events, initiatives, and programs that connect entrepreneurs with resources, information, and other organizations. The Center for Regional Strategies is leading the implementation of Springboard, along with Main Light Strategies and an extensive team of local partners across the region.
About the Center for Regional Strategies
The Center for Regional Strategies is a 501(c)(3) non-profit organization focusing on planning, developing and implementing economic growth strategies to build sustainable community wealth, especially in underserved areas. Income-building strategies focus on the core foundational principles of Placemaking, Workforce and Small Business Development and Nonprofit Capacity Building.
About Main Light Strategies
Main Light Strategies is a Buffalo, New York based strategic consulting firm that specializes in helping communities and companies achieve meaningful objectives in the areas of economic development, large-scale public-private partnerships, and professional sports and entertainment.