Governor’s Proposed New Technology Seed Fund       

Program Purpose
The goal of the New Technology Seed Capital Fund is to expand New York’s technological strengths and promote commercialization that leads to economic growth throughout New York. The Fund is designed to support NY’s world-class research & development programs, nurture early-stage companies, and foster regional technology partnerships. 
Program Highlights
The Seed Fund will create opportunity through innovation which in turn will drive private investment and job creation in high growth emerging sectors of the state’s economy.  An "emerging business sector” is defined as one of the four following categories:

  • Biotechnology & Pharma:  Drugs and pharmaceutical development, testing, medtech, medical imaging, agricultural/chemical
  • Advanced Manufacturing: Nanotechnolology, microelectronics, clean transportation parts and supplies, sustainable manufacturing, chemical.
  • Clean Energy: Batteries, Fuel Cell, Energy efficiency, Smart Grid
  • IT/Software: Wireless, Network and information technology

Eligible applicants may include for profit-businesses, not-for-profits, local development corporations and/or universities to facilitate economic development. 

  • Applicants may also involve a partnership of any combination of the above organizations; however, for purposes of awarding a grant, ESD will enter into a funding agreement with a single entity.
  • The entity must show at least three years of fundraising and investment experience in NYS, demonstrate a proven ability to undertake financial due diligence on new companies, and maintain the capacity to manage all aspects of the grant.  
  • Regions with existing angel network funds, seed funds, or other regional technology development funds may be designated as the grantee for a Seed Fund Grant. 

Contact Information
For more information, please contact your local ESD Regional Office.