TLDR:
Key Points:
- Central New York lacks the density and range of capital sources found in tech hubs like Silicon Valley.
- A new biotech venture fund called Upstate Biotech Ventures is being launched in the region to support early-stage healthcare startups.
Being an entrepreneur in Central New York can be challenging due to the limited availability of venture capital. While the region has seen growth in its startup ecosystem, founders still struggle to secure funding compared to counterparts in larger tech hubs. To address this gap, a new biotech venture fund, Upstate Biotech Ventures, is being introduced in the area. This investment vehicle will focus on supporting early-stage healthcare startups, recognizing the need for funding in sectors like diagnostics, devices, and scientific advances. The fund aims to provide critical support to founders navigating the “Valley of Death,” a term used to describe the challenging funding gap faced by startups in their early stages.
The launch of Upstate Biotech Ventures is a significant step towards bridging the funding gap for health-tech founders in the region. By providing early-stage capital and support, the fund aims to help founders translate their innovative ideas into successful ventures. The collaboration between Excell Partners, Upstate Medical, and SUNY Research Foundation on this initiative showcases a commitment to fostering innovation and job growth in Central New York’s healthcare and biotech industries. With the aim of building a portfolio of 12 to 15 companies, Upstate Biotech Ventures signals a promising future for healthcare-based innovation in the region.
