SUNY Chancellor Launches Upstate Biotech Ventures

Along with state and local officials, SUNY Chancellor John King announced the creation of Upstate Biotech Ventures on Monday.

The venture fund will provide funding to startups and small businesses affiliated with Upstate Medical University. Officials called it the first venture fund of its kind for startups and small businesses on a SUNY campus.

On Monday, the chancellor of SUNY spoke about the difficulty of the Death Valley curve for startups. That’s the period between a startup’s initial investment of capital and the time it generates revenue.

Officials believe this will help keep those companies afloat while advancing research and technological innovation in New York.

“I don’t feel like I’m being ignored,” said Paula Doyle, founder of EndoGlow. “I feel like people are looking at our innovations and seeing the potential that we see. And by supporting us in whatever way the community can, whether it’s financially, like in the case of the company we’re talking about, it makes us feel like we can do this.”

The fund has an initial investment of $6 million that companies can apply for.