New York State and the University at Buffalo are partnering to establish an Innovation Hub, aimed at promoting collaborations between student entrepreneurs, faculty researchers, technology leaders, and the business community.
According to a statement issued by University at Buffalo, the Hub will be funded through a $32 million grant commitment from the state to benefit start-up business formation and commercialization through the use of ideas, research, technologies, and innovations from the university.
“The new University at Buffalo Innovation Hub will build upon this legacy as part of our continuing efforts to grow the tech economy and create good-paying jobs in Buffalo and across Western New York,” Lieutenant Governor Kathy Hochul said in a statement.
With an aim to promote entrepreneurship in the region, the Hub will provide a platform to students, faculty, and entrepreneurs to secure funding, facilities and talent for their respective ideas.
“UB is committed to fostering an environment where entrepreneurship can grow and flourish in and across our region, and the Innovation Hub concept is a critical component in that effort,” Satish K. Tripathi, University of Buffalo president, said.
The university will issue additional updates on the investment fund, and will share various profiles on existing startups, researchers and collaborators throughout the coming weeks.