February 28, 2014
The amount of money being invested in startup businesses in upstate New York is increasing and a couple of big projects near Albany drove the growth.
Upstate Venture Associates of New York, or UVANY, a startup business investment firm, found that the nearly twice as much money came into upstate New York in the third quarter of last year, compared to the same period in 2012.
Numbers crunched by the Albany Business Review found the amount of capital coming in rose to more than $100 million – thanks largely to some big deals for Capital Region startups.
UVANY’s executive director, Sam Ticknor, says the firm’s seeing more New York-based venture capital funds, and even ones from outside are making more investments.
"There is more money than ever in upstate New York, but nothing comes easy, either," says Ticknor. "You can’t make the representation that it’s easy times because raising venture capital is always a very difficult effort."
Ticknor says upstate still trails New York City and the Silicon Valley, but the region’s still a dynamic place for startups. He credits upstate’s universities and an increasing number of startup accelerators and other mentoring programs.