August 13 2021

Capital Region is a top contender for venture capital investment among mid-sized Northeast metros

While venture capital tends to concentrate in large metros such as New York City and Boston, businesses in the Albany metro area are faring better at attracting VC investment better than those in their mid-sized counterparts in the Northeast, according to a Center for Economic Growth analysis of U.S. Census Bureau.

In 2017, 68 businesses in the Albany-Schenectady-Troy metropolitan statistical area (MSA) received VC investments. That was the fourth greatest number of VC-recipient firms in Northeast mid-sized metros with populations between 250,000 and 999,999. Even more, outside of the New York-Newark-Jersey MSA, the Albany metro had more VC-recipients firms than any other metro in the New York, even the large Rochester (53) and Buffalo (34) MSAs. Among metros of all sizes, the New York MSA led the Northeast with 1,196 VC-funded firms, followed by Boston at 602.

The Albany metro’s 68 VC-recipient firms employed 2,066 with a payroll of $81.4 million. Their total sales was $350.7 million. It is not clear how much VC these firms received.

CEG Technology Initiatives

As a regional technology center under the New York Manufacturing Extension Partnership program, CEG’s Business Growth Solutions unit offers a menu of services for Capital Region startups and established firms, including:

  • Tech Scouting to search for solutions;
  • Technology Driven Market Intelligence to understand markets;
  • Engagement of NYSTAR Innovation Assets for testing and development;
  • Design and prototyping assistance;
  • Funding assistance via state and federal programs such as NYSERDA, SBIR, STTR and other funding opportunities;
  • Access to labs, office space, and other facilities affiliated with Innovate 518; and
  • Venture pitch coaching and visibility to the region’s angel and institutional investors, business service providers, advisers, students, faculty, alumni and the early-stage business community. via VentureB.

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