The two winners get $50,000 and the opportunity to grow their businesses in the long-running cleantech incubation programme
The Urban Future Lab, New York City’s hub for smart cities, smart grid technology, and clean energy at the NYU Tandon School of Engineering, has announced a competition aimed at smart city and smart grid technology start-ups.
Two winners of the 2018 Urban Future Prize competition will receive $50,000 each and the opportunity to grow their businesses into successful ventures in the city’s longest-running cleantech incubator programme, Acre.
The competition seeks out the world’s most revolutionary smart city and smart grid technologies by bringing the brightest entrepreneurs together with mission-driven investors, policy leaders, and corporate sponsors for a prestigious pitch.
The New York State Energy Research and Development Authority (NYSERDA), New York Community Trust, and Con Edison are providing support for the competition.
“The Urban Future Prize competition is an excellent vehicle for start-ups in the clean energy, smart city, and smart grid space to scale up and get funding,” said Pat Sapinsley, managing director of cleantech initiatives at NYU Tandon.
“The winners will not only each be given a $50,000 grant funded by the New York Community Trust but acceptance into our incubator, which entitles them to apply for as many as three $100,000 NYSERDA ignition grants. The help that our incubator has given to companies in the past has resulted in over $350m in funding and in a 90 per cent survival rate for our start-ups – a phenomenal success rate compared to the national average.”
“Helping cities become environmentally sustainable and more resilient are heavy lifts, but the dynamic entrepreneurs that compete for these prizes are clearly up to the challenge”
The non-dilutive, non-equity, cash prizes will be awarded to the top companies in each of the competition’s two categories: the New York Community Trust Smart City track and the New York Community Trust Smart Grid track.
Applications to the smart city track should pertain to urban infrastructure and resiliency, Internet of Things, sensor networks, analytics, and related themes. Applications to the smart grid track should pertain to renewable energy, energy efficiency, grid modernisation, distributed generation, microgrids, and can include other solutions – even financing.
“Helping cities become environmentally sustainable and more resilient are heavy lifts, but the dynamic entrepreneurs that compete for these prizes are clearly up to the challenge,” added Arturo Garcia-Costas, environmental programme officer at the New York Community Trust. “Their innovations could help shape the future of the Big Apple.”
In joining the Acre incubator at the Urban Future Lab, winners gain unprecedented access to the competition’s strategic partners and corporate sponsors, as well as the opportunity to establish pilot demonstration projects with those organisations on the forefront of New York State’s nation-leading energy strategy, Reforming the Energy Vision, governor Andrew Cuomo’s strategy to build a clean, resilient, and affordable energy system for all New Yorkers.
Acre incubator companies receive 24/7 access to desk space and conference rooms at an office in downtown Brooklyn, in addition to professional business advisory and support services (legal, accounting, design) and introductions to Acre’s network of market partners, investors, mentors, and start-up resources.
To find out more, go to Urban Future Prize Competition
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