Funding
Each venture business is responsible for securing its own financial resources, but Venture Creations is available to coach them through this process and to assist them with the preparation and presentation of their applications. The pre-requisite for beginning this process is the completion of a professional-grade Business Plan, which Venture Creations will also assist with. Regional funding sources available to business start-ups in the Rochester area include the following:
RIT Pre-Seed Fund
The RIT Pre-Seed Fund is dedicated to companies that relate to innovations, intellectual property and entrepreneurial aspirations taking place in and around RIT. The Fund's primary focus is on assisting companies in the pre-seed stage (i.e., their first six months) that are creating business opportunities based on RIT's core technical competencies. The typical investment is in the range of $25,000 to $100,000 in return for a defined amount of equity, but this amount must be matched by funds from other sources such as personal funds, angels, or venture capitalists. Decisions are made by a Fund Board, managed by the RIT Board of Trustees, based on both a detailed application as well as a formal presentation, and are usually finalized within 60 days of submitting. For more information, please contact Dr. James Watters, Senior Vice President, RIT Finance and Administration at 585-475-2378 or jhwbqt@rit.edu. To obtain an application, click APPLY
Rochester Angel Network
The Rochester Angel Network (RAN) is a private group of accredited investors based in Rochester with an interest in investing in seed and early start-up companies that are and will be based on the Rochester area. Typical attributes of a company that would be of interest to the investors include those with high-growth potential (e.g., tens of millions of dollars of revenue), a national or international customer base, a completed business plan, and a reasonable exit strategy. Investments are typically made in the $250,000-$2M range. Applicants are required to submit an application on line at www.rochesterangels.com that includes summary input from a completed business plan. Applications are reviewed monthly by a screening committee and can take anywhere from three to five months from submission to final negotiation of terms
Excell Partners
Excell Partners is a local, economic development organization that manages a State-supported fund which provides pre-seed and seed stage financing to high tech start-up companies in the Upstate New York region. They follow a standard, three month process that begins in the first month of each quarter with a solicitation and review of proposals, due diligence in the second, and negotiations/award in the third. Investments are typically in the range of $100K to $250K and are often done in conjunction with other co-investors. Investment criteria and other supporting documents are listed on their website www.excellpartners.com.
University Technology Seed Fund
The University Technology Seed Fund, LLC (UTSF) is a $6 million seed-stage venture fund managed by Trillium Venture Development. The Fund seeks to facilitate commercialization of new inventions and discoveries which offer high potential for commercial success. It is expected that qualified businesses and projects will locate in and around Monroe County. The Fund focuses on the fields of health (medical device and biotech), optics, electronics, IT and communications, and seeks opportunities that have distinct competitive advantages. In return for equity ownership in the new enterprise, UTSF provides seed funding and commercialization services necessary to secure first-round financing. For more information on this program, visit the Trillium Group website at: www.trillium-group.com/university-venture-capital.htm
or call them at 585-383-5680 or e-mail them at info@trillium-group.com.
Is RIT involved in this in any way and/or is it totally dedicated to UofR related companies? If a company is at VCI are the automatically disqualified from this fund?
The Monroe Fund
The Monroe Fund is a private venture fund managed by Trillium Capital Partners. It generally invests between $250,000 and $750,000 in startup, early-stage and turnaround businesses in and around Monroe County. Trillium seeks businesses that represent the best of the region's innovative efforts. To initiate consideration of potential investments, submission of a written business plan or executive summary is required.
Trillium looks for companies operating in high growth markets such as: digital imaging, medical technology, software, Internet and network systems, photonics and wireless communications. As a provider of early-stage capital, the Trillium group requires a meaningful ownership position, Board of Directors representation and terms typical for the risk associated with post-seed, first round investments. The Trillium Group does not routinely seek a controlling interest. For more information about the Monroe Fund, please contact the Trillium Group at 585 383-5680 or by e-mail at info@trillium-group.com.
Other Sources
Other potential funding sources that are based outside the Rochester area are listed on:
www.rochesterbiz.com/Business/Information/Entrepreneurial/Funding.aspx