New York’s longest-running green tech incubator is back as NYU’s Urban Future Lab has opened its eponymous competition to reward big cash prizes to the two best smart city and smart grid tech solutions.
The two startups or entrepreneurs that win the prizes will receive $50,000 each as the lab works alongside important New York Institutions like Con Edison to find convincing and innovative green tech pitches. The competition has one winner each for its two different categories: Smart City and Smart Grid.
“The Urban Future Prize Competition is an excellent vehicle for startups in the clean energy, smart city, and smart grid space to scale up and get funding,” Pat Sapinsley, managing director of cleantech initiatives at NYU Tandon, told Market Watch. “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 $350 million in funding and in a 90 percent survival rate for our startups — a phenomenal success rate compared to the national average.”
The inclusion into the Urban Future Lab incubator program puts a startup on the fast track to success as it pairs them with some of the city’s top entrepreneurs and investors. It is also boosted by the Governor’s Reforming the Energy Vision (REV), which is considered a progressive energy strategy in the U.S.
“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,” Arturo Garcia-Costas of the New York Community Trust told Market Watch. “Their innovations could help shape the future of the Big Apple.”