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Annual Report
Board of DirectorsDavid J. Colligan, Director, Chairperson
Jordan A. Levy, Director, Vice Chairperson
George G. Chamoun, Director
Zachary L. Shulman, Director
James M. Wadsworth, Director
Officers:
Marnie B. LaVigne, Ph.D., Chief Executive Officer, Secretary
Michael A. deFreitas, Assistant Secretary
Mark T. Branden, Treasurer
Launch NY TeamLaunch NY leadership represents deep entrepreneurial
talent committed to serving our clients.
Visit LaunchNY.org/Meet-the-Team for biographies
of our entire team.
Launch NY is a 501(C)(3) nonprofit
venture development organization
building job and wealth creation in
the 27-county region of Upstate
New York by supporting high-growth
potential startup businesses.
Entrepreneurship is growing in visibility and popularity
every day, especially now that leaders such as the
Kauffman Foundation have shown that all net new job
growth in this country in the last thirty years has come
from companies five years old or younger. I was fortunate
not only to develop the latest programs for startups during
my nearly ten years leading innovation based economic
development at University at Buffalo, but also to appreciate
the gaps we still have in serving entrepreneurs and growing
our entrepreneurial culture in Upstate NY. As a co-founder
of Launch NY who was honored to take over the reins of
President and CEO in July, 2014, I am committed to building
the pipeline of startups who will drive our new economy.
Launch NY’s venture development business model that
provides Entrepreneur-in-Residence (EIR) services and
access to seed capital was created based upon best
practices of well-established organizations in
communities like ours – and we are more in demand
than ever. This report highlights our effort and results
that have come from the vital private and public support
of our sponsors who also believe in transforming our region
through entrepreneurship.
Since starting our operations in late, 2012 through the end
of 2014:
• Launch NY EIRs served 288 companies, employing
927 people, and raising $16,015,000 in follow-on capital.
In 2014 the EIR program piloted adoption of a
nationally-recognized mentoring model known as the
Business Model Canvas to accelerate client progress.
• Launch NY supported planning, implementation and/or
funding of 166 separate entrepreneurship events and
workshops attended by 8,419 entrepreneurs, 1,918
investors, and 4,211 resource providers—over 14,548
participants total.
• Launch NY served as the host organization for the
43North business plan competition, the largest in the
world with $5 million in prizes, attracting nearly 7,000
applicants worldwide in its inaugural year and yielding
eleven promising startups in WNY through the signature
finals event week held with great acclaim in October, 2014.
Launch NY prepared 43North to operate independently for
years two and beyond of the contest.
• Launch NY prepared to complete full implementation
of its business model with planning for its nonprofit seed
fund to provide direct support for client proof-of-concept
activities starting in 2015.
Launch NY has unique opportunities and challenges
serving a 27-county region of Upstate NY that is ripe
with innovation. With cutting-edge mentoring services,
our new seed fund and vital private and public support,
Launch NY is positioned as the go-to resource for
high-growth startups.
Marnie LaVigne, PhD
President & CEO Launch NY
“We provide mentoring & funding to startups that are transforming the upstate New Yorkeconomy.”
Marnie LaVigne, PhDPresident & CEO Launch NY
LaunchNY.org I Annual Report • 2014
Bolstering Startups:Driving Results Across Upstate New York
Uniquely Structured to Help Startups Thrive in the Upstate NY Ecosystem.As a Venture Development Organization (VDO)
we are committed to providing entrepreneurs the
resources they need to become the catalyst for
economic growth of our region. We combine our
mentoring and capital programs with access to
over 240 partners and collaborators within the
entrepreneurial ecosystem. In 2015 Launch NY will
add a powerful National Mentoring Network to tap
highly specialized resources and markets throughout
the country.
Proven Process to get ResultsOur combination of experienced
Entrepreneurs-In-Residence, nationally
recognized best practice mentoring processes
and proof-of-concept funding produces results.
Entrepreneurs
Partners &Collaborators
27-CountyService Area
Business Stages& Tools
Investment Opportunities
Investors
WesternNew York
Finger Lakes Southern Tier
CentralNew York
LaunchNY.org I Annual Report • 2014
Accelerating entrepreneurial success.
Entrepreneurial EcosystemLaunch NY continually
makes vital connections
throughout the upstate
NY Entrepreneurial
Ecosystem.
To learn more visit us at
LaunchNY.org
Critical Seed Stage FundingStartups are most vulnerable during their early stages
when they are trying to validate their product idea.
This Proof-of-Concept phase is vital to attract investor
capital needed to get products to market and start
generating revenue.
In tandem with its mentoring services, Launch NY is
introducing its nonprofit seed fund to fill the gap in
Proof-of-Concept funding. Our clients will also receive
the benefit of support in using the latest methods of
fundraising through our new crowdfunding portal support
program that assists them in raising capital online.
LaunchNY.org Annual Report • 2014
Entrepreneurs-In-Residence (EIRs)Our Entrepreneurs-In-Residence are expert mentors and the backbone of our success. This group of highly experienced professionals stretches across the geography of upstate New York. They are actively networked together and across the ecosystem to ensure that our entrepreneurs have access to their collective years of practical startup experience and connections in diverse specializations. • Advanced Manufacturing • Consumer Goods and Services • Mobile Technology • Energy and Clean-Technology • Medical Devices • IT and Informatics • Nanotechnology • Life Sciences
Best Practice ProcessesStarting with a deep assessment built around the nationally
recognized Business Model Canvas, startups are coached
and mentored through the 5 stages of the Startup Lifecycle:
EXPLORE • START • DEMONSTRATE • LIFT-OFF • GROW
Each stage provides a roadmap of actions, deliverables and
resources needed to move the startup forward. EIR’s meet
regularly with the startup team to assess their readiness
and prepare them to take the next step, whether that be
a pitch for funding or accessing a technical resource to
help create market ready product.
Global Business Plan CompetitionCapturing world-wide attention with its wildly successful introduction, 43North is helping to drive the regional startup
scene with its annual purse of $5 million in prizes, including a $1 million first prize. The richest business plan competition in
the country, 43North’s first round held in 2014 netted nearly 7,000 applicants.
Now the 11 Winners are located in Downtown Buffalo receiving incubation and mentoring support for their first year, as the
community gears up for round two. Launch NY was pleased to support the implementation of this world class program as
the host organization for 43North in 2014.
LaunchNY.org I Annual Report • 2014
SwipetoSpin • Syracuse, NYSwipetoSpin, offers consumers shopping for cars a 360°
view online through their SpinCar™ product. The company
started with an idea to improve the ability to show products
on the Web, then made the most of collaborative business
guidance and mentoring from regional accelerator
programs and Launch NY to ultimately target and reach
automobile dealers. Headquartered in Syracuse with a
location in New York City, the company already has more
than 25 employees and is rapidly growing with the
opportunities to apply its technology to virtually any
product sector.
Learn more at SwipetoSpin.com and SpinCar.com
Evoke Healthy Foods • Rochester, NYEvoke Healthy Foods supports healthy and active lifestyles
with muesli products made from high quality real food
balancing nutrition and taste. Launch NY assisted Evoke
in its early stages of sales and distribution with growth
planning, team building and investment deck refinement.
This prepared them for acceptance into an intense
accelerator program for consumer packaged goods
companies in 2014. Through these combined efforts, Evoke
has seen significant revenue growth and hired a general
manager from the industry. They continue to expand with
many large regional grocers such as Wegman’s, Whole
Foods, Fairway, Giant, Kings, and Stop & Shop.
Learn more at EvokeFoods.com
Yank Technologies • Binghamton, NY“As a hardware startup we need access to capital and
equipment as we move toward our minimal viable product
(MVP) Launch NY immediately engaged starting with the
Business Model Canvas and then had a team of experienced
EIR’s from the Launch NY network assess our situation
to determine the best path. Our EIR devoted a whole day
to driving us through planning our Go to Market Strategy
which created the priorities around the product and
the business model.”
Josh Yank, Founder and CEO, Yank Technologies
YankTech.net
Accelerating entrepreneurial success.
ClientHighlights
Rachel’s Remedy • Buffalo, NY“As a nursing mother, I knew there had to be a better
solution for women to treat their conditions without
having to sacrifice mobility, quality of life and the
healthiest way to nourish their children. Launch NY
helped me to navigate the manufacturing and regulatory
processes for bringing my moist-heat medical device to
nursing moms everywhere, while setting the groundwork
for growing this new business right here in my hometown.
Now I’m already in the market selling product.”
Rachel Jackson, Founder and CEO of Rachel’s Remedy
RachelsRemedy.com
Financials
EXPENSES REVENUE
43North Business Plan Competition $ 3,142,008 43North Business Plan Competition $ 3,221,302
EIR and Support Services $ 460,163 Federal Grants $ 244,198
Program Services Sub-Total(43 North Competition + EIR and Support Services)
$ 3,602,171 State Grants $ 31,541
Management and Development $ 234,960 Private Grants and Donations $ 433,100
Total Expense $ 3,837,131 Total Revenue $ 3,930,141
The John R. Oishei FoundationU.S. Economic Development AdministrationThe Margaret L. Wendt FoundationNational GridErie County Industrial Development Agency (ECIDA)The Blackstone Charitable FoundationNew York State Center of Excellence in Bioinformatics & Life Sciences (CBLS)New York State Electric and Gas (NYSEG) Rochester Gas and Electric (RG&E)The New York Power Authority (NYPA)Empire State Development (ESD)Tompkins County Area Development (TCAD)New York Business Development Corporation’s (NYBDC)
We would like to
thank the following
funders for their
generous support:
LaunchNY.org I Annual Report • 2014
Revenue43North Business Plan Competition - 82%
Federal Grants - 6%
State Grants - 1%
Private Grants and Donations - 11%
Expenses43North Business Plan Competition - 82%
EIR and Support Services - 12%
Management and Development - 6% 82%
12%
6%
82%
11%
6%
1%
701 Ellicott Street • Buffalo, New York 14203
LaunchNY.org