Have you ever wondered what impact startup competitions really have? A quick Google search identifies over three pages of them, as they have become quite popular over the past decade. However, one competition that focuses exclusively on cleantech startups has already reaped impressive results and is now accepting applications for its fifth round.
New York State's 76West Clean Energy Competition awards a total of $2.5 million each year to the most promising clean energy start-ups to build clean energy businesses and jobs in the State's Southern Tier region. Winning companies have hailed from throughout the United States and world, and their technologies have run the gamut from grid-monitoring optical sensors and solar thermal technologies, to smart home energy efficiency products and aerodynamic trucking solutions.
Since winning the 76West competition, these companies have achieved meaningful impact, both for clean energy and the economy. They have raised a combined $29 million of private capital investment to accelerate the development of their technologies in the market. In addition, winning companies have developed important partnerships, created more than 60 jobs and helped customers with their clean energy solutions.
For example, first-year $1 million winner, Micatu, has a partnership with power management company Eaton, to integrate Micatu's next-generation optical sensing technology into its solutions. Two additional first-year winners have also secured important partnerships to propel the sector forward. Battery innovator C4V leads a $130 million New York State battery consortium, while Global Thermostat has a joint development agreement with ExxonMobil to capture and concentrate carbon dioxide emissions.
Markets across the U.S. are starting to see innovative clean technologies thanks to some other 76West winners. 2017 $1 million winner, Dallas-based Skyven, has installed one of the world's first solar solution for industrial steam in upstate New York, and 2018 winner Optimus Technologies is enabling Iowa's Department of Transportation to operate some snow plows on 100 percent biodiesel.
The 76West competition offers three $500,000 prizes a grand prize of $1 million. In addition to the prize money, winners receive business development support such as training and mentoring, as well as available tax incentives.
The program is accepting applications through March 2, 2020. Learn more and apply.
