The Wells Fargo Innovation Incubator (IN2) co-administered by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) has welcomed Syracuse University and SyracuseCoE as a Channel Partner. IN2 is a $50 million technology incubator and platform funded by the Wells Fargo Foundation. Housed at NREL in Golden, Colorado, IN2’s mission is to speed the path to market for early-stage, clean-technology entrepreneurs. Launched in 2014 with an initial focus on supporting scalable solutions to reduce the energy impact of commercial buildings, IN2 has since expanded its focus to advance technologies that address the sustainable production of agriculture and housing affordability. IN2 supports clean energy startups and agriculture companies by providing funding for projects of up to $250,000, including technical assistance that leverages the capabilities, facilities, equipment and deep expertise that exists at NREL, as well as at the Donald Danforth Plant Science Center (Danforth Center).
“Relationships with DOE national labs are critical to growing the clean tech innovation cluster in New York State,” said SyracuseCoE director Eric Schiff, “and we are thrilled to become an IN2 Channel Partner. In addition to providing much-needed support for project funding, startups that are invited to join an IN2 cohort are paired with experts from NREL or the Danforth Center who can help them address critical milestones on their paths to commercialization.”
SyracuseCoE is one of only two New York State-based cleantech partners to join the nation-wide network of Channel Partners, which includes more than 60 colleges and universities, business incubators and accelerators, and their affiliated clean technology programs. To date, 56 portfolio companies have each received up to $250,000 in technical and project assistance from the program. For every IN2 program dollar awarded, on average, IN2 companies raise more than $95 dollars in external follow-on funding. IN2 portfolio companies have gone on to raise $1.1 billion from external follow-on funding, creating 774 jobs.
An invitation-only program, IN2 relies on Channel Partners like SyracuseCoE to refer promising companies to the program for consideration in a competitive application and down selection process prior to being invited to join the next cohort. Cohort 10, a Cleantech Demonstration Cohort, will be launched within the next few months. For more information about IN2 and the application process, please contact Tammy Rosanio at SyracuseCoE, tlrosani@syr.edu.