By guest author Irina Patterson and Candice Arnold Irina: What help do you offer in terms of financing? Micah: Before a company is going to go out and raise capital, we want to make sure that the founders have a good sense of their market and, if possible, show revenue. If a business is revenue
By guest author Irina Patterson and Candice Arnold Micah: For the most part, the entrepreneurs who are on our waiting list are looking for physical space. We refer them out to other spaces. We’ll refer to Deb Johnson (Pratt Design Incubator for Sustainable Innovation), or there’s something here called the Coalition of Office Space Providers.
By guest author Irina Patterson and Candice Arnold Irina: At what stage do you usually prefer that businesses apply for incubation? Micah: We like to see them before they’ve closed their Series A round of funding, so anywhere between friends and family [funding] and revenue. Companies can come in with some revenue. But if they’ve closed
By guest author Irina Patterson and Candice Arnold I am talking to Micah Kotch, who serves as director of operations for NYC ACRE at NYU-Poly (the New York City Accelerator for a Clean and Renewable Economy). NYC ACRE is seeded by a four-year, $1.5 million grant from the NYSERDA (New York State Energy Research and Development
By guest authors Irina Patterson and Candice Arnold Irina: Are there any other metrics that you measure? Debera: No, just whether [the companies are] able to shift from needing the support of the incubator to being their own companies. That’s our goal, basically, that they’re launched and they’re successful.
By guest authors Irina Patterson and Candice Arnold Irina: What other business development tools do you use? Debera: There are lots of tools for developing business plans. We use those. That’s fairly structured. Then, around [such tools] is the fairly chaotic experience of the other people in the incubator as well as all the mentors
By guest authors Irina Patterson and Candice Arnold Irina: How many companies were funded by angels during their incubation period? Debera: At this point, Sam Cochran, [the CEO of SMIT, which runs] the Solar Ivy company got about $250,000 in angel funding. The other companies are less needy, less technology based. They’re not actually looking
By guest authors Irina Patterson and Candice Arnold Irina: How many companies have you incubated since inception? Debera: Up until now, we’ve been involved with 20. We just brought in four new companies. The fourth will be coming in March. Of those, 16 are still in business.