Financing & Incentives

Futureworks NYC Growth Initiative

Providing early-stage companies using and developing advanced manufacturing technologies with up to $30,000 in funding over two years to support their growth in New York City.

Eligibility 

Businesses eligible for that program should:

  • Be using and/or developing advanced manufacturing technologies* to produce tangible goods.
  • Have been incorporated for at least one year.
  • Have less than fifteen full-time equivalent employees.
  • Have generated revenues and / or piloted products.
  • Not have received institutional financing**.

Eligible companies will be selected through an open and competitive process.

*Advanced manufacturing technologies should be understood broadly as activities that (a) depend on the use and coordination of information, automation, computation, software, sensing, and networking, and/or (b) make use of cutting-edge materials and emerging capabilities to manufacture existing and new products emerging from new advanced technologies.

** Institutional financing is understood as funding received by a professionally managed investment fund (Series A round and above). Financing received through angel investors and/or crowdfunding sources will not be considered institutional financing.

Selection Process

The selection will be a two-step process.

1. First, eligible companies should download the application form and submit all required documentation by Monday, November 14, 2016, at futureworksnycgrowth@edc.nyc.  Responses to the subject matter of this application can be found here. At this time, respondents may not submit further questions and/or request clarifications from NYCEDC.

2. Companies selected for the second round will be announced late December 2016. Selected companies will participate in a short phone or in-person interview, and will have to submit the additional information:

  • A second application
  • Two professional references
  • Detailed business plan, including financial projections
  • Past tax returns and/or financial statements if applicable
  • A questionnaire for background checks

3. NYCEDC plans to select funding recipients on the basis of factors which include, but are not limited to, the experience and commitment of the founders of the companies, the strength of the business model, the potential to scale, and the founders’ understanding of the industry context and technology.  

4. NYCEDC staff will review the information provided and anticipates awarding funding by mid-January subject to entering into an agreement with NYCEDC. 

Program Description

NYCEDC is committed to strengthening its manufacturing base by accelerating the emergence of early stage companies using or developing advanced technologies. This program is aimed at supporting the growth of promising companies in New York City and at better understanding the particular challenges faced by early stage companies in the advanced manufacturing space.

The Program will provide selected companies up to $30,000 of funding over a two-year period to finance their growth in New York City. The financing will be delivered in three phases. The largest share of the funding will be distributed at the beginning of the program; the outstanding funding will be disbursed in two payments respectively after twelve and eighteen months. 

During the length of the Program, companies will be asked to provide NYCEDC with information on a quarterly basis about the company’s evolution, performance and challenges faced. Additionally, Companies will be asked to make good faith efforts to attend events and discussions organized by NYCEDC related to advanced manufacturing. These events would also be a good opportunity for entrepreneurs to network with their peers, industry experts and potential investors.

Additional Information

For more information, please email futureworksnycgrowth@edc.nyc.

News & Updates

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    Hardware startups can apply for the Futureworks NYC incubator

     |  Source: technical.ly
  • BLOG ENTRY

    Apply for Up to $30,000 in Futureworks NYC Growth Initiative Grants!

     |  NYCEDC
    NYCEDC is proud to announce the second round of Futureworks NYC Growth Initiative grants for early-stage advanced manufacturing companies. If you are a manufacturing startup or developing advanced manufacturing technologies, you could receive up to $30,000 in funding to support your growth here in New York City.
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    Introducing Futureworks NYC!

     |  NYCEDC
    Today, we are issuing a request for proposals from organizations to help build programs and services for Futureworks NYC, a network of partnerships, services, and spaces dedicated to increasing local production and supporting advanced manufacturing.