Stony Brook University receives small business grant

 — The Small Business Development Center at Stony Brook University has successfully competed in a New York State Energy Research and Development Authority (NYSERDA) Program Opportunity and was awarded $247,000 for its proposal entitled the “Stony Brook Energy Company Initiative”. The goal of the initiative is to facilitate the entry of new and existing companies into the renewable and clean energy business in New York State.

The core of the Energy Company Initiative will be the traditional services offered by the New York State Small Business Development Center system.The New York State Small Business Development Center (NYSSBDC) at Stony Brook operates under the auspices of the United States Small Business Administration, the State of New York and the College of Engineering and Applied Sciences at Stony Brook University. It brings together the resources of the University, the private sector and government at all levels to assist entrepreneurs, business and industry in the solution of their problems, leading to increased productivity and profitability. In addition, these basic services will be significantly augmented with a portfolio of activities including conferences, workshops, and counseling on funding opportunities specifically focused on renewable and clean energy business development. Further, an internet – based Early Stage Development Forum will be established to allow and encourage communication among energy company principals, and science, engineering and business experts during the company development process.

The Stony Brook Energy Company Initiative will consist of two cycles approximately 22 months in length. The first cycle process will start with a Clean and Renewable Energy Company Workshop and Call for Papers (Energy Company Workshop) which is tentatively scheduled for mid-October 2009. The Energy Company Workshop, as well as subsequent workshops focused on energy, will be open to all New York State entrepreneurs interested in renewable and clean energy business development. At the initial workshop entrepreneurs will learn more about the fields of renewable and clean energy, will be shown how to connect with resources for support, and be counseled on the preparation of a white paper which will be due within 10 days following the Energy Company Workshop. The white papers will be reviewed by a committee consisting of Stony Brook University faculty and staff involved in the university’s economic development programs. The committee will identify a subset of those new and existing companies which will likely benefit most from joining the Energy Company Initiative. 

Individual Energy Business Development Teams (EBDTs) will be formed for each of the companies in the subset identified by the committee, consisting of the company principals, an SBDC counselor, a marketing and sales advisor and a technical advisor. Over the course of the following 12 months the designated EBDTs will be invited to participate in a series of additional workshops to help develop their respective companies and understand the nature of the business environment they are entering, will develop a full business plan, and will develop polished presentations to help them raise funds for their company.

The business plans and presentations of the mature EBDTs will be used in a Financial Conference at the end of the cycle which will be attended by potential lenders and investors. Business plans and presentations will further be designed to meet the criteria for consideration by additional investor groups such as the Long Island Angel Network and, after the first cycle is over, be useful in applying for the $200,000 NYSERDA grants described in PON 1260.

For additional information, please contact the NYS Small Business Development Center, Attn: Willa Smith, at (631) 632-9070.