Accelerate LI to contribute matching grants to fall COMETS participants
Roslyn, NY, June 12, 2014- Accelerate Long Island today announced that it will provide up to $12,500 in matching grants to five tech startup companies (up to $2,500 each) participating in the Fall COMETS program, administered by the Long Island Software Technology Network (LISTnet). COMETS (Connected Organized Mentoring Exciting Tech Startups) is Long Island’s only startup accelerator and is currently accepting applications for high-tech startups to participate in the intensive three-month program, which will offer free work space at the LaunchPad LI in Mineola and Huntington, mentoring and professional services.
The Long Island Regional Economic Development Council identified Accelerate Long Island as a transformational project, which resulted in an award of $500,000 from New York State Empire State Development to invest up to $50,000 in grants to early stage high technology companies. Accelerate LI recently announced in first $500,000 in investments with the Long Island Emerging Technologies Fund, comprised of Topspin Partners and Jove Equity Partners, in five biotech and clean energy companies.
The Accelerate Long Island Seed Fund will match the private investment in each COMETS startup company up to $2,500. The application deadline for COMETS is August 15, 2014. The program will start on September 24, 2014 and conclude on December 19, 2014, with a demo day in front of investors. Five startups will be selected to participate and will receive up to $12,000 each. Interested startups companies can apply at www.litechcomets.org.
“Accelerate Long Island is pleased support LISTnet’s COMETS program, which fosters the information technology entrepreneurial ecosystem on Long Island. The seed funding from Accelerate Long Island, along with private investment, will bring these high-tech startups closer to getting their products to the market,” said Mark Lesko, Executive Director of Accelerate Long Island. “When you combine the funding opportunity with the mentorship and work space that COMETS provides, hopefully this will result in startups growing and staying on Long Island.”
“We thank Accelerate Long Island for supporting COMETS by providing funding for our participating high-tech startup companies,” said Peter Goldsmith, President of LISTnet. “The collaboration between Accelerate Long Island and LISTnet will help the COMETS startups to succeed, flourish, and grow on Long Island.”