The Blackstone Charitable Foundation today announced the largest
expansion of its campus entrepreneurship program, Blackstone LaunchPad,
to five universities across the state of New York. New York becomes the
eighth Blackstone LaunchPad region, following Michigan, Ohio,
Pennsylvania, Florida, Montana, California, and Ireland.
The Blackstone Charitable Foundation’s three-year, $4.5 million grant
will establish a partnership between Cornell University, New York
University, Syracuse University, University at Albany (SUNY), and
University at Buffalo (SUNY) to introduce entrepreneurship as a viable
career option and provide over 180,000 students, regardless of major,
with a network of venture coaches and an entrepreneurial support system.
The announcement event at New York University’s Skirball Center for the
Performing Arts was attended by Senator Chuck Schumer (D-NY) and
Blackstone President and Chief Operating Officer Tony James, who
delivered remarks. Heads of each of the five universities also delivered
messages of support.
Blackstone LaunchPad in New York will connect the university campuses,
the business community, and local entrepreneurs throughout the state to
create an environment that nurtures students and provides them with the
skills and network necessary to succeed as entrepreneurs. With a
physical presence on each university campus and access to the Blackstone
LaunchPad’s global technology platform, the program has the potential to
generate some 4,000 new ventures and 6,000 new jobs across New York over
the next five years.
Welcoming the announcement, Senator Chuck Schumer said, “The more we can
do to encourage young New Yorkers with an idea to turn that idea into a
viable business, the better. Blackstone’s LaunchPad program, with this
new grant, will provide the tools that young entrepreneurs at our
premier universities need to succeed and create the next generation of
New York businesses. From its earliest days, New York has been a
cauldron of innovation. The LaunchPad program will help tap into that
entrepreneurial spirit; it will be a tremendous resource for our
students, the participating universities, and for our economy.”
“New York’s superb universities have always drawn some of the country’s
most driven and talented young people,” said Blackstone’s President and
Chief Operating Officer, Tony James. “The Blackstone LaunchPad program
will provide these students with the tools to build strong enterprises
rooted in the state and connected to a global network of entrepreneurs.”
Each regional program established through the Blackstone Charitable
Foundation is linked, drawing ideas and best practices from across 21
campuses, and giving student entrepreneurs in New York access to an
international community of over 500,000 of their peers and expert
advisers. Funding for this program is made possible through the
Blackstone Charitable Foundation’s Entrepreneurship Initiative,
which seeks to support the development of ecosystems for aspiring
entrepreneurs creating the high-growth ventures that are known to spark
economic growth.
Due to the early success of Blackstone LaunchPad following its
implementation in Michigan, the Blackstone Charitable Foundation was
recognized by President Obama’s “Startup America” Initiative and pledged
to expand the program to five new regions over five years. That pledge
was fulfilled by the program’s earlier expansion to California.
What They Are Saying: A Quote Roundup:
Elizabeth Garrett, President of Cornell University, said: “Cornell has a
robust entrepreneurship ecosystem across many different disciplines.
Blackstone LaunchPad will be a critical, new addition. We want to
inspire, enable and accelerate our students along the entrepreneurial
path, and I cannot wait for Blackstone LaunchPad at Cornell to be up and
running.”
Kent D. Syverud, Chancellor of Syracuse University, said: “Syracuse
University has a proud entrepreneurial spirit. It is a pillar of our
present and of our future endeavors,” says Syracuse University
Chancellor Kent Syverud. “The Blackstone LaunchPad program will allow us
to align all our entrepreneurial efforts on within our schools and
colleges. Additionally, the grant will help us further develop
innovative opportunities for our students, and help us enhance the
entrepreneurial efforts in Central New York.”
John Sexton, President of New York University, said: “Entrepreneurship
is deeply intertwined in NYU’s DNA like it is in New York City’s DNA.
This magnificent gift will permit that spirit to flourish more fully on
our campus.”
Robert J. Jones, President of University at Albany, said: “As a major
public research university, UAlbany plays a significant role in New York
State's economic growth through our support for innovative research and
entrepreneurship. Blackstone LaunchPad will help solidify this role by
helping us connect and strengthen our entrepreneurial resources from
across the university. We deeply appreciate this investment from the
Blackstone Charitable Foundation, and look forward to our continued
partnership as we support students to bring their ideas to market—and to
attract venture capital to our campus and our region.”
Satish Tripathi, University at Buffalo, said: “The Blackstone LaunchPad
will support a passionate entrepreneurial spirit taking hold at our
university and in our city. We have a thriving culture of student
entrepreneurship at UB, and UB students from many different disciplines
are starting their own promising ventures. We are excited about
providing our students with this new resource as they hone their skills
and explore new avenues for launching their ideas.”
U.S. Representative John Katko (NY-24), said: “As Central New York’s
Representative in Congress, I was pleased to learn that Syracuse
University – the largest university in my district – has been awarded
this multi-year grant. This program will give young people the resources
and training that they need to grow their ideas into profitable
endeavors. The training of our next generation of entrepreneurs on
Syracuse’s campus will both complement the budding technology and
research hubs right here in Central New York and help to stimulate
economic growth.”
U.S. Representative Paul D. Tonko (NY-20), said: “The resources secured
today will train tomorrow's entrepreneurs and enhance the landscape of
New York small business. In my community, I look forward to seeing the
results that Blackstone LaunchPad is known for at UAlbany. Today, in an
increasingly global marketplace, local economies have more opportunity
than ever to become success stories and make our communities proud –
this grant has positioned our future leaders to do just that.”
U.S. Representative Tom Reed (NY-23), said: “Entrepreneurs will create
the jobs and careers of tomorrow, generating new products and services
right here at home. It’s only fair to support programs like the
Blackstone LaunchPad initiative which support these hard-working men and
women while they pursue their dreams and make America a better place.”
About The Blackstone Charitable Foundation:
The Blackstone Charitable Foundation was founded at the time of
Blackstone’s IPO in 2007 with substantial commitments from the Firm’s
employees. Influenced by the enterprising heritage of the firm and its
founders, The Blackstone Charitable Foundation is directing its
resources and applying the intellectual capital of the firm to foster
entrepreneurship in areas nationwide and globally. Through its
investment expertise across several asset classes and geographies,
Blackstone has a unique perspective on the global economy and a
heightened understanding of how entrepreneurial activity is often the
crucial catalyst in the growth of successful businesses, industries and
communities. For more information, see http://www.blackstone.com/foundation.
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