Consulate General of the Kingdom
of the Netherlands in New York
Emerging Startup
Ecosystems in
Northeast USA
Economic Opportunities for Dutch Entrepreneurs
Scope
Startupgenome, 2023
North America remains leading for tech startups.
With places such as New York City, Boston, San
Francisco & Los Angeles. New York is the world’s
second-largest startup ecosystem. As part of its
economic diplomacy efforts representing business
interests, the Consulate General of the Kingdom of
the Netherlands in New York City, supports Dutch
startups and scaleups in accelerating their
expansion in North America’s competitive
ecosystems.
Beyond the borders of New York City we see an
increase in opportunities for Dutch entrepreneurs
in emerging Startup Ecosystems in the Northeast
of the USA. Besides the proactive attracting efforts
made regionally, high quality of living, the
geographical convenience and the presence of
many great universities we see an influx of Federal,
Regional and private initiatives.
These developments create technology hubs in
New York State including
Albany, Buffalo,
Rochester, Syracuse and Binghamton, focusing on
technologies of the future
such as the
Semiconductor Industry, Battery Technology,
Greentech and Agrotechnology. Outside New York
State, Providence, famous for its blue economy and
Connecticut, the Aerospace Alley
. Additionally,
Boston, Massachusetts, is famous known for its
biotech scene. And now, it's also becoming a
hotspot for climate, energy, and microelectronics.
Providing multiple interesting opportunities for
international entrepreneurs
This document will provide you with an overview of
the different hubs, including facts and figures, key
industries as well as relevant ecosystem partners.
If you want to know more about a specific region,
make sure to check out the last page to get in touch
with the Consulate General in New York City.
Global Startup Ecosystem Index 2023
From the top 20 Global Startup Ecosystems,
eight are located in the United States
including four on the East C
oast. These
ecosystems are more mature and tend to
attract a lot of talent, knowledge, innovation
& funding making global startup ecosystems
attractive for entrepreneurs, investors, and
professionals.
New York City and beyond
New York City has evolved from a city dominated by the
fashion industry, consultants and bankers to a thriving
tech metropolis filled with startups (CNBC, 2022). New
York City remains the second-largest tech hub globally.
It continues to grow, particularly in new technologies
such as the life sciences, green economy, offshore
wind, future of work, SaaS, and AI (Bloomberg, 2023).
2023 has been a big year for New York City's clean tech
and life sciences verticals. The life sciences industry
has grown 87% since 2012, illustrated by the City’s
investment of $1B as part of LifeSci
NYC in 2021 to
establish New York City as the global leader in life
sciences. The green economy is estimated to grow 144%
by 2030, according to the New York City Economic
Development Corporation (
NYCEDC). Illustrated by the
Local Law 97, part of the City’s plan to address carbon
emission of buildings to make NYC carbon neutral by
2050. As well as the new Greenlight Innovation Fund,
which will provide $50 million to drive commercial
innovation in life sciences, green economy, offshore
wind, and advanced technology (NYC:Tech).
The New York City Startup Ecosystem is maturing even
further as the talent pool expands. Major tech players
like Google and Salesforce, alongside universities such
as Columbia University, New York University, and
Cornell Tech, have significantly contributed to this
growth, making it increasingly convenient for startups
to find talent with the necessary skills (CNBC, 2022).
Besides, the six-hour time difference and the daily
direct flights between the East coast and Amsterdam
make it convenient to stay in to
uch with the
Netherlands. The City's appeal to investors is also
rising, exemplified by the notable Silicon Valley venture
firm Sequoia Capital extending its reach to New York
City. Additionally, European Index Ventures recognized
the City's potential by opening an office in 2022, viewing
New York City as a strategic hub for investment with the
prospect of substantial returns in the coming year.
In terms of venture capital attraction, New York State
ranked second to California last year, with $29.2 billion
invested in 2,048 startups, according to the National
Venture Capital Association. In the record-breaking
fundraising year of 2021, New York startups secured
almost $50 billion across 1,935 companies (CNBN,
2022). Murat Bicer, a partner at Charles River Ventures,
a venture capital firm, emphasizes,
"Today, there's
absolutely no question in my mind that you can build
fantastic businesses in New York."
In addition to New York City, the Northeast of the USA,
including many cities in New York State offer a range of
opportunities for Dutch entrepreneurs. New York State
actively contributes to opportunities for entrepreneurs
by attracting federal and regional investments. The
announcement
of the U.S. largest-
ever State
investment of $20 billion in Renewable Energy is a great
illustration. New York State also joined a partnership
with the semiconductor industry investing $10 billion in
a semiconductor research facility at the
University at
Albany, generating some of the most advanced chip-
making equipment in the world. Recently, the
designation of National Tech Hubs under the Chips and
Science Act revealed that the
Buffalo-Rochester-
Syracuse area got designated as semiconductor
manufacturing and research hub
. Meanwhile,
Binghamton is a designated Battery Venture Hub. The
designation enables the region to receive up to $10
billion in federal aid. The state's strategic initiatives and
New York City's status as a global financial and
innovation hub contribute to a thriving startup scene.
Cities such as Albany, Buffalo, and Rochester showed
increased talent, funding, and startup development
programs.
Federal & State level initiatives
Federal - Tech Hubs program
The CHIPS Act of 2022, aimed at enhancing U.S.
competitiveness, innovation, and national security,
allocates $280 billion over the next decade. The
majority, $200 billion, is dedicated to scientific R&D and
commercialization. A component of the CHIPS Act is the
Tech Hubs Program, which invests in regions with
global potential in emerging technologies. This
program, fostering collaboration among public, private,
and academic sectors, focuses on developing
innovation hubs, enhancing the workforce, supporting
business scalability, and advancing critical
technologies.
The Biden administration designated the first 31 Tech
Hubs and awarded 29 Tech Hubs Strategy Development
Grants on October 23, 2023. Each hub concentrates on
a specific technology, such as AI, quantum computing,
clean energy, precision medicine, and biotech, with the
goal of promoting investment outside traditional tech
hubs. New York State has announced two regions as
national Tech Hubs, part of the initial phase of this
program authorized by the CHIPS and Science Act,
aiming to transform these regions into globally
competitive innovation centers.
First,
the upstate cities Rochester, Buffalo, and
Syracuse are designated a national tech hub, the NY
SMART I- Corridor.
The cities specialize in
semiconductor manufacturing and research, making
the region eligible for a share of up to $10 billion in
federal aid to stimulate investment in new technologies
(EDA).
Second, aiming to strengthen battery technology
development, the New Energy New York (NENY) Battery
Tech Hub will address critical gaps in the domestic
battery supply chain. Engaging with various regional
stakeholders to meet the growing demand for energy
storage is a crucial part of the clean energy transition
(EDA).
EDA
New York State
New York State offers a variety of business and
innovation development initiatives, including financial
incentives, to foster university collaboration, research,
and innovation. You’ll find several of these initiatives
below.
LaunchNY | Launch NY is a non-profit venture
development organization in New York State located
in Buffalo. Besides mentoring and risk assessment for
high-growth startups, they have $5M under direct
investment and $65M under co-investment.
BIANYS | The Bu
siness incubator Association of New
York is a nonprofit trade association. They bring
together a community of engaged program leaders of
incubators, accelerators, and co-
working spaces
spanning all corners of New York State.
Upstate Capital | This network aims to enhance
access to capital and deal flow for private equity
investors, venture capital investors, CEOs, business
owners, entrepreneurs, and ecosystem support
professionals in New York.
New York Ventures | $100M state-funded VC, investing
in technology and sol
ving challenges in areas of
strategic interest and importance.
ESD NYSTAR | Empire State Development's Division of
Science, Technology and Innovation has 70+ funded
facilities and tools to enable growth. Including Centers
of Excellences and accelerator programs. Find more
information
here.
StartUP NY-program
| Supports businesses by
providing tax-based incentives and fostering innovative
academic partnerships in New York State
Albany, NY
Albany, the capital of New York State, located on the
West bank of the Hudson River, has significantly grown
its startup scene. The city has climbed 53 spots to 234
in the Global Ecosystem Index (StartupBlink, 2023).
Besides being the legislative capital and having access
to lawmakers, the city benefits from its connectivity,
renowned research centers, and the region's talent,
with 21 higher learning institutions. Albany, a tech hub
home to semico
nductors and digital game
development, is well connected to New York City via the
Amtrak trainways and has a well-
connected port and
international airport.
Lastly, sustainable fashion is a new topic of interest
with the announced New York’s Fashion Innovation
Center at the Rensselaer Polytechnic Institute.
Funding
The growing ecosystem seems to subsequently attract
funding. Albany based companies raised from seed to
series C cumulative $347 million in 2021 and $75 million
in 2022 (Dealroom). Important to state is that the
drivers of funding are not only found in the private
sectors like VC’s and accelerators, but also by federal
entities like the U.S. Department of Defense and the
department of Energy. For example, the U.S.
Department of Defense invested in 2021 $321 million
(series C) in noteworthy Startup
AIM photonics
(Dealroom). On State level a $10 billion partnership
between New York State and leaders from the
semiconductor industry aims to establish a next-
generation semiconductor research and development
center at NY CREATES’ Albany NanoTech Complex. The
Albany Country Alliance offers grants and support on
sustainable technology and green energy. For the
digital Game development Velan Studio’s is interesting.
This venture arm of Blizzard Albany already invested
more than $3.5 million in the local economy and aim to
invest up to $7 million. Whereas the
Albany County
Alliance offers grants and support on sustainable
technology and green energy.
Ecosystem at glance
Albany is known for its focus on the
semiconductor
,
nanotechnology
, and
cleantech
industries due to
existing knowledge and research institutes, and
logistics and manufacturing capabilities. Therefore, the
research center of
Albany NanoTech complex, with
onsite corporate partners such as IBM,
GlobalFoundries, ASML, Samsung, and Tokyo Electron
will house North America’s first and only publicly owned
High NA Extreme Ultraviolet (EUV) Lithography Center.
Through the purchase of ASML’s High NA EUV scanner,
focusing on the Future of Advanced Semiconductor
Research & Manufacturing. A
n increase in
semiconductor manufacturers and support
technologies such as automotive and appliance is
therefore expected. With the presence of the New York
State Energy Research & D
evelopment Authority
(NYSERDA), the
renewable
energy
and
cleantech
industry
are also highly relevant in Albany. The port of
Albany, the first offshore tower manufacturing site in
the U.S. at the Hudson River, is famous for its
offshore
component technology
and shipping abilities. With the
presence of
Curia and Angio Dynamics, the New York
State Department of Health, Wadsworth science-based
research Center, the
life-science sector
is also
represented. Besides, the
digital game development
industry is rapidly growing in Albany, with the billion-
dollar company
Blizzard Albany, the founders of ‘Guitar
Hero’. Artificial Intelligence is also on the agenda with
the creation of the Center for Emerging
Artificial
Intelligence Systems
at UAlbany in collaboration with
IBM and New York State.
Dealroom, 2023
37%
of workers have a bachelor’s
degree or higher (ESD)
1.1m
Population, with 551.4K
labor force (CEG)
Top 20
Best places to live in the
USA (ESD)
Ecosystem by
the numbers
Talent
The region’s talent pool is fed by 20+ institutions of
higher learning and recognized around the world for its
research and development facilities — both public and
private. The most well-known educational institutions
are the Suny Polytechnic Institute (SUN
Y). The state
University, UAlbany
. And the oldest technological
research University in the USA, RPI, famous for its top
digital game development grad program, and Center for
Future energy Systems. All contributing to a talent pool
for research-driven innovation. Several industry-
university partnerships are contributing to the R&D
strength, such as the SUNY – IBM AI Research Alliance,
focusing on computer chip research. As well as the
SUNY Poly Materials Engineer Technology Accelerator
(
META center) focusing on customer prototyping of new
materials, process technologies and devises
. And
SUNY’s Center of Excellence in Nanoelectronics and
Nanotechnology. According to the Center of Economic
Growth the high-tech industry of Albany tripled since
1978, making Albany one of only three Northeast metros
to ranking among the nation’s top 75 fastest-growing
high tech metros.
Access to the ecosystem
Albany supports startups through various initiatives,
including incubators and accelerators such as the
nonprofit regional economic development organization
Center of Economic Growth (CEG
). Leading many
initiatives regarding startups, including the quarterly
pitch and visibility program for high-tech entrepreneurs
and startups
VentureB. As well as the incubator for
early-
stage sustainable and scalable technology
ventures, Innovate 518. Additionally, New York state-
funded organizations like the BIANYS, NYSTAR,
and NYSERDA
contribute to the Albany region's
economic development and sustainable technology
ventures with innovative programs and financial
incentives.
Center of Excellence |
in Nanoelectronics and
Nanotechnology (CENN) SUNY Poly is the home of
numerous pioneering nanotechnology programs funded
by a variety of public and private sources.
NYSERDA | The New York State Energy Research and
Development Authority, providing funding for Cleantech
startups.
NY CREATES | Is a world-leading R&D innovation hub in
advanced digital, analog and power technologic,
including the Albany NanoTech Complex. Since 2000,
more than $22 billion has been invested by the public
and private sector on facilities and programs at NY
CREATES.
Albany in five
1.
Legislative capital
2.
Focusing on the future of
Advanced Semiconductor
Research & Manufacturing
3.
Home to Albany Nanotechnology
Center including partners like AMSL,
Micron, IBM Research &
Manufacturing
4.
Cleantech &
Renewable Energy
5.
20+ talent
institutions of higher
education
Buffalo, NY
Buffalo, strategically located in Western New York close
to the border of Canada, is the second largest city in
New York State, with 276,808 inhabitants (2021). Being
the 78th-
largest city in the U.S., Buffalo is well
connected with just one-hour flights to New York City,
direct flights to the West Coast, and home to the Port of
Buffalo, serving both national and international vessels.
Buffalo is currently 171 in the Global Ecosystem Index
and ranked as one of the top 100 emerging startup
ecosystems for high-
growth potential by Startup
Genome (2022). Additionally, Buffalo, Syracuse, and
Rochester were appointed as U.S.A. Tech Hub, focusing
on the semiconductor industry and turning Buffalo from
a former 'Rust Belt’ industrial town into a tech scene
with new economic opportunities (43 North).
Funding
Buffalo has seen an increase in venture capital and
angel investment activities, shown by a significant
growth of tech companies, which has doubled in the
past couple of years. Buffalo Startups raised over
$530M in VC investment in 2021 (43 North) and $350M
from pre-seed to series in 2022 (Dealroom). Notably,
Startup Genome assessed the overall ecosystem value
for 2020 and 2022 at
$
6.2 billion. In October 2023 New
York state announced a $98 Million Cell and Gene
Therapy Manufacturing Facility Will Support Research
and Development of Life-Saving Technologies Including
Cancer-Fighting Cell Therapies.
Ecosystem at glance
Buffalo gained attention for its contributions to the
renewable
and
solar energy sector
facilitated by its
strategic location, Niagara Falls, academic programs
offered by the many local universities, and the presence
of the
Tesla Gigafactory. In addition, the city is actively
positioning itself as a significant player in the
semiconductor industry
with the recent announcement
of becoming a U.S.A. Tech hub. Furthermore, Buffalo is
also renowned for its expertise in
Biotech, Life Science,
Agribusiness, software
, and the
Digital Media industry
.
Noteworthy companies in the region besides the Tesla
Gigafactory are ACV Auctions, Buffalo’s first software
unicorn, a mobile platform for car dealers with a
valuation of $2.1b (November, 2023). MOOG a
worldwide designer, manufacturer, and integrator of
precision control components and systems with 13.000
employees worldwide. Also M&T Bank is headquartered
in Buffalo.
Viridi Parente
a fail-
safe battery energy storage
systems with on-demand, affordable power for use,
valuated at $700m. Together with, Ognomy a SaaS
based health platform for sleep apnea, ranked in Top
Startups to watch by Invest NY.
Dealroom, 2023
Top 100
emerging startup ecosystems
for high-growth potential
(GSER, 2022)
$6.2 bn
Value of the Buffalo
ecosystem between
2020-2022 (Dealroom)
500 miles
Buffalo is located within 500 miles of
40% of North American population
(43 North)
Venture Capital
WNYA
| Western New York Venture Association,
facilitates connections between investors and
Startups. Including the Buffalo Angels, dedicated to
angel investments.
Buffalo Innovation Seed Fund | an early-stage,
evergreen venture capital fund with $10M AUM,
launched by the University of Buffalo.
Investment Lorraine Capital | $25M – $150M in Revenue
| $3M and greater EBITDA | e-commerce, healthcare,
manufacturing, distribution, and global sourcing.
Ecosystem by
the numbers
Talent
Buffalo has 21 colleges and universities with over
105,000+ students and 28.000 graduates yearly,
providing the region with a pool of well-educated talent
(Invest in Buffalo, Empi
re State Development).
The University at Buffalo is a top-tier medical school
and known for their research on Biomedical Sciences. It
offers two centers of Excellence funded by the State
initiative
NYSTAR. The
Buffalo Niagara Medical
Campus is a hub for medical research and healthcare
institutions. Furthermore, Buffalo is highly focused on
retaining its technical talent through
several TechBuffalo initiatives, often partnering with a
few of Western, New York’s most notable tech
employers.
Access to the ecosystem
There are over 20 entrepreneurship support programs,
such as 43North. A New York State funded accelerator
program that hosts an annual startup competition,
investing $5 million in five different Startups selecting
during the Buffalo Startup Week. The Small Business
Development Center of the City (SBDC) of Buffalo at
SUNY University provides assistance to start-ups and
small businesses throughout Buffalo and its
surroundings. Also, regional nonprofit organization
such
as Invest Buffalo Niagara, a local privately funded
economic development organization, is active in Buffalo.
Interested in the region? Buffalo hosts an annual
Startup event the: Startup Week Buffalo.
“In
2021, Buffalo Niagara colleges
generated 1,129 Tech Graduates” (Tech
Buffalo)
Center of Excellence in Materials Informatics (CMI) |
Cutting edge materials science, big data analytics, and
advanced manufacturing expertise to drive critical R&D
activities.
Center of Excellence in Bioinformatics and Life
Sciences (CBLS)| hub for life sciences innovation and
technology-based economic development.
BNMC | Buffalo Niagara Medical Campus Innovation
Center | Incubator focused on healthcare and life
sciences and provides resources for startups in the
medical field.
UB incubator | University at Buffalo incubator | They
work with companies of all to accelerate growth, build
teams, solve challenges and bring new products to
market. Our connections make it easy for you to build
or grow your business.
The Exchange at Beverly Gray | Entrepreneur service
organization, incubator and coworking Space focusing
on the underrepresented entrepreneurial community.
Buffalo in five
1.
Semicon Industry –
Federal Tech Hub
2.
Biotech & Life
sciences
3.
Software & Digital
Media
4.
Home of Tesla
Gigafactory
5.
Well-educated talent
with 28.000 annual
graduates
Rochester, NY
The Finger Lakes region is a growing innovation hub and
attracts state, federal, and international traction.
Rochester is conveniently located with access to global
markets such as New York City, Canada, and thrives
with the presence of the international A
irport ROC.
Besides, the region has access to a lot of talent from
top-
tier educational and research institutes. It is
foremost known for its OPI (Optics, Photonics &
Imaging) & agricultural resources.
Funding
Rochester Startups raised $67.6M in VC investment in
2021 and $123M from pre-seed to series C in 2022
(Dealroom). Besides, private, state, and federal funding
attracted to Rochester, New York State funded $30
Million via the Photonics Attraction fund to encourage
companies to expand manufacturing operations for
integrated photonics technologies in the Rochester
region. Additionally, the Startup program NextCorps
,
helping innovative technology companies, received two
funds. First, funding
from the U.S. Department of
Energy program. Secondly, NextCorps received a $4,5
million innovation grant from the U.S. National Science
Foundation to improve the commercialization of
innovations. Excell partners is a not-for-profit
subsidiary VC fund of the University of Rochester that
invests in high-tech high-growth startups in New York
State focused on Upstate NY.
Ecosystem at glance
Rochester is an
Optics, Photonics, and Imaging
(OPI)
world leader, hosting over 150 specialized companies
and possessing the necessary infrastructure and talent
to support OPI businesses (ESD). Besides, the Finger
Lakes region is known as one of the largest
agricultural
and
food production
industries in the eastern United
States. Notably, Rochester remains at the forefront of
cleantech and nanotechnology, with the
recent announcement
designating Rochester,
Syracuse, and Buffalo as a tech hub, mainly focusing on
semiconductor
innovations. Additionally, Rochester is
actively engaged in
biotechnology and life sciences
,
highlighted by initiatives such as the
Empire Discovery
Institute. In line with the focus on IPO, Cleantech, and
Agriculture, a few of the many exciting companies in the
area are related to these industries. Some examples are
the AIM Photonics’
Test, Assembly, and Packaging
facility. Optimax Systems, Rochester Precision Optics,
Bausch & Lomb, Kodak and Xerox. are among the many
optics companies in Rochester. On the agricultural &
food dimension, you'll find companies
like Wegmans, LiDestri Foods, and Constellation
Brands.
One of the notable Startups in the region is
AeroSafe Global. The company provides the world's
leading biopharmaceutical companies with the most
reliable, simple, and sustainable temperature-sensitive
supply chain solutions. The company is valued at $190-
285 million, with the latest funding round securing
$43.0 million Growth Equity (Dealroom, 2023).
Dealroom, 2023
#1
OPI patents in the US
(Luminate)
$721m
Invested in Rochester through the
Regional Economic Development
Council since 2012 ( ESD)
150+
Growing OPI companies,
generating $3B employing
17,000 (Luminate)
“Rochester is home the most OPI patents
in the nation, with 95% of OPI patent
holders still in Rochester (Luminate).”
Ecosystem by
the numbers
Talent
The higher-education institutions in the Rochester
region play a crucial role in driving economic growth and
attracting and retaining a pool
of talent. Optics,
photonics, and imaging resources are core pillars at
the
University of Rochester's Institute of Optics and
Laboratory for Laser Energetics, the Rochester Institute
of Technology's (RIT), the Chester F. Carlson Center for
Imaging Science, and the RIT Lobozzo Photonics and
Optical Characterization Lab. Notably, 60% of optics
Ph.D. candidates in the United States, are educated in
Rochester. The University of Rochester and its medical
center stand as one of the largest employers and
research centers in Upstate New York. Rochester
Institute of Technology, including its Center for Media,
Arts, Games, Interaction & Creativity (
MAGIC), serves
as a software and design innovation hub and is famous
for its top digital game development grad program.
Additionally,
Cornell's AgriTech plays an essential role
in translating cutting-edge research for the benefit of
the food industry. Lastly, the universities offer several
Centers of Excellence (COE) funded by the State
initiative NYSTAR.
Access to the ecosystem
Rochester offers several incubator, accelerators and
other entrepreneurial programs, some of them are
connected to the universities such as The Rochester
Institute of Technology
Center for Urban
Entrepreneurship and Venture Creations Incubator.
Grow-NY, the Food & Agriculture competition by Cornell
University and Empire State Development, attracts
global innovative and high-growth food and agriculture
startups and finalists can win up to $1 million
.
LuminateNY, the accelerator program of NextCorps,
invests $3 million annually into 10 global
advancing next-generation optics-,
photonics-, and imaging-
enabled companies.
Nextcorps is a non-profit Startup Program helping
innovative tech companies launch and grown and is
amongst others supported by New York State.
.
Center of Excellence in Digital Game Development | this
COE serves as a hub for software and design innovation.
Center of Excellence in Advanced & Sustainable
Manufacturing (COE-ASM) | this RIT based center aims
to help companies improve their competitiveness
through developing innovative technologies for more
efficient and sustainable products and manufacturing
processes.
Center of Excellence in Data Science at the University of
Rochester | focusing on analyzing and commercializing
the limitless uses of data to improve quality of life and
to fuel economic growth.
Center of Excellence for Food and Agriculture at Cornell
AgriTech | This COE positions NYS as a global leader in
agricultural innovation, connecting businesses to
Cornell R&D.
Want to know more? Take a look below:
Redco |
Rochester Economic Development
Corporation's (REDCO's) purpose is to drive
community-
based economic development that
increases wealth in every part of the city.
Greater Rochester Enterprise (GRE) | Is a public-private
partnership supporting business attraction and
expansion, along with entrepreneurship and innovation.
Rochester in five
1.
Optics, Photonics
& Imaging
2.
Agribusiness, Biotech
& Life sciences
3.
Semicon Industry –
Federal Tech Hub
4.
60% of optics Ph.D.
Candidates in the US, are
educated in Rochester
5.
Rochester Institute of
Technology is a famous
software and design
innovation hub
Syracuse, NY
0
Syracuse is located in Central New York and is a rising
hub of innovation on robotics & drones, also referred to
as the Unmanned Aerial Systems (UAS). Syracuse has
146,103 inhabitants and is conveniently located at the
crossroads of New York State’s highwa
y systems.
Besides, the area is easily accessible via air by the
Syracuse Hancock International Airport (SYR) and
Oswego County Airport (FZY). Rochester is known for its
excellent quality of life due to the outdoor lifestyle with
the presence of Lake Ontario and the Salmon River and
more affordable cost of living.
Funding
Rochester startups raised $66.2M in VC investment in
2021 and $42.9M from pre-seed to series C in 2022
(Dealroom). Besides private funding also state and
federal funding are attracted to Syracuse, New York
State funded $71 million in the Syracuse Science,
Technology, Arts and Math High School – Central New
York’s first regional technical high school, which will
open in 2025. New York State has $16.6 million in
ongoing investments for the Tech Garden
incubator expansion in downtown Syracuse to help
grow its UAS industry efforts (GeniusNY). Whereas
Micron
announced to invest $100 billion in the coming
20-
plus years to construct a new Semiconductor
megafab just outside Syracuse, New York. The NYS
consortium for space tech development is funded with
$4M from the U.S. Department of Defense and $1.8M
from Cornell, who lead the consortium.
Ecosystem at glance
Syracuse is foremost known for its manufacturing
capabilities and pipeline of talent and research for the
Unmanned Aerial Systems (UAS)
, the systematics
behind the
drones and robotics
. Syracuse is also home
to the U.S. first drone testing corridor, a 50-mile
corridor between Syracuse and Griffiss International
Airport in Rome. At this airport is also one of the ten
Air
Force Research Laboratory located.
The state’s
growing UAS and
Advanced Air Mobility (AAM)
industry
is also adding to the need for
cybersecurity
and
defense
services
. The Central New York Area has a $3.1B
agriculture
industry making it an important sector for
Syracuse as well (ESD). Notably, Syracuse remains at
the forefront of
cleantech
and
nanotechnology
with the
recent
announcement
, designating Rochester,
Syracuse and Buffalo as a tech hub particularly focusing
on
semiconductor
innovations. Syracuse’s focus on
UAS, cleantech, manufacturing, and agriculture is
already visible in just a small overview of companies
present in Syracuse and the region, such as
Micron, a
world leader in innovative memory and storage
solutions, and INFICON, a leading provider of world-
class instruments for gas analysis, measurement, and
control. Lockheed Martin is a leading global security
and aerospace company. One of the notable startups
from the region is Zetagen Therapeut
ics a private
clinical-stage pharmaceutical company, focused on
developing innovative cancer treatments. The company
is currently valued at $38-58 million, with the latest
funding round amounting to $9.8 million, Series B
Dealroom, 2023
1
of the 7 UAS test sites in the US
conducting operations for UAS
and AAM testing
$35m
committed by New York State to
help grow the UAS industry in
Central New York (GeniusNY)
$690m
In agricultural goods
produced annually in
Syracuse and area (ESD)
“In 2022, Micron announced its plans to build the
largest semiconductor fabrication facility in the
history of the
United States. Micron intends to
invest up to $100 billion over the next 20-plus
years.
The new megafab will increase domestic
supply of leading-
edge memory, create nearly
50,000 New York jobs and represent the largest
private investment in New York state history” -
Micron
Ecosystem by
the numbers
Talent
Syracuse University, SUNY Upstate Medical University,
SUNY Morrisville, Colgate University and others—
contribute to a highly educated workforce and talent
pool for regional innovation and industry (ESD).
Additionally, the State’s investment in the first
technical high school, and the New York Advanced
Technology Framework empowering schools to develop
customized curriculum in semi-conductors and high-
tech manufacturing is geared towards preparing the
next generation to fill the jobs of the future. Lastly,
Syracuse University offers a center of Excellence (COE)
funded by the State initiative
NYSTAR. Related to UAS
Cornell’s Sibley School of Mechanical and Aerospace
Engineering in Ithaca leads NYS consortium for space
tech development.
Access to the ecosystem
GeniusNY in Syracuse is the world’s largest drone
accelerator funded by Empire State Development. Their
annual accelerator program selects five finalists,
awarding the winner with $1 million followed by four
$500,000 investments to the remaining teams. The
Energy Program for Innovation Clusters (EPIC)
Buildings Accelerator is an annual six-month, cohort-
based program offered by The Tech Garden
, a
Syracuse-
based incubator, in collaboration with
the Syracuse Center of Excellence in Environmental and
Energy Systems (Syracuse Coe), with support from the
U.S. Department of Energy’s (DOE). This accelerator
provides business incubation support to early mid-
stage companies targeting energy hardware
innovations in Grid-interactive and
E
nergy-
efficient Building (GEB) technologies. The
CNY Biotech
Accelerator at the Upstate Medical University is an off-
campus accelerator serving for-profit pharmaceutical,
biologic and medical device startup companies who are
actively commercializing a biotech-related product or
service.
CenterState CEO
| Central New York’s premier business
leadership and economic development organization.
They support entrepreneurs and early-stage business
ideas by offering funding opportunities, incubators,
accelerators and business support.
Upstate Innovation day: Pharmaceutical, Biologic and
Medical Device Research & Commercialization |
Including Upstate’s CNY Biotech Accelerator Medical
Device Innovation Challenge (MDIC) Pitch Event –
$5,000 Pitch Award (January).
Center of Excellence in Environmental and Energy
Systems at Syracuse University
| aims to catalyzes
research, development and demonstrations to
accelerate innovations for clean energy, healthy
buildings and resilient communities.
Syracuse in five
1.
Unmanned Aerial
systems
2.
Drones & robotics
3.
Semicon Industry –
Federal Tech Hub
4.
Home to Micron megafab – the
largest private investment in New
York State history
5.
Agribusiness
is more…
Battery Technology and Agribusiness…
The North Country,
NY
The North Country
stretches from Watertown to
Plattsburgh and is located conveniently as a getaway to
both the USA and Canada. besides its
agribusiness
&
consumer products industry, with companies like
Ben &
Jerry. The region is also known as a producer of
equipment for the transport industry. The region
benefits from critical R&D infrastructure from
universities such as the
Institute for Advanced
Manufacturing at the State University of New York in
Plattsburgh (SUNY
). Illustrated by companies
like Alstom, a French multinational manufacturer that
operates worldwide in high-
speed rail transport
markets. And Arconic, a Pittsburg-based manufacturer
of aluminum products and technologies for ground
transportation, aerospace, building and construction,
industrial, and packaging end markets, expanded to
Plattsburg.
The university of Vermont leads the
Advancing Gallium Nitride (GaN) Tech Hub. Aiming to
enhance GaN manufacturing. Prioritizing
semiconductor applications like high-power systems
and military vehicle electrification
, aligning with
national security objectives.
Binghamton, NY
The region is mainly known for its advanced and
industrial manufacturing
, from
cutting-edge
transportation equipment
and powerful batteries that
make cell phones and rail cars more efficient to
advancing train technologies at light speed.
To meet the growing demand for energy storage, as a
crucial part of the clean energy transition, Binghamton
is one of the designated Tech Hubs under the Chips and
Science Act. This New Energy New York (
NENY) Battery
Tech Hub will address critical gaps in the domestic
battery supply chain and aims to strengthen
battery
technology development
.
At the beginning of 2024 Binghamton won up to $160
million from the National Science Foundation. To
Support the Upstate New York Energy Storage Engine.
Therefore, it is unsurprising that Binghamton
University’s innovative Technologies Complex is home
to one of the six Centers of Excellence: Small Scale
Systems Integration and Packaging Center (S3IP). The
research center topics are electronics packaging,
flexible electronics, energy-efficient data centers, and
energy harvesting and storage. Including research and
testing of battery energy efficiency and storage at the
state-of-the-art
NECCES Battery “dry room.”
Binghamton University is a leader in flexible electronics
manufacturing, showcased by its Center for Advanced
Microelectronics Manufacturing (CAMM).
Therefore, NextFlex – a national program to support
advanced manufacturing of Flexible Hybrid Electronics
(FHE) - in the U.S. has designated Binghamton
University to be the New York “Node” to increase the
volume, pace, and coordination of FHE development in
the Southern Tier.
To support emerging companies and
entrepreneurs,
The Koffman Southern Tier High
Technology Incubator
provides an entrepreneurial
ecosystem for emerging companies and
supports SUNY Broome Community College student
entrepreneurs and startups.
Providence, RI
Providence is conveniently located at the Providence
River and therefore a blue economy hub.
Blue Economy
spans seven industries: ports and shipping, defense,
marine trades, ocean-based renewables, aquaculture,
fisheries, and tourism and recreation. Rhode Island is a
designated
Blue Economy Technology Cluster to
extend the blue economy, funded by the U.S. Economic
Development Administration. To expand the state's
advanced blue economy, attract new companies,
develop more skilled positions in the advanced blue
economy, and create a blue economy innovation center.
Thriving on knowledge due to the eight colleges and
universities, including Ivy League and
Brown
University. Providence is also home to the
Ocean Tech Hub, designated under de Chips Act.
Leveraging its coastal assets and including seven
commercial post, the hub will focus on commercializing
maritime A.I / Machine learning.
From blue economy, life science and beyond …
Connecticut, CT
Connecticut is strategically located along the
Northeastern I-95 Technology Corridor, stretching from
Stamford to Hartford. The area has a
highly talented
workforce with 38-top tier universities including UConn
and Yale. Besides being known as the Insurance Capital
of the World, Connecticut is home to ‘Aerospace Alley’
and known for its aircraft engine and engine parts
manufacturing.
The aerospace and defense industry
is
supported by the leading
advanced manufacturing
industry
in the area. The state is furthermore known for
it's thriving
life science
community and the Life
Sciences Corridor from Stamford to Hartford, also
recognized as
bioscience
hubs. Lastly, Connecticut is
one of the largest maritime hubs in the Northeast and
its manufacturing ecosystem is contributing to
clean
energy, energy storage
and
off-shore wind
opportunities. Connecticut Innovation has a $100M
Climate Tech Fund intended to support companies and
meet the state’s decarbonization goals.
Northeaster
n I-95 technology Corridor:
• Connecticut’s Yale and Uconn’s QuantumCT
Initiative, including the first research institution
opening a
Quantum Computing Institute
at Yale;
• Being an insurance, financial, and defense hub has
driven the growth and necessity of
Cybersecurity
.
Making Connecticut one of leading states in this
topic;
• UConn’s & Yales’ research outcomes in sensory-
controlled behavior contribute to growth of
Connecticut’s data science industry like
Artificial
Intelligence
&
Machine Learning
;
• However, also
Fintech
,
Insurtech
&
Health IT
are
represented in Connecticut.
Want to know more? Take a look at the website of
AdvanceCT.
Portland, ME
Portland is located at the Gulf of Maine and therefore
global ocean challenges
and
Blue Economy
initiatives
are of rising interest. The Gulf of Maine Research
Institute tests and develop solutions to oceans
challenges, faced by climate change, to help
communities prepare and adapt. But also
Healthy
Ocean Ecosystems
and
Seafood Sustainability
are
topics of research. The Maine Technology Institute
leads the Forest Bioproducts Advanced Manufacturing
Tech Hub. Aims to become a global leader in forest-
based biomaterial production to manufacture
environmentally sustainable products
. Besides,
Portland is home to the New England Ocean Cluster a
program with the mission to shift traditional ways of
utilizing marine resources towards more sustainable
and responsible practices. Including reshaping various
sectors like aquaculture, tourism, recreation,
renewable energy, and maritime transportation with a
focus on environmental responsibility and social well-
being. They also offer a soft landing program for
international entrepreneurs, want to know more? Take
a look here.
Boston, MA
Ecosystem at glance
Boston is one of the oldest cities in the United States,
with a rich port history and manufacturing hub that
paved the way for its robust innovation ecosystem
today. This area, that includes cities like Cambridge and
Somerville, is a world leader in innovation for a variety
of reasons. The critical success factors of the Greater
Boston area include the collaborative elements of
government, universities, startups, corporates, and
funding ideally placed to drive innovation. Notably, the
Greater Boston area is known for its
biotech
hub, as
home to 1000+ biotech companies that range from
smaller start-ups to corporates. In addition to biotech,
the Greater Boston area is at the forefront of
clean
energy
and
climate tech
, with Massachusetts hosting
the largest number of climate tech startups per capita
(
Powerhouse
). Notable startups include
Commonwealth Fusion Systems, Boston Metals,
Sublime Systems, Form Energy and Cadenza
Innovation. Massachusetts also plays an important role
in the emerging
microelectronics sector
, evidenced by
the
recent award to MassTech Collaborative to
establish the Northeast Microelectronics Coalition Hub
(NEMC), a regional hub that will advance the
microelectronics needs of the U.S. Department of
Defense (DoD) while spurring new jobs, workforce
training opportunities, and investment in the region’s
advanced manufacturing
and technology sectors. The
NEMC’s key focus areas include secure edge and
internet of things computing (IoT)
,
5G/6G
,
artificial
intelligence
hardware,
quantum technology
,
electromagnetic warfare, and commercial leap ahead
technologies.
Funding
Boston has a robust venture capital landscape. A record
$22.1 billion in VC invested results in Boston-area
startups garnering 10% of all VC invested in the U.S. in
2021 (First Republic).
$3.5B out of the $19.5B total
invested in Massachusetts companies was invested in
climate and clean technologies in 2022 (MassCEC).
Additionally, the Healey-Driscoll Administration also
announced
extra investment
of $9.2M into the
microelectronics sector, which aims to get equipment
installed quickly, expedite new training programs,
revolutionize the workforce across the state, and
bolster their global competitiveness in alignment with
the CHIPS Act.
Talent
The Greater Boston area is home to over 100 colleges
and universities, making it an international center of
higher education. This includes prestigious public and
private universities like Harvard, MIT,
Boston
University, Northeastern University, Tufts University
and UMass Amherst
. The cluster of academic
institutions, or the Greater Boston area’s “education
economy” contribute to a highly educated workforce
and serve as fertile breeding grounds for
groundbreaking ideas and the cultivation of top-notch
engineering and business talent. In addition, the
concentration of university labs gives the state a
competitive edge in hardware breakthroughs, focusing
on mat
erials, batteries, and solar technologies
(Powerhouse).
Incubators and Accelerators
Greentown Labs | North America's largest Climate Tech
startup incubator.
CleanTech Open | a leading global accelerator for early-
stage clean tech companies.
BlueSwell | an initiative supporting startups enhancing
ocean health and global resilience.
MassChallenge | a global accelerator based in Boston,
has an entire vertical on climate tech.
Venture Capital
ACCELR8 | an impact fund investing to accelerate the
reduction and sequestration of greenhouse gases.
Clean Energy Ventures | investing in over 40 climate
tech startups alongside partners.
The Engine | an incubator and VC with a $700M fund to
solve real-world problems (climate tech is a major
vertical)
SeaAhead | a public benefit corporation supporting
sustainability-
focused ventures in the ocean tech
space.
Access to the ecosystem
About the Consulate General
The consulate hosts several startups and scale-ups tailored events focusing on your
expansion to the USA.
1. Scale NL
| A three-month
accelerator program offering Dutch Tech
entrepreneurs a fast track to the US. Fueled by an unparalleled network, a
platform, programs and funding. This program runs on both the East and West
Coast.
2. Benelux Catalyst| The BeNe
Lux Catalyst is a no-equity accelerator program for
high-growth
tech startups
working together to kick start their international
growth. During an intense two weeks, you’ll get the opportunity to work with
local experts, mentors and peers to validate your plans and fill in the blanks.
For more information on the
Consulate click here, send us an e-
mail or follow us on LinkedIn
Want to know more about the
Boston Region? Get in touch with
the
Netherlands Innovation
Network in Boston.
Colophon:
This report is the product of extensive interviews with key stakeholders. Any
information sourced from websites is explicitly cited within the text. We would like to
thank all who contributed.
