University affiliate NextCorps receives federal grant to help build software companies: NewsCenter


April 16, 2021

The NextCorps Business Incubation Space is located in the Sibley Building in downtown Rochester. (Photo University of Rochester / J. Adam Fenster)

New internship opportunities will open up for students at the University and RIT.

The US Economic Development Administration awards NextBody, an affiliate of the University of Rochester and the region’s only state and federal designated business incubator, $ 743,000 to help those affected by the COVID-19 pandemic. Money, EDA Scaling Pandemic Resilience through Innovation and Technology (SPRINT) Challenge Program, will help launch software companies that will start generating revenue within a year.

A 2019 study by the Boston Consulting Group identified the software industry as a key pillar of long-term economic growth in the Rochester area.

“The Rochester ecosystem has seen organic growth in the number of software startups over the past few years, with more than half of NextCorps incubating clients in the software industry,” said James Senall, president of NextCorps. “While the Boston Consulting Group recently identified software as a future growth area for our region, we have not had a dedicated program for this area. This initiative will respond to this demand from the community and will help speed up the pace of new software launches. “

NextCorps plans to accelerate this pace by creating a software cluster capable of promoting the growth of the industry for many years to come.

The SPRINT Challenge award will also benefit students at the University of Rochester and RIT, as NextCorps plans to hire more than 20 students for internships at both universities to work with new software startup companies.

“This will not only give these students invaluable work experience, but will also serve as a powerful motivator by creating exciting employment opportunities that can help them stay here in Rochester after graduation,” said Senall.

The federal grant will be combined with $ 241.00 in matching funds and funds to create a program of nearly $ 1 million.

The SPRINT Challenge was created last year to harness America’s entrepreneurial potential to address the economic, health and security risks caused by the coronavirus pandemic through entrepreneurship and innovation. A total of $ 29 million is awarded to 44 organizations in the last round of funding.

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Key words: awards, COVID-19, economic development, education, post-side star, NextCorps

Category: University news


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