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Accelerate Long Island

Accelerate Long Island

Accelerate Long Island is a startup accelerator supported by a collaboration between Long Island's research institutions and its business community to commercialize research.

Accelerate Long Island is a collaboration among Brookhaven National Laboratory, Cold Spring Harbor Laboratory, Hofstra University, the North Shore, Feinstein Institute, Stony Brook University, and Long Island’s business community led by the Long Island Association, and is dedicated to commercializing research. Accelerate Long Island offers funding, mentoring, events and a network of technology-focused entrepreneurs to support the development of early-stage start-up technology companies.

History

Accelerate Long Island was created in 2011 to foster the development of an innovation-based economy on Long Island.

The Accelerate Long Island Seed Fund was established by a $500,000 grant from New York State Empire State Development awarded by the Long Island Regional Economic Development Council and made grants to ten portfolio companies in the biotech and energy sectors. Those grants were matched by the Long Island Emerging Technologies Fund (LIETF), which includes Topspin Partners and Jove Equity Partners. The Accelerate Long Island Seed Fund was designed as very early stage funding for companies that are commercializing technologies. This fund is now closed.

The Long Island BioMentor Initiative (LIBMI) was developed in an alliance with MIT’s successful Venture Mentor Service and is led by a partnership between the Center for Biotechnology and Accelerate Long Island. LIBMI brings highly qualified volunteer mentors together with motivated, early-stage bio-entrepreneurs to provide actionable guidance and support as they advance their business strategy.

Investments

Accelerate Long Island has made 6 investments. Accelerate Long Island has raised a total of $500K in a single venture fund, Accelerate Long Island Seed Fund. This fund was announced on Sep 17, 2012, and raised a total of $500K.

Long Island’s academic and research institutions make approximately $1.2 billion in annual research funding. Accelerate Long Island commercializes that research into start-up companies in three industry clusters: Information Technology, Biotech/life sciences, and Energy.

Accelerate Long Island has three broad initiatives:

  • Accelerate Funding, which includes a $500,000 seed fund for early-stage companies and is matched by $750,000 from the Long Island Emerging Technologies Fund.
  • Accelerate Assist, which builds teams of mentors, professional services and MBA students around start-up companies.
  • Accelerate Ecosystem, which works to develop Long Island’s entrepreneurial ecosystem.

Timeline

Envisagenics, Inc.

Debt Financing - Envisagenics, Inc.

$100K

SynchroPET

Debt Financing - SynchroPET

$725K

Green SulfCrete

Debt Financing - Green SulfCrete

$100K

Goddard Labs

Debt Financing - Goddard Labs

$100K

Polynova Cardiovascular

Seed Round - Polynova Cardiovascular

$100K

Traverse Biosciences

Debt Financing - Traverse Biosciences

$100K

Accelerate Long Island Seed Fund

$500K

People

Name
Role
Related Golden topics

BRUCE STILLMAN

BOARD OF DIRECTORS, President of Cold Spring Harbor Laboratory

CHARLES M. STRAIN

BOARD OF DIRECTORS, managing partner of Farrell Fritz

DAVID CALONE

BOARD OF DIRECTORS, CEO of Jove Equity Partners LLC

DOON GIBBS

BOARD OF DIRECTORS

KEVIN S. LAW

BOARD OF DIRECTORS, President and CEO of the Long Island Association

LEO GUTHART

BOARD OF DIRECTORS, Founder and Chief Executive Officer of Topspin Partners

Mark Lesko

Executive Director

MICHAEL DOWLING

BOARD OF DIRECTORS, the health system’s president and chief executive officer (CEO)

MICHELLE BYRNE

MANAGEMENT TEAM, Finance Director for Accelerate Long Island and Chief Financial Officer for the Long Island Association

NANCY RAUCH-DOUZINAS

BOARD OF DIRECTORS, founder of the Rauch Foundation

PETER DONNELLY

MANAGEMENT TEAM, Director of Technology Commercialization at Stony Brook University

ROGER SAVELL

BOARD OF DIRECTORS

SAMUEL L. STANLEY, JR.

BOARD OF DIRECTORS, president of Stony Brook University

Stacey Sikes

Assistant Executive Director

STEVE WINICK

BOARD OF DIRECTORS, Managing Director of Topspin Partners

STUART RABINOWITZ

BOARD OF DIRECTORS, President of Hofstra University

Further reading

Title
Author
Link
Type

195 tech startups on Long Island in 2014 - Accelerate Long Island

Web

Accelerate LI Announces 14 Hottest Startups - Accelerate Long Island

Web

Accelerate LI Issues Technology Startups Report - Accelerate Long Island

Web

Accelerate LI, LIFT and LISTnet Form Alliance to Build Long Island's Entrepreneurial Ecosystem - Accelerate Long Island

Web

Accelerate LI, LIFT, LISTnet & the NYIPLA Host Event to Highlight New Patent Laws - Accelerate Long Island

Web

Accelerate LI, LIFT, LISTnet & the NYIPLA Host Event to Highlight New Patent Laws - Accelerate Long Island

Web

Accelerate Long Island and LISTnet Join Forces to Support COMETS program - Accelerate Long Island

Web

Accelerate Long Island and the Long Island Emerging Technologies Fund Announce $100,000 Investment in Codagenix Inc., a Stony Brook University Biotech Startup - Accelerate Long Island

Web

Accelerate Long Island and the Long Island Emerging Technologies Fund Announce $100,000 Investment in Envisagenics - Accelerate Long Island

Web

Accelerate Long Island and the Long Island Emerging Technologies Fund Announce $500K in Funding for Five Biotech and Clean Energy Startups - Accelerate Long Island

Web

Accelerate Long Island and the Long Island Emerging Technologies Fund Announce $500K in Funding for Five Biotech and Clean Energy Startups - Accelerate Long Island

Web

Accelerate Long Island and the Long Island Emerging Technologies Fund Invest $100,000 in Symbiotic Health - Accelerate Long Island

Web

Accelerate Long Island and Topspin Partners Announce Alliance to Fund and Support Long Island Technology Startup Companies - Accelerate Long Island

Web

Accelerate Long Island Announces Three Initiatives for Start-ups - Accelerate Long Island

Web

Accelerate Long Island Board Names Mark Lesko as Executive Director - Accelerate Long Island

Web

Accelerate Long Island Hits Major Milestone of 100 Technology Startups - Accelerate Long Island

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Accelerate Long Island Launches Website, www.Accelerateli.org - Accelerate Long Island

Web

David Calone, Long Island Venture Capitalist, Appointed to Accelerate Long Island Board - Accelerate Long Island

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Lesko for the prosecution - Artvoice

Web

Long Island's 14 hottest startups named in new report - Accelerate Long Island

Web

Top Research Institutions, Major Business Group, and Brookhaven Supervisor Mark Lesko Join Forces to Commercialize Innovations and Create Jobs on Long Island - Accelerate Long Island

Web

Documentaries, videos and podcasts

Title
Date
Link

Business Leaders Celebrate the LaunchPad Huntington and eGifter Ribbon Cutting

Mar 5, 2014

Coram Civic Meeting 09-26-2011

30 September 2011

Mark Lesko and Accelerate Long Island: Putting our region on the fast track

Sep 3, 2013

Meet the Women Economic Developers of Long Island

My LongIslandTV.com: Launchpad Huntington Opening - Accelerate Long Island

7 March 2014

The future of biotechnology on Long Island

Jan 4, 2014

The Next Generation of Business on Long Island

Jan 3, 2013

The Next Generation of Business on Long Island | Long Island Business Report

2 February 2019

The Next Generation of Business on Long Island | Long Island Business Report

2 February 2019

Turning Point with Frank MacKay - Mark Lesko, Executive Director of Accelerate Long Island

22 November 2015

Companies

Company
CEO
Location
Products/Services

Codagenix

DepYmed Inc.

Goddard Labs, Inc.

PolyNova CardioVascular, Inc.

Scannerside

Sulfcrete

SynchroPet

Traverse Biosciences

References