{"id":474532,"date":"2021-04-16T14:28:42","date_gmt":"2021-04-16T18:28:42","guid":{"rendered":"https:\/\/www.rochester.edu\/newscenter\/?p=474532"},"modified":"2021-09-07T11:59:32","modified_gmt":"2021-09-07T15:59:32","slug":"nextcorps-us-economic-development-administration-sprint-challenge-award-474532","status":"publish","type":"post","link":"https:\/\/www.rochester.edu\/newscenter\/nextcorps-us-economic-development-administration-sprint-challenge-award-474532\/","title":{"rendered":"University affiliate NextCorps receives federal grant to help create software companies"},"content":{"rendered":"<h2 style=\"width: 85%; font-weight: bold; line-height: 135%; margin-bottom: 0.5em;\">New internship opportunities will open up for students at the University and RIT.<\/h2>\n<p>The US Economic Development Administration is awarding <a href=\"https:\/\/nextcorps.org\">NextCorps<\/a>, an affiliate of the <a href=\"https:\/\/www.rochester.edu\">University of Rochester<\/a> and the region\u2019s only state- and federally designated business incubator, $743,000 to help individuals negatively affected by the COVID-19 pandemic. The money, from the EDA\u2019s <a href=\"https:\/\/www.eda.gov\/oie\/sprint\/\">Scaling Pandemic Resilience through Innovation and Technology (SPRINT) Challenge program<\/a>, will help launch software companies that start taking in revenue within one year.<\/p>\n<p>A 2019 study done by the Boston Consulting Group identified the software sector as a key pillar for long-term economic growth in the Rochester region.<\/p>\n<p>\u201cThe Rochester ecosystem has shown an organic growth in the number of software startup companies over the past few years, with more than half of NextCorps\u2019 incubation clients in the software sector,\u201d says James Senall, president of NextCorps. \u201cWhile the Boston Consulting Group recently identified software as a future growth sector for our region, we have not had a dedicated program for that sector. This initiative will meet that community demand and help accelerate the pace of new software startups.\u201d<\/p>\n<p>One way NextCorps plans to accelerate that pace is by creating a software cluster capable of promoting growth in the sector for many years to come.<\/p>\n<p>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 from the two universities to work with the new software startup companies.<\/p>\n<p>\u201cThis will not only give those students invaluable work experience, but will also serve as a powerful motivator by creating interesting job opportunities that can help keep them here in Rochester after they graduate,\u201d says Senall.<\/p>\n<p>The federal grant will be will be combined with $241,00 in matching and in-funds to create a nearly $1 million program.<\/p>\n<p>The SPRINT Challenge was created last year to harness America\u2019s entrepreneurial potential to address the economic, health, and safety risks caused by the coronavirus pandemic through entrepreneurship and innovation. A total of $29 million is being awarded to 44 organizations in the latest round of funding.<\/p>\n<hr \/>\n<h3><strong>Read more<\/strong><\/h3>\n<div class=\"large-up-3\">\n<div class=\"column\" style=\"padding-left: 0px;\"><a href=\"https:\/\/www.rochester.edu\/newscenter\/startups-universities-ties-luminate-competition-winners-389202\/\"><img decoding=\"async\" style=\"margin-bottom: 10px;\" src=\"https:\/\/www.rochester.edu\/newscenter\/wp-content\/uploads\/2019\/07\/fea-ovitz-luminate-competition.jpg\" alt=\"technician holds a device in front of the eyes of a young child, who looks through the device.\" \/><strong>Startups with University ties win big at Luminate competition<\/strong><\/a><br \/>\n<span style=\"font-size: .9em;\">Ovitz and VPG Medical took home first and second prize in this year\u2019s Luminate competition, the world\u2019s largest startup accelerator program for optics, photonics, and imaging technologies.<\/span><\/div>\n<div class=\"column\" style=\"padding-left: 0px;\"><a href=\"https:\/\/www.rochester.edu\/newscenter\/nextcorps-new-high-tech-hub-entrepreneurship-debuts-sibley-square-299512\/\"><img decoding=\"async\" style=\"margin-bottom: 10px;\" src=\"https:\/\/www.rochester.edu\/newscenter\/wp-content\/uploads\/2018\/02\/fea-Sibley-building-high-tech-rochester.jpg\" alt=\"interior of the new NextCorp business incubator, with people sitting at desks using computers.\" \/><strong>New high-tech hub for entrepreneurship debuts in Sibley Square<\/strong><\/a><br \/>\n<span style=\"font-size: .9em;\">Located on the sixth floor of historic Sibley Square, NextCorps serves as one of the cornerstones of the revitalization of downtown Rochester.<\/span><\/div>\n<div class=\"column\" style=\"padding-left: 0px;\"><a href=\"https:\/\/www.rochester.edu\/newscenter\/rochester-can-become-us-growth-engine-says-mit-economist-jonathan-gruber-373062\/\"><img decoding=\"async\" style=\"margin-bottom: 10px;\" src=\"https:\/\/www.rochester.edu\/newscenter\/wp-content\/uploads\/2017\/10\/2016-05-06_Rush_Rhees_Library_002_1000x600.jpg\" alt=\"Rush Rhees Library with the city of Rochester skyline in the background on a clear day.\" \/><strong>Rochester can become US growth engine, says MIT economist<\/strong><\/a><br \/>\n<span style=\"font-size: .9em;\">In his 2019 book <em>Jump-Starting America: How Breakthrough Science Can Revive Economic Growth and the American Dream<\/em>, Jon Gruber puts Rochester at the top of the list of 102 cities poised to become next-generation tech hubs.<\/span><\/div>\n<\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The SPRINT Challenge award will benefit students at the University of Rochester and RIT, as NextCorps plans to offer internships with the new software startups.<\/p>\n","protected":false},"author":16,"featured_media":474752,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[486,37592,10716,11676,29502],"class_list":["post-474532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-university-news","tag-awards","tag-covid-19","tag-economic-development","tag-education","tag-featured-post-side"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>University affiliate NextCorps receives federal grant to help create software companies<\/title>\n<meta name=\"description\" content=\"As part of the SPRINT Challenge award, NextCorps plans to hire University of Rochester students for internships with the new startups.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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