The eighth-annual REDC Awards ceremony to distribute over $700 million in state funds was held at the Albany Capital Center. Congratulations to Innovate 518 Affiliated Partner, the Biomedical Acceleration and Commercialization Center (BACC) at Albany Medical College for their award. Their project will increase support to biomedical innovators and provide expanded services to attract and keep start-up companies in the Capital Region. As part of Albany Medical College, the BACC is uniquely equipped to provide incubator programs that encompass the bench, bedside and business domains of healthcare.
"This is a great opportunity to continue to invest in the Capital Region, develop a variety of projects that will serve as an economic boon for the Capital Region moving forward, so we are elated with the funding that we've received," says
co-chair of the Capital Region Economic Development Council
and President of the University at Albany.
Last year, the city of Albany was awarded $85 million for 110 economic development projects. Overall, the region has received over $500 million for 813 projects in the eight years of the program.
The regional economic development councils was founded by Governor Cuomo in 2011 as a way to involve local officials and business people in the decision-making for distributing state money.