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RIT Clean Energy Incubator (CEI)

RIT Clean Energy Incubator (CEI). NYSERDA BIA PRESENTATION. June 10, 2010. RIT’s Clean Energy Incubator. CEI Mission Create living-wage, clean tech jobs in Western New York CEI/NYSERDA Strategy Integrate business (VCI) and technical (CIMS) development to: Remove barriers

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RIT Clean Energy Incubator (CEI)

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  1. RIT Clean Energy Incubator (CEI) NYSERDA BIA PRESENTATION June 10, 2010

  2. RIT’s Clean Energy Incubator CEI Mission Create living-wage, clean tech jobs in Western New York CEI/NYSERDA Strategy Integrate business (VCI) and technical (CIMS) development to: • Remove barriers • Accelerate commercialization 2

  3. CEI Objectives • Objectives • To validate and provide CEI orientation to 20 companies over 48 months. • To enable the development of 8 technology plans in 48 months. • To enable the development of 8 business plans in 48 months. • To help foster angel investments in at 4 enterprises over 48 months. • To help enable the launch of four product/service introductions over 48 months. • To lead to the “graduation” of 6 enterprises from CEI over 48 months. 3

  4. CEI Sales Funnel • Identified 1 • Contacted 4 • Developing 2 • Reviewing 8 • Validating 0 • Selected 8 • Withdrew 17 • Not Eligible 5 • Not Valid 1 TOTAL 46 4

  5. Barriers • Lack of project management discipline • Lack of real performance data • Lack of legal services • Lack of money • Lack of focus • Lack of standard processes • Lack of fundraising skills • Lack of customer input • Operating on university time • Lack of recruiting skills 5

  6. Sales Performance Objective: To validate and provide orientation to 20 companies over 48 months (5/year) Results: 8 have already been approved and 1-2 more are expected in 3rd Quarter Pending: 10 in Developing and Reviewing 6

  7. Business Plan Performance Objective: To enable the development of 8 business plans over 48 months Results: Business Plans have been completed for 5 of the approved companies. 7

  8. Fundraising Performance Objective: To help foster angel investment in 4 companies over 48 months Results: $1.4M in seed funding has been raised for SweetWater Energy Pending: We expect at least one additional CEI company to receive substantial seed funding in the next quarter. 8

  9. Student Engagement Performance Objective: To provide experiential learning in entrepreneurship Results: Five different student programs are currently active Pending: Expansion of this program continues (This is our competitive edge!) 9

  10. CEI Companies SWEETWATER ENERGY – Produces cellulosic ethanol LIBAN – Improves fuel efficiency on diesel trucks RNY Solar – Produces high-efficiency solar PV units MSWS – Treats Marcellus Shale “frak” water LakeMaster – Produces algae feedstock for biodiesel Tenrehte – Produces smart grid monitors Palantiri – Allows smart grid to communicate AWR – Produces diffuser augmented wind turbines 10

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