Troy-based business named finalist in FuzeHub competition

ALBANY, N.Y. » FuzeHub, a notfor-profit organization responsible for assisting small and medium-sized manufacturing companies in New York state, has announced its 2019 Commercialization Competition.

The competition will be held on Nov. 18-19 at the Albany Capital Center. It is part of the Jeff Lawrence Manufacturing Innovation Fund. Nineteen entrepreneurs from across New York state will pitch their ideas before a live audience. A total of $400,000 will be awarded to the top presentations.

InSitu Composites LLC, in Troy, was named as one of the finalists participating in the competition.

“This is considered one of FuzeHub’s signature events. It brings awareness to the diversity of innovation and entrepreneurship that exists in all of our regions across New York. Each year, we continue to see new cutting-edge products and technologies,” said Elena Garuc, executive director of FuzeHub. “These awards can be an essential element to help companies achieve sales and growth.”

The competition will feature an investment-themed welcome program, exhibits, speakers, and the opportunity to see how New York is helping to retain talent and move innovative early-stage companies toward success. Companies will demonstrate the commercialization potential of their product or technology for the opportunity to win up to $150,000. Six companies will receive a $50,000 award, and one of those six finalists will receive the grand prize of an additional $100,000.

Award funds must be used to improve a working prototype that will enable the company to pursue additional investment and customers, leading to the commercialization of their product concept.

Matt Watson, director of Empire State Development’s Division of Science, Technology and Innovation, said, “The annual FuzeHub Commercialization Competition is a key driver of innovative economic activity in a variety of industries in New York, and I look forward to seeing the chosen entrepreneurs present new ideas to drive economic growth and job creation in the state.”