COMETS program for LI startups gets funding boost

Peter Goldsmith, the head of the Long Island Peter Goldsmith, the head of the Long Island Software & Technology Network, which runs COMETS, in the COMETS office space in Hauppauge on Aug. 27, 2012. Photo Credit: Steve Pfost

advertisement | advertise on newsday

Long Island's startup accelerator program COMETS is getting a funding boost from Accelerate Long Island.

Accelerate, which works to aid the local economy by encouraging the growth of high-tech companies, will provide $12,500 in grants for the COMETS program.

advertisement | advertise on newsday

The COMETS accelerator, which helps startups grow quickly by providing key resources, will kick off its third iteration later this year with a $50,000 fund from local investors for the participating companies -- the first time it has offered a monetary incentive.

Applications for COMETS -- Connected Organization Mentoring Exciting Tech Start-ups -- are being made available this week and will be due in late August. Five startups will be selected, with three top companies receiving $5,000 from the COMETS fund at the beginning of the program and $5,000 at the end. The other two companies may compete for funding throughout the 12-week program, said Peter Goldsmith, the head of the Long Island Software & Technology Network, which runs COMETS.

Accelerate's funding, which comes from the state's Empire Development Corp., can grant each of the five companies selected as much as $2,500. But the exact amount and how the companies will receive the funding has yet to be decided, Accelerate executive director Mark Lesko said. Those interested can apply at litechcomets.org.

You also may be interested in: