The new business incubator in Downtown Troy will drive entrepreneurship within the tri-city region
December 5, 2024, TROY, NY – Today, Rensselaer County’s 2025 budget was approved, and in a historic move, $8 million in funding has been allocated for The Bridge, a one-of-a-kind business accelerator set to breathe new life into Downtown Troy’s historic Quackenbush Building. The funding will allow for the development of a state-of-the-art infrastructure for startups and support capital expenses for its first five years of operations. This funding was made possible through the visionary leadership of Steve McLaughlin, who has served as county executive of Rensselaer County for over five years and has been instrumental in developing and supporting job creation and opportunity.
“Rensselaer County is an innovative, technological epicenter with an incredible density of intellectual young students and professionals,” said Steve McLaughlin, county executive of Rensselaer County. “The Bridge is a trailblazing venture, bringing together the best of our region in a next-level infrastructure project that will create tremendous opportunities for growth and development.”
The accelerator will occupy 13,000 square feet of space in the Quackenbush Building in the heart of Troy’s downtown innovation district. The Bridge will have programs and services, including networking opportunities, pitch competitions, and entrepreneurial workshops for aspiring entrepreneurs, students and business leaders within the community.
The Bridge will also include a common-use agreement with key partners such as RPI, Hudson Valley Community College (HVCC), and the University of Albany to give students broad access to the Bridge’s programming and services. This common-use agreement will enable talent retention, stimulate job growth and strengthen the local economy.
“We are excited by Rensselaer County’s commitment to grow and retain exciting new enterprises that will add to the economic development of the region,” said Martin A. Schmidt, President of Rensselaer Polytechnic Institute. “As we celebrate our 200th year in Troy and Rensselaer County, we look forward to helping create an entity that will be a catalyst for supporting the entrepreneurial community. The Bridge will provide physical and ideological space for these enterprises where they can share ideas, tools and resources that will drive innovation.”
The Bridge will offer a blend of services and drive economic development for the tri-city region through collaborative partnerships, research initiatives and resources to inspire entrepreneurial ideas and connections. Through the IDA’s strategic partnership with Rensselaer Polytechnic Institute, The Bridge will leverage the university’s resources as an engine to drive additional opportunities and equip startups with the resources to attract venture capital, strategic business investments and a space for guidance on how to thrive locally.
“The Bridge will not only provide crucial support for startups and our student community – it will also help to attract and retain businesses and entrepreneurs in Rensselaer County,” said Robert Pasinella, President of RCIDA. “This initiative is truly designed to benefit everyone in the region. The message is clear: We are better together.”
About Rensselaer County Industrial Development Agency
The Rensselaer County Industrial Development Agency (IDA) is dedicated to promoting economic development and vitality within Rensselaer County. Governed by a seven-member board, the IDA has the authority to offer sales and property tax incentives, grants, and low-cost capital to attract and retain businesses.