Economic Development

The Prentice Family Foundation aims to facilitate economic growth within Western New York by providing funds to develop and commercialize innovative products and services that will lead to the creation of meaningful and sustainable jobs.

The Foundation’s first step in pursuit of this goal has been the establishment and promotion of the Western New York Prosperity Fellowship Program. We view our investment in entrepreneurial-minded students as an important step in achieving our overall goal of economic growth, productivity, and employment in Western New York.

The second step involves the Foundation’s investments, preferably in conjunction with investments from likeminded investors, in business ventures that will enable and propel the development and commercialization of innovative products and services. Our preference is to invest in businesses that create not only innovative products or services, but also meaningful and sustainable jobs that will provide employees with challenging and satisfying work and a secure income to support their families and, ultimately, their communities.

As a non-profit, tax exempt entity, the Foundation can utilize a variety of mission and program related investment vehicles to support its economic development initiatives, such as loan guarantees, direct loans, equity investments and even outright grants. Each investment opportunity will be considered on its merits.

The Foundation does not currently have a minimum or maximum investment limit for any investment it may make, or a preference for industries, business sectors, or specific product or service lines. Again, each investment opportunity will be considered on its own merits.

We are also interested in supporting graduates of our Fellowship Program as they pursue their careers, especially if they are doing so in Western New York. Alumni of the Fellowship Program are encouraged to contact the Foundation if they — whether individually, as part of a group, or via their employers — are looking to establish or expand a business in the Western New York area. The Foundation welcomes the opportunity to discuss what, if any, role it can play in assisting with those plans.

Those interested in discussing the Foundation’s economic development program should contact us for more information.