Posted April 10th, 2013
ATHENS, Ohio – The National Business Incubation Association (NBIA) named ThinkEco, the developer of cloud-based energy-efficiency and demand-response solutions, as the 2013 Outstanding Incubator Graduate in the technology category today during NBIA’s International Conference on Business Incubation in Boston.
A graduate of the New York City Accelerator for a Clean and Renewable Economy (NYC ACRE) – a cleantech incubator operated by the Polytechnic Institute of New York University (NYU-Poly) -- ThinkEco makes it simple for energy consumers to use energy more wisely. The company’s energy-saving products facilitate energy-use reduction by easily enabling cloud control connectivity to multiple energy loads in the home and office.
“We are thrilled to have been singled out from thousands of international companies for this award,” said Jun Shimada, CEO and Founder of ThinkEco. “NYC ACRE was a catalyst for our growth, providing us with guidance, support and services that helped establish us in the market. Our mission aligned well with NYC ACRE’s resources for the cleantech sector, which have contributed to our success in developing an award-winning energy efficiency technology and service platform.”
Established in 2008, ThinkEco entered NYU-Poly’s incubator program at NYC ACRE one year later. NYC ACRE opened in 2009 as New York City’s first and preeminent cleantech incubator through a New York State Energy Research and Development Authority (NYSERDA) award. NYSERDA has provided three awards to ThinkEco totaling $385,000 for business development and energy efficiency studies.
NYC ACRE also helped ThinkEco secure a vital partner relationship with energy utility Con Edison.
“There is a special spirit required for an innovation economy to flourish, whether it be in New York City or around the world. ThinkEco embodies that spirit,” said Katepalli Sreenivasan, Acting President and Provost of NYU-Poly. “As a successful graduate of NYU-Poly’s business incubators, ThinkEco is also a wonderful example for our students of how the benefits of science, engineering and management extend to critical real-world opportunities and challenges.”
“As one the first graduates of NYC ACRE, ThinkEco exemplifies the combination of startup success and energy impact that NYSERDA is fostering through its Clean Energy Business Incubator Program,” said Francis J. Murray Jr., President and CEO, NYSERDA. “Governor Cuomo has stressed the value of public-private partnerships to stimulate economic activity and foster investment in technology and innovation. ThinkEco is a great example of how the state’s investment in start-up clean energy companies is helping to grow the cleantech sector.”
Business incubation programs like NYC ACRE catalyze the process of starting and growing companies by providing entrepreneurs with the expertise, networks and tools they need to make their ventures successful. NBIA estimates that in 2011 alone, North American incubators assisted about 49,000 start-up companies that provided full-time employment for nearly 200,000 workers and generated annual revenue of almost $15 billion. NYC ACRE’s tenant companies alone have raised more than $22 million in capital and created 100 full-time jobs since its inception in 2009. Approximately 7,000 business incubators operate worldwide.
The National Business Incubation Association is the world's leading organization advancing business incubation and entrepreneurship. Each year, the NBIA Incubation Awards honor the business incubation programs, graduates and client companies that exemplify the best of the industry.
NYC ACRE is an internationally recognized hub and ecosystem of entrepreneurs and innovative local businesses that provide solutions to climate and energy issues, and one of three incubator programs operated by NYU-Poly as a public-private-academic partnership.