Scott P. Arroyo 
The Update Venture Association of New York, an Albany-based group that promotes early stage investments and startups, is poised to innovate.
The next president of the association will be Jennifer Tegan, partner of the Cayuga Venture Fund in Ithaca.
Tegan, who was vice president of the group – which is also called UVANY – will be its first female president.
While the Smith College graduate is certainly proud of this accomplishment, she is even more excited to expand the reach and influence of UVANY and expand its membership.
There has certainly been some momentum lately both in the making of deals and during the UVANY events.
In April, UVANY hosted a student entrepreneur event at Ithaca College with Hamdi Ulukaya, CEO of Chobani Yogurt Company, which is headquartered in Chenango County. Over 400 people attended.
Tegan wants to build on that energy and enthusiasm with the group’s executive director, Sam Ticknor, and host other student entrepreneur events in other parts of the state, including the Capital Region.
“We’re going to try to replicate that,” Tegan said.
Tegan was at the University of Albany on June 3 for an event hosted by UVANY and the Center for Economic Growth of Albany called NYSERDA Success Stories. NYSERDA, the New York State Energy Research and Development Authority, helps fund energy efficiency and clean technology companies. Many local energy technology companies received money from NYSERDA early on, helping them develop their products before securing private funding from angel funds and venture capital.
“NYSERDA has been a great partner,” Tegan said.
Venture capital funding in the upstate still has a long way to go before it becomes nationally influential.
In the first quarter of 2014, there were just six venture capital deals in the upstate totaling $ 2 million, according to the MoneyTree report released by PriceWaterhouseCoopers and the National Venture Capital Association. . By comparison, the New York area and New England each had around $ 1 billion in venture capital transactions during this time period.
Tegan said that with all the federal grant money going into universities in the north of the state, from private schools like Cornell University and the Rensselaer Polytechnic to SUNY schools like UAlbany, northern l State has untapped commercial value.
“There’s no reason we can’t be a much bigger player,” Tegan said. “The ideas are there, and the people are there too.”
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