Alongside state and local officials, SUNY Chancellor John King on Monday announced the creation of Upstate Biotech Ventures.

The venture capital fund will provide funding to startups and small businesses affiliated with Upstate Medical University. Officials called it the first-of-its-kind venture capital fund for startups and small businesses on a SUNY campus.

On Monday, the SUNY chancellor talked about the difficulty of a startup’s Death Valley curve. That’s the period of time between a startup’s initial capital contribution until it generates revenue.

Officials believe this will keep these company’s afloat while advancing research and technology innovation in New York.

"I don't feel like I'm ignored," said Paula Doyle, founder of EndoGlow. "I feel like people look at our innovations and see the potential that we see. And by supporting us in ways that the community can, whether that is going to be financially, like with the venture we're discussing, it makes us feel like we can do it.”

The fund has a $6 million initial investment for which businesses can apply.