The Internal Revenue Service has approved the not-for-profit status of a venture development organization led by the University at Buffalo, a move that allows the program to begin investing in promising new technologies this year.

Launch New York officials had worried that the standard wait of up to 18 months for the IRS to review an application for not-for-profit status would delay the organization’s efforts to invest in innovative technologies produced at UB, Roswell Park Cancer Institute and across Upstate New York.

They worked with the office of U.S. Sen. Charles Schumer, D-N.Y., to request an expedited review of their application and Schumer announced Monday that the request was approved.

Launch New York, modeled after Cleveland’s successful JumpStart program, formed last year with a mission to commercialize university research and fill the seed-funding vacuum in a 27-county region of Upstate New York.

The organization has received $637,000 in grant money from the U.S. Economic Development Administration, an amount that will be matched by the John R. Oishei Foundation, and hopes to have $5 million by the end of this year to invest.