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City Offers Retraining, New Biz Help to Embattled Financial Sector
By
Jen Chung
Published Feb 19, 2009
Modified Feb 19, 2009
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By
Jen Chung
Published Feb 19, 2009
Modified Feb 19, 2009
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Mayor Bloomberg and other city official announced a plan to support the crippled financial services sector as well as attract businesses to NYC. How? By offering new entrepreneurship programs—such as start-up incubators, opening up access to venture capitalists and a NYC "Angel Fund"—as well as expanding incentives to existing businesses as well as to attract ones from overseas.
The way the NY Times describes it—"the city wants to invest $45 million in government money to retrain investment bankers, traders and others who have lost jobs on Wall Street, as well as provide seed capital and office space for new businesses those laid-off bankers might create"—we couldn't help but be reminded of the recent 30 Rock episode where the laid-off investment bankers worked as NBC interns. While there's debate about NYC's dependence on Wall Street, NYU Stern Business School professor Thomas Phillippon said of the legions of laid-off investment banking employees, "We still want these guys to find other jobs. You want this human capital employed somewhere, maybe not on Wall Street.”
Mayor Bloomberg, no stranger to entrepreneurship, stressed how innovation is key to the city's economic success, "New York City’s greatest strength has always been and will continue to be the innovation, drive and work ethic of New Yorkers. Time and time again, history has shown that our City rewards those who have the courage to pursue their dreams and launch new ideas." And if you have a great idea, the business training program for budding entrepreneurs is FastTrac—you can sign up now.
Tagged
entrepreneurship
FastTrac
financial services
venture capital
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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