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Bloomberg Announces Tech Start-Up Investment Fund
By
Ben Yakas
Published May 26, 2010
Modified May 26, 2010
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By
Ben Yakas
Published May 26, 2010
Modified May 26, 2010
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Between the end of Law and Order and the projected loss of tourism (not to mention...everything else), NYC could be facing new economic troubles soon. In response, Mayor Bloomberg announced the launch of a city-sponsored early-stage investment fund yesterday, that he hopes will put major money back into NYC's economy.
The NYC Entrepreneurial Fund initiative was started with $3 million from the New York City Economic Development Corporation, and will be managed by FirstMark Capital. They've pledged to invest upwards of $19 million in NY-based start-ups, starting with $300,000 for MyCityWay, a company that makes iPhone and iPad apps to find info about restaurants, shopping and concerts. Seed investments by the Fund will range between $250,000 to $1 million.
Mayor Bloomberg is hopeful this will help bring in major new capital, and assuages any concerns of a socialist agenda: "The fund really is going to play a big role in encouraging information tech firms to move to our city. We want people to get jobs. We aren't trying to give handouts."
Tagged
economy
mayor bloomberg
nyc entrepreneurial fund
start up
tech start up
Ben Yakas
Ben Yakas is a former Gothamist reporter.
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Gothamist is funded by sponsors and member donations
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