Watch Out Silicon Valley: Here Comes NYC
Last night at a reception to kick off New York's Internet Week held at Gracie Mansion, the official residence of the mayor of New York City, Mayor Michael Bloomberg announced NYC Seed, a seed-stage technology fund for NYC-based companies that seek to "express their original ideas through software and web-oriented technologies." Bloomberg, who is made his fortune as the founder of the Bloomberg financial news and data company, has said in the past that he intends to turn New York into a hub for tech innovation. "My company never would have been remotely as successful if we had tried to put it in any other city," he told reporters gathered at his mansion according to CNET.
The NYC Seed fund is a joint venture between ITAC, New York City Investment Fund, The New York State Foundation for Science, Technology and Innovation, New York City Economic Development Corporation, and PolyTechnic University. In addition to investing up to $200,000 per startup, the fund aims to give entrepreneurs support via a network of "notable entrepreneurs, technologists and venture capitalists," and plans to help the companies it funds seek series A round funding when they reach that stage.
NYC Seed says that it encourages first time founders to apply for seed funding, but also looks for teams with "technically savvy" members who "possess a proven record of completing complex technology projects." The fund aims to invest in small, local teams that have a prototype of their software or web app product ready to demonstrate. Startups that aren't located in New York City will be required to move.
The fund currently has $2 million under management.
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As an Englishman who has moved to New York and is totally converted to the view that New York City is the official "center of the universe" this seems like a great move. Good to see Bloomberg taking care of business before he takes on the Vice President role for Obama - OK, I agree thats just my fantasy:
http://bernardlunn.wordpress.com/bloomberg-for-vp/
Posted by: bernard lunn | June 3, 2008 10:49 AM
Of course much of the funding will go to cover housing.
Posted by: po | June 3, 2008 2:34 PM
Being from San Jose, I always thought it wouldn't take much for a city to take the technology throne away from us. Brilliant minds here, it's just we are still a small city globally.
Posted by: Rob | June 3, 2008 4:18 PM
We just arrived in Manhattan for Internet Week.
Our first stop tommorrow will be the Time Warner Panel on news and politics:
Moderator: David Bohrman (SVP, Washington Bureau Chief, CNN)
Panelists: Steve Grove (Head of News and Politics, YouTube)
Nadira Hira (Writer, FORTUNE Magazine)
Michael Scherer ( Washington Bureau Correspondent, TIME Magazine)
Posted by: * Miss Universe | June 3, 2008 5:42 PM
there starting with $2 million dollars??!!
the iFund alone has $100 million.
sounds like a pretty small drop in the basket if you ask me.
Posted by: steve davies | June 3, 2008 7:49 PM