Gov. Andrew M. Cuomo in December
\nlaunched the state Innovation Venture
\nCapital Fund to support entrepreneurs
\nmaking the transition from research to
\nmarketplace, and incentivize them to stay
\nand grow their businesses in New York.<\/p>\n
According to Cuomo, the fund will provide
\nseed funding for the development
\nof early-stage companies in high growth
\nareas to create jobs and help launch, as
\nwell as attract new businesses to New
\nYork state.<\/p>\n
He said the $50 million fund is expected
\nto leverage at least $100 million
\nin private capital to support high growth
\nareas including advanced materials, clean
\ntechnology, life sciences\/biotechnology
\nand information technology.<\/p>\n
“New York is home to some of the brightest
\nminds in the world – and by launching
\nthis fund, we’re helping these budding
\nentrepreneurs bring their ideas to market
\nright here in the Empire State,” Cuomo
\nsaid. “With this action, we’re continuing
\nNew York’s legacy of innovation, as well
\nas making another solid investment in this
\nstate’s future.”<\/p>\n
The fund will be comprised of two
\ndistinct segments. The Technology Commercialization
\nSegment will facilitate
\nthe commercialization efforts of start-up
\ncompanies associated with New York’s
\nuniversities and make small pre-seed
\nstage investments of up to $100,000, officials
\nsaid.<\/p>\n
The Seed and Early Stage Co-Investment
\nSegment will invest directly in seed
\nand\/or early stage companies, with an
\nemphasis on strategic industries such as
\ninformation technology and life sciences\/
\nbiotech, as well as relatively under-served
\nareas of the state, with investments ranging
\nfrom $100,000 to $5 million, the governor’s
\noffice said.<\/p>\n
Empire State Development will review
\neach and approve all of the fund’s investments.
\nThe fund is part of Cuomo’s broader
\ncommercialization agenda in order to
\nencourage innovation and drive economic
\ngrowth in communities across the state.<\/p>\n
It is being coordinated with the state’s
\nexisting business resources and innovation
\ninvestments, including the START-UP NY
\nprogram, Innovation Hot Spots, the Regional
\nEconomic Development Councils,
\nthe Centers of Advanced Technology and
\nCenters of Excellence networks and the
\nSUNY 2020 Initiative.<\/p>\n
The fund will be administered by Empire
\nState Development (ESD) and managed
\nby ESD’s new Innovation Venture Capital
\nFund Managing Director, Brian Keil.<\/p>\n
Keil previously served as vice president
\nof strategy and corporate development
\nat Nielsen Audio. Prior to this role, he
\nwas a managing director and founding
\nmember of a $250 million venture capital
\nfund sponsored by NBC Universal and GE
\nCapital, where he sourced, executed and
\nmanaged venture capital investments in
\nthe digital media sector.<\/p>\n
ESD President, CEO and Commissioner
\nKenneth Adams said, the fund complements
\nNew York’s existing business tools
\n“and helps connect the various components
\nof the state’s innovation pipeline.<\/p>\n
We are excited Brian Keil has joined our
\nteam, helping to ensure the most promising
\nstartups get the support they need in
\nearly stage development and that New York
\nState better competes for private-sector
\nventure investment.”<\/p>\n
Cuomo also said the fund will benefit
\nfrom the knowledge and expertise of a volunteer
\nInvestment Committee, an advisory
\ngroup comprised of experienced private
\ninvestment professionals from around New
\nYork State. The committee will be chaired
\nby Howard Morgan, a prominent venture
\ncapitalist and angel investor.<\/p>\n
Dr. Morgan currently serves as a partner
\nwith First Round Capital in New York and
\nPhiladelphia; director of Idealab, the Pasadena,
\nCalif.-based creator and operator of
\ninternet companies where he was first a
\nfounding investor in 1996 and later served
\nas president of Idealab! New York; and a
\nmember of the New York Angels. He is also
\na respected author and contributing writer
\nfor Business Insider.<\/p>\n
Morgan said there are “great opportunities
\nthroughout New York state that will
\nbenefit from the additional capital and
\nsupport that the new fund can provide. I
\nam hoping that many of the top venture
\nfirms will value the added impetus that
\nthe Innovation Venture Capital Fund
\nbrings to areas that are currently under
\nsupported and have had less visibility from
\ntraditional venture sources.”<\/p>\n
For more information on the program,
\nplease visit http:\/\/esd.ny.gov\/BusinessPrograms\/NYSInnovationVentureCapitalFund.html.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gov. Andrew M. Cuomo in December launched the state Innovation Venture Capital Fund to support entrepreneurs making the transition from research to marketplace, and incentivize them to stay and grow their businesses in New York. According to Cuomo, the…<\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[57,102],"class_list":["post-16127","post","type-post","status-publish","format-standard","hentry","category-business-news","tag-business-news","tag-ny-state"],"yoast_head":"\r\n