New York City Businesses Finally Get City Government to Heed Call for Startup Capital
Just one day ago Mayor Michael Bloomberg announced on Tuesday the launch of a city funded sponsored early-stage investment fund. And as this site has been advocating for some time by discussing high tech tax credits, having a government emphasis on startups with a small footprint is sorely needed to turn around the economy through job creation. Logically, the fund is aiming at out city tech entrepreneurs to the city with seed investments.
“The fund really is going to play a big role in encouraging information tech firms to move to our city,” Mr. Bloomberg said. “We want people to get jobs. We aren’t trying to give handouts.”
The NYC Entrepreneurial Fund managed by venture-capital firm FirstMark Capital, with FirstMark making the decision as to who receives capital against a FirstMark equity stake.
And the fund is already cooking with gas, having made a $300K investment in MyCityWay. That company develops iPhone and iPad restaurant, shopping and concert information apps.
We are thrilled to see this level of initiative and foresee good things as a result. Finally, a stimulus package for New York entrepreneurial businesses.
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