On Friday, Gov. Cuomo announced the launch of New York State Innovation Venture Capital Fund, which is intended to “support entrepreneurs making the transition from research to marketplace, and incentivize them to stay and grow their businesses in New York.”
According to the Governor, the fund “will provide critical seed funding for the development of early-stage companies in high growth areas to create jobs.” The $50 million fund is expected to leverage at least $100 million in private capital to support high growth areas including advanced materials, clean technology, life sciences/biotechnology and information technology. Gov. Cuomo said:
“New York is home to some of the brightest minds in the world – and by launching this fund, we’re helping these budding entrepreneurs bring their ideas to market right here in the Empire State. With this action, we’re continuing New York’s legacy of innovation, as well as making another solid investment in this state’s future.”
The fund will have two segments. The first will help start-up companies associated with universities to commercialize their products with small, pre-seed stage investments of up to $100,000. The second will invest directly in seed or early stage companies with investments of $100,000 to $5 million.
More information on the fund is available here.