On Monday evening at the kickoff for New York City’s first-ever Internet Week, Mayor Michael R. Bloomberg announced the launch of NYC Seed, a new operating entity housed in Polytechnic’s business incubator, the BEST Center, that will invest in and help grow start-up technology companies. (Watch video of the announcement above.)
"New York City has always been a place where aspiring actors, artists and musicians have come to live out their dreams and ambitions, and we want to make sure it is the place where aspiring technological entrepreneurs come as well," said Mayor Bloomberg.
"New York City is a center of innovation that offers unparalleled talent and ingenuity, but many smaller start-up companies have difficulty accessing seed capital to get off the ground. NYC Seed is designed to help fill that critical gap, which will help New York City continue to emerge as a technology leader."
NYC Seed will invest up to $200,000 per company to develop prototypes and new technologies, fulfilling a crucial funding gap in New York City's venture capital sector for smaller technology firms. Companies participating in the program will also receive marketing and strategic support services. To date, $2 million has been raised for the program.
"NYC Seed creates an exciting new dimension for Polytechnic University's emphasis on I2E, the university's shorthand for 'innovation, invention, and entrepreneurship' and its overall mission," said Polytechnic President Jerry M. Hultin.
"This dynamic partnership now provides New York City with an early-stage investment fund specifically designed to help entrepreneurs realize their dreams. Polytechnic is proud to be one of the leaders of this fresh vote of confidence in the power of New York's diverse, bright youth to spur innovation and economic development for the benefit of New York, the nation, and the world."
NYC Seed is a joint-venture of the New York City Economic Development Corporation, the New York City Investment Fund, the economic development arm of the Partnership for New York City, Polytechnic University, the New York State Foundation for Science, Technology and Innovation, and the Industrial and Technology Assistance Corporation.