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NY Launches $50M Innovation Venture Capital Fund
Last week, New York Gov. Andrew Cuomo launched the New York State Innovation Venture Capital Fund (NYSIVC or The Fund), a $50 million fund that is expected to leverage at least $100 million in private capital to support early stage companies in high growth areas such as advanced materials, clean technology, life sciences/biotechnology, and information technology.
Administered by Empire State Development (ESD), The Fund will be comprised of two segments: The Technology Commercialization Segment works to facilitate commercialization of university technologies through investments of up to $100,000, while The Seed and Early Stage Co-Investment Segment invests between $100,000 and $5 million directly in seed and early stage companies in strategic industries and locations.
The Fund, as part of Gov. Cuomo’s broader economic development strategy, will be coordinated with New York’s other existing business resources and programs, such as:
- The START-UP NY program, which offers regional tax-free zones to grow businesses;
- Innovation Hot Spots, regional collaborations offering startups business support services;
- Regional Economic Development Councils, responsible for developing long-term strategic plans for economic growth;
- Centers for Advanced Technology and Centers of Excellence, devoted to university-industry collaborative research, tech-transfer, and commercialization; and,
- SUNY 2020 Challenge Grants, supporting capital projects at SUNY schools to serve as catalysts for regional economic development
All investments by the NYSIVC Fund require at least a 1:1 match from private sources.
New Yorkcapital, venture capital