A new program launched by Empire State Development is intended to assist start up technology businesses gain capital investments while encouraging investment activity and economic development statewide. The program, New York Ventures, combines funds from the Innovation Venture Capital Fund, the Innovate NY Fund, and the Minority- and Women-Owned Business Investment Fund for a total of $147 million.
Governor Cuomo recently increased funding for the Innovation Venture Capital Fund from $50 million to $100 million. Additionally, it will be matched by at least $200 million in private-sector investment capital. The funding will provide entrepreneurs with the necessary resources to achieve their goals and stimulate the economy.
Two projects have recently been approved for financing through the Innovation Venture Capital Fund. One concerns a mobile healthcare communications platform, alerting healthcare providers regarding treatment of their patients. Additionally, another project funded consists of a software platform that coordinates services with veterans and military families.
In order to be eligible for funding from the program, the recipient of the award must either live in New York State or relocate to the state and be engaged in a project in an emerging technology field.
If you are in the process of starting up your own business, consult with an attorney who is experienced in dealing with business matters and can offer advice regarding funding options and development. Call Bellavia Blatt, PC at (516) 873-3000 or (631) 224-7000.