New York invests in investors

Three New York State-based investors are to receive $5m from the state to boost early-stage investments in the area as part of a wider programme to accelerate campus innovation.

The funding, which will be matched on a one-to-one ratio from the private sector, was made available by the $50m Innovation Capital Fund programme.

The three firms selected to receive the funding are Excell Partners, SCP Buffalo Incubator/Z80 Labs, and CenterState CEO’s Grants for Growth. The three will receive $2m, $1.5m, and $1.5m, respectively, along with matching funding from the private sector. The money will be used to make investments of up to $100,000 into companies based around campuses in New York State, which include university spin-outs and startups.

The $50m innovation fund sits alongside Governor Andrew Cuomo’s Startup NY commercialisation initiative, launched in 2013, which entitles companies based around university campuses to a 10-year tax free operation. The fund is expected to leverage $100m in private capital, and is focused on advanced materials, cleantech, life sciences, and ICT.

Governor Cuomo said: “By giving entrepreneurs the tools and resources that they need to succeed, we can turn ideas into real, marketable solutions. The Innovation Venture Capital Fund does just that – it empowers creators to realise their potential, competitively attracting business and creating jobs in communities all across New York.”