INTERNATIONAL DAY
Cities continue to serve as global
economic growth drivers
to $5 million, and 2) make individual investments of up to $100,000 under a fund
of funds model that will target the commercialization of research coming out of
the state’s universities and laboratories.
A DIFFERENCE IN APPROACH
ing so, the NYCEDC aims to create 15- across the state, leveraging $124.7 million
20 life science ventures and 2,000 private of private investment.
sector jobs.
While the Innovate NY Fund utilizes a
New York State’s Empire State Develop fund of funds model—investing in venment Corporation (ESD) also utilizes tax- ture capital funds rather than making dipayer dollars for the Innovate NY Fund, rect equity investments—the State is also
which launched in 2012. Specifically, set to engage in direct investment with
the fund intends to invest $35 million of the recently announced New York State
federal funds in partnership with eight Innovation Venture Capital Fund. The $50
regional early-stage venture funds. million fund will both 1) directly co-invest
According to ESD’s website, the fund has in seed and early-stage rounds with indiinvested $23.5
million
into 64 in.pdf
companies
ranging from $100,000
IDTE2015
NY Intl_8.75x6
1 7/31/2015 vidual
8:32:52 investments
AM
The key delineating factor between
Singapore and New York’s approach to
government investment in the startup community is the aggressiveness of
Singapore’s attempts to attract startup funds from the private sector. The
breadth and depth of the Singaporean
government’s support of startup financing is truly impressive. In addition to
extremely favorable taxation schemes,
Singapore also offers a slew of invest-
ment and grant programs for both startups and venture funds. It is important
to note, however, that these programs
exist, in part, because of historic gaps in
Singapore’s private equity markets—gaps
that, arguably, do not exist in New York
City’s and New York State’s robust venture capital infrastructure. Nonetheless,
if New York government does decide to
launch new programs, it may want to
look east for a few innovative approaches.
Hong Kong Means Business
9/17 @ 3:00 pm
Brooklyn Borough Hall
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