Mayor Bloomberg Unveils New York City Venture Fund (NYC Seed)
One has to wonder, if a government institution gets involved in a fund, what kind of regulations would be at play? Quotas for race/gender ratios?
Would-be NYC founders don't need another source of seed funding, they need a community. What NYC really needs is the equivalent of the Y-Scraper and a nice space for like-minded folks to hang out and work together and mingle with potential funders and mentors.
Quick summary:
"Unveiled on Monday evening as part of New York’s Internet Week, NYC Seed will provide up to $200,000 of investment into New York-based technology start-ups."
"We encourage first-time founders. There is no set formula for why we invest in a company, but there are some qualities we would like to see. We are looking for a team with a compelling idea that makes sense today. Your team should be technically savvy, with members that possess a proven record of completing complex technology projects. We will ask to review a prototype of your product. "
Note: Must be in NYC.
their application looks suspiciously like the y-comb app ;-)
I can only guess this is an attempt to make NYC startup scene more competitive. I think this is a really cool thing for a city to do, maybe more cities need to take note?
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