New York City Regional Economic Development Council and NYC Seedstart Announce Enterprise 2013 Startup Accelerator Program
The New York City Regional Economic Development Council (NYCREDC) and NYC SeedStart, a consortium of venture capital firms that provides seed stage entrepreneurs with the capital and support they need to move from idea to product launch, today announced “NYC SeedStart Enterprise 2013,” a startup focused accelerator program in New York City. The initial program will target entrepreneurs tackling enterprise solutions and provide resources and opportunities for the entrepreneurs to collaborate with one another, discuss problems and challenges, and build the next generation of enterprise technology. NYC SeedStart Enterprise 2013 is part of a series of six business accelerator programs moving forward on the strength of a $550,000 award from Governor Andrew M. Cuomo’s Regional Council initiative, as well as corporate partners CA Technologies, Deutsche Telekom and others.
“New York City is the place to be for entrepreneurs with innovative ideas looking to create the products of tomorrow,” said Matthew Goldstein, Chancellor of the City University of New York and NYCREDC Co-chair. “The NYCREDC identified the NYC SeedStart program series as one of its priorities because it is exactly what we need to grow early stage startups into job-creating companies. We are very pleased to partner with NYC SeedStart and look forward to seeing the new products and companies that result from this collaboration.”
In 2011, Governor Cuomo redefined the State’s approach to economic development by establishing 10 Regional Economic Development Councils across the State. The Councils represent a bottom-up approach to State investment, empowering regions by bringing together local experts and stakeholders from business, academia, local government, and non-governmental organizations to develop long-term strategic plans for economic growth for their regions. A key strategy of the NYCREDC is to foster innovation by investing in projects and programs that are going to create the industries, businesses and jobs of the future. Innovation industries grow in clusters, where entrepreneurs, venture capitalists, researchers and potential clients are constantly interacting, exchanging ideas and drawing upon a concentration of talent.
“We have brought together a unique group of industry, city and entrepreneurial mentors in order to help grow the next big enterprise companies here in NYC,” said Owen Davis, Managing Director of NYC Seed and founder of NYC SeedStart. “We want to see the ideas developed by New Yorkers transformed into new companies that stay, grow and lead the new economy in New York. This summer’s program will launch the next generation of entrepreneurs, and we commend the State and all of our partners for their support.”
The NYC SeedStart accelerator program series strongly aligns with the NYCREDC’s economic development strategy and was identified as a priority project. As a result, NYC SeedStart was awarded a $550,000 grant from Empire State Development to support six 12-week business accelerator programs to foster the growth of startups in New York City. NYC SeedStart Enterprise 2013 will receive a portion of the grant funds and the balance will provide continued support to future accelerator programs.
“For far too long, innovative and transformative new ideas have been developed in New York only to be exported and commercialized in other states,” said Empire State Development President, CEO & Commissioner Kenneth Adams. “Under Governor Cuomo’s leadership, we are working harder than ever with partners like NYC SeedStart to connect startups with corporate partners that can turn concepts into products, which will grow new businesses and create jobs at home in New York. The NYC SeedStart Enterprise 2013 program will develop the next generation of high-tech companies that we need to continue growing our economy and remain at the forefront of the 21st century global economy.”
The vertical focus of NYC SeedStart Enterprise 2013 is “uniquely New York,” involving numerous corporate participants working collaboratively to foster the growth of new startups in New York State and bridge the gap between large enterprise corporations and early stage startups that are developing new technology to transform the industry. Future NYC SeedStart programs will focus on other industry verticals. The NYC SeedStart consortium includes NYC Seed, Contour Venture Partners, RRE Ventures, StarVest Partners and Safeguard Scientific.
The intensive, 12-week program is designed to help entrepreneurs focused on the next-generation of enterprise software launch new ventures in New York City. New York City has become one of the leading entrepreneurial eco-systems in the country. With access to large amounts of capital, highly experienced investors and a robust ecosystem, New York is a very attractive location for companies to launch. The goal of NYC SeedStart Enterprise 2013 is to establish an infrastructure that will enable talented entrepreneurs to work on important enterprise trends and products in New York City and launch their ventures.
Startup companies accepted into the program will have direct access to senior level executives from partnering firms and receive $20,000, as well as mentorship and workspace. In addition, startups selected for the program will also receive support from an outstanding group of venture capital firms including Contour Venture Partners, NYC Seed, RRE Ventures, Safeguard Scientifics and StarVest Partners, as well as many notable entrepreneurs and Empire State Development (ESD), Silicon Valley Bank and the law firm of SorinRoyerCooper.
The growing number of new enterprise software companies in New York City over the last several years has led to a stream of new innovations that the leading enterprise companies are eager to grasp. Startups will benefit from the advice and possible partnership with their larger counterparts, while participating corporations will have exposure to the cutting edge technology and ideas created during the course of the program.
Maria Gotsch, President and CEO of the Partnership Fund for New York City said, “New York City is a key market for enterprise technology given the extensive number of large corporations operating here. Through the Enterprise 2013 accelerator and with the Partnership Fund’s help, NYC SeedStart will provide both capital and access to key corporate relationships to catalyze the growth of the next generation of enterprise tech companies and associated jobs in New York City.”
Russell M. Artzt, Vice Chairman and founder, CA Technologies said, “I am excited to participate in the NYC SeedStart enterprise program. We look forward to working with entrepreneurs that are trying to build innovative enterprise companies and supporting the entrepreneurial ecosystem in New York. Hopefully our mentorship will lead to some strategic partnership discussions with CA Technologies.”
Stuart Ellman, Co-Founder and Managing Parner of RRE Ventures said, “At RRE, we see the need and the tremendous potential for an enterprise incubator such as NYC SeedStart. We are proud to be a supporter and look forward to working with the companies.”
Andreas Wuerfel, Director Innovation & Technology Scouting Deutsche Telekom, Inc. said, “At Deutsche Telekom we embrace and value the power of innovation. It is exactly programs such as ‘Enterprise 2013’ that help foster that vital dialog between New York’s entrepreneurs and corporate organizations. We look forward to participating in this year’s program and are excited to help shape potential win-win strategic opportunities.”
Among the hundreds of companies applying to be a part of the program, NYC SeedStart Enterprise 2013 is seeking companies building new technology in SaaS, real-time analytics, security, cloud services, and consumerized enterprise products.
Before the finalists are selected, NYC SeedStart will hold an information session on April 29 at the NYU Poly incubator on 137 Varick St., New York, NY. Reservations for the information session can be made through the SeedStart website. Additionally, NYC Seed Start will be a highlighted exhibitor on April 25 at NY Tech Day, the World's Largest Startup Showcase, which brings together the best startups, highest caliber investors, most sought after talent and greatest pool of tech enthusiasts.
Applications for the program must be submitted by May 5. The program will begin July 8 in New York City and conclude with presentations to investors in September. For more information about NYC SeedStart Enterprise 2013, visit www.nycseedstart.com. Inquiries should be directed to Brian Malkerson at email@example.com.
About NYC Seed
NYC Seed, the fund organizing NYC SeedStart, is a partnership between ITAC, Partnership Fund for New York City, The New York State Foundation for Science, Technology and Innovation, New York City Economic Development Corporation and Polytechnic Institute of New York University. NYC Seed provides guidance from notable entrepreneurs, technologists and venture capitalists, connects companies to potential initial customers and helps companies move to their next stage of development.
About Empire State Development and the Regional Councils
Empire State Development (ESD) is New York’s chief economic development agency. The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing Governor Cuomo’s Regional Economic Development Councils and the marketing of “I Love NY,” the State’s iconic tourism brand.
The Regional Economic Development Council initiative (REDC) is a key component of Governor Cuomo’s transformative approach to State investment and economic development. In 2011, Governor Cuomo established 10 Regional Councils to develop long-term strategic plans for economic growth for their regions. The Councils are public-private partnerships made up of local experts and stakeholders from business, academia, local government, and non-governmental organizations. The Regional Councils have redefined the way New York invests in job creation and economic growth by putting in place a community-based, bottom up approach and establishing a competitive process for State resources. After two rounds of competitive awards, nearly 1,500 projects are receiving support to create new jobs, grow the economy, and restore New York State as the Empire State. For more information on the Regional Councils, visit www.regionalcouncils.ny.gov.