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June 3, 2008

Venture Capital is an Attractive Nuisance, Part II

Further to my post earlier this week explaining why venture capital is an attractive nuisance, we have more evidence today. We now have the fine city of New York launching a New York City Venture Fund.

New York City Mayor Michael P. Bloomberg announced the debut of NYC Seed, a venture firm for early-stage technology companies in the city, CNET News.com reported.

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.

It is a public-private partnership between the New York City Economic Development Corp. the New York City Investment Fund, the Partnership for New York City’s economic development arm, Polytechnic University, the New York State Foundation for Science, Technology, and Innovation and the Industrial and Technology Assistance Corp.

At Monday’s event, Mr. Bloomberg hailed the diversity of New York and its possibilities as a hub for technology in addition to fashion, entertainment, finance, and media. “We accept each other in ways that I don’t think happens anyplace else,” he said.

Color me awe-struck that the financially savvy mayor of New York is buying his own illogic.

[via NYT]

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