The state has established its own venture capital fund to convert university research into commercial products and boost the success rate of technology startups, Gov. Andrew M. Cuomo said Friday.
The $50 million New York State Innovation Venture Capital Fund will provide up to $100,000 to commercialization projects and between $100,000 and $5 million to seed and early-stage businesses.
Every dollar from the state will be matched by a dollar of private money. The investments will be selected by Empire State Development, the state's primary business-aid agency.
"New York is home to some of the brightest minds in the world -- and by launching this fund, we're helping these budding entrepreneurs bring their ideas to market right here," Cuomo said in a statement.
Information is available at on.ny.gov/1DowWsh.
An Empire State Development official said the fund would complement, not replace, the Innovate NY Fund, which also invests in startups and consists of $35 million from the U.S. Treasury and $10 million from Goldman Sachs.
In 2012, Empire State Development designated seven venture capital firms across the state to invest Innovate NY funds in promising startups.