Video: LI venture capitalist Mark Fasciano

Mark Fasciano, president of Jericho-based Canrock Ventures, one of Long Island's leading venture capital firms, recently had a wide-ranging conversation with Newsday's business editors and reporters in the Melville office.

Fasciano said the Island needs a critical mass of startup companies to attract venture capital from across the country. These companies need working and living environments to attract  the young workers that startups tend to employ.

He also discussed Long Island education in science, technology, engineering and math as well as the risks in finding "the next Facebook."

Most recently Fasciano joined forces with another venture capitalist David L. Calone of Jove Partners in Babylon and Neil Cohen, a private investor, to help create the Long Island Emerging Technology Fund,  $1.25 million of fresh money for  between 10 and 15 technology start-up companies.

Of the $1.25 million, $500,000 came in a grant from the state's Economic Development Corp., and $250,000 each came from the funds run by Fasciano, Calone and Cohen.