$1.25M raised to create LI tech start-ups

There is $1.25 million of fresh money available on Long Island to create between 10 and 15 technology start-up companies.

The money was quietly put together in the last few weeks by Resi Cooper, the business consultant who is temporarily heading Accelerate Long Island, the Long Island Association project to turn research at the region's labs and universities into companies; two venture capitalists, Mark Fasciano of Canrock Ventures in Jericho and David L. Calone of Jove Partners in Babylon; and Neil Cohen, a private investor. They are calling the effort the Long Island Emerging Technology Fund.

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.

Cooper said she plans to organize a meeting in June to allow people with ideas for technology businesses to meet with investors.

Calone said, "We are going to create companies" using the money. "The ideas will come out of research."

Accelerate Long Island is working with five labs and universities to identify research that could be commercialized. Other efforts are also under way. Cooper said the meeting is still in the planning stages. But, she said, "It's exciting. It's a beginning."