In its quest to become a high-tech hot spot, Long Island has lacked a key element. Money. Specifically, money from deep-pocket investors ready to risk bankrolling researchers with big ideas and startup dreams.
Long Island is home to about 130 tech startups at various stages of development, roughly a quarter in biotech. But the capital they need to fund efforts to move from exciting ideas to profitable businesses has been in short supply. Most startups don’t make it, so it’s a risky buinsess for investors.
Enter Topspin Partners, Long Island’s largest venture capital and private equity firm. It recently joined forces with Accelerate Long Island, a nonprofit working to help commercialize the research coming out of Long Island’s major research institutions.