Published October 25, 2012 in Long Island Business News
by John Callegari
Two seed funds, financed with public and private money, are now ready to help a few good tech startups born of Long Island’s research institutions.
Accelerate Long Island and the Long Island Emerging Technologies Fund will soon begin to disburse a combined $1.25 million in pre-angel stage investments. The funds, amounting to $500,000 from Accelerate Long Island and $750,000 from the LIETF, will help cultivate fledgling tech companies.
The program has been in the making for more than a year and a half, held up by the search for someone to lead Accelerate Long Island.
If successful, the early-stage funding program would provide a jumping-off point for new tech companies to grow and further the goal of turning Long Island into a tech hub. The actual funding, however, will go only a short way to helping tech startups to get on their feet.
David Calone, CEO of Babylon-based Jove Equity Partners and one of three venture capitalists behind the LIETF along with Canrock Ventures Co-Founder Mark Fasciano and private investor Neil Cohen, said the LIETF and Accelerate Long Island are reviewing three serious contenders, out of eight applicants. The companies selected will receive up to $50,000 from the LIETF and up to $50,000 from Accelerate Long Island, for a combined $100,000.