Since returning home to NYC in January after working and traveling abroad, I’ve made a point of getting to know New York City and State entrepreneur-support resources. I’ve connected with the New York City EDC’s industrial desk, fashion desk, financial services desk, and media & emerging technology desk, the New York State ESD, and the Pratt Center for Community Development.
Simply put, there are really passionate people at each of these places who are super-keen to help and there is a ton of material support out there for entrepreneurs and would-be entrepreneurs, including — amazingly, I think — early stage capital from both the City and State.
In addition to actual cash, there are tax credits available for companies that create jobs and grants meant to spur innovation in certain areas. Very few early stage companies will be eligible for many of these incentives but at least some will be eligible before they know it. With that in mind, I think developing an awareness of this universe early on and, maybe, including a very brief discussion in investor marketing materials could be a way for companies to stand out in the crowd. To my mind, a company that has demonstrated an ability and willingness to look under every rock to find resources that they’re entitled to is one that is likely to do the deep thinking and hard work needed to execute successfully.
And did everyone who is pitching to investors already know that investors in “qualified emerging technology companies” are allowed a tax credit equal to a percentage of their investment?
One of the big NYC programs, BigApps, came to a close last night. I attended the award ceremony and will share some thoughts in the next post about a couple winners and, maybe, the very impressive digital wall.