Amplify Philly: SXSW Edition

In 2016 Philadelphia had its first formal presence at SXSW. Led by Philly Startup Leaders and a cadre of community leaders.

We’re planning 2017 already, starting with getting the word out about how to become a speaker at SXSW.

Check out the video with highlights from the SXSW Interactive tradeshow floor and an all-Philly lineup concert.

PRESS RELEASE: University City Keystone Innovation Zone Expands to Old City, N3rd Street Startup Community

Eligible Startups will have Access Up to $100,000 in Sellable Tax Credits Annually

March 23, 2016 – Contact:  Ajeenah Amir ajeenah.amir@phila.gov

PHILADELPHIA– Today Mayor Jim Kenney and the Philadelphia Department of Commerce, alongside The University City Keystone Innovation Zone (UC KIZ), announced that the UC KIZ has received approval from the Pennsylvania Department of Community and Economic Development (DCED) to expand its existing boundaries to include the growing tech community in Old City, including the area along N. 3rd Street, known as “N3rd Street.”

“The expansion of the UC KIZ is an incredibly important development for Philadelphia’s startup community,” said Mayor Jim Kenney.  “The inclusion of Old City will bolster the already exciting growth of tech companies we’ve seen on and around N3rd St. We’re committed to helping Philadelphia’s innovation community flourish throughout the City, and tools like KIZs are a big part of that equation.”

As a result of the expansion, a new swath of companies in Philadelphia’s growing innovation ecosystem will be able to access up to $100,000 annually in sellable tax credits. The DCED could award as much as $1.2 million in tax credits to newly eligible companies within the expanded zone in 2017. Many KIZ Tax Credit awardees invest those funds in new employees, while others purchase equipment to further develop and commercialize products and technologies.

“We need to nurture the talent pipeline that exists in Pennsylvania from higher education to business ownership by providing as many opportunities as possible to support their efforts,” said Department of Community and Economic Development Secretary Dennis Davin. “We are thrilled with the success of the KIZ program and are extremely excited with the increased opportunities available in Philadelphia through the expansion of the UC KIZ.”

Pennsylvania’s Keystone Innovation Zone Tax Credit is a fundamental component of the KIZ program. Up to $25 million in credits are available each year to eligible companies. Companies without tax liabilities can sell their tax credits themselves or secure a third-party, independent broker to sell the credits on their behalf.

“Innovation and entrepreneurship are thriving all across Philadelphia – from University City and uCity Square all the way to N3rd Street,” says Stephen S. Tang, Ph.D., MBA, President & CEO of the University City Science Center, which serves as the fiscal agent of the UC KIZ. “Thanks to this expansion, the UC KIZ will be better equipped to accommodate and support the cluster of tech startups in Old City while helping to attract and retain even more early-stage companies in Philadelphia.”

Twenty-one startup companies in the UC KIZ received a collective $1.8 million in tax credits awarded by the DCED in 2015 as part of the KIZ Tax Credit Program. Over the last 10 years, 48 UC KIZ companies have benefited from almost $8 million in KIZ Tax Credits.

“Our recent KIZ Tax Credit award will help our company retain two software developers” says first-time applicant John Nosek, Founder and Vice President for Research and Product Innovation at Guiding Technologies. “Also, these tax credits meet requirements for matching National Science Foundation (NSF) SBIR Phase IB funding, which enhances our chances of obtaining much larger NSF SBIR Phase II and Phase IIB funding.”

About the University City Keystone Innovation Zone

The University City Keystone Innovation Zone was established in 2004 by the Commonwealth of Pennsylvania and the Ben Franklin Technology Development Authority as a Keystone Innovation Zone, a geographically designated zone designed to create a “knowledge neighborhood” that develops technology business communities by aligning talent and resources.  It is a partnership of BioAdvance, Drexel University, Thomas Jefferson University, the University City Science Center, the University of Pennsylvania, the University of the Sciences in Philadelphia and The Wistar Institute.. UC KIZ partners are committed to working together to ensure that life sciences and information technology opportunities are developed and supported to maximize the potential of university research, start-up companies and international companies seeking to locate in the region.  The Science Center serves as the administrative and fiscal agent of the UC KIZ.

For more information about the University City Keystone Innovation Zone, call (215) 966-6156 or visit https://www.sciencecenter.org/programs/university-city-keystone-innovation-zone.

Philadelphia is heading to SXSW2016!

Until now, Philadelphians have made their own ways through nine days of conferences and events at South By Southwest in Austin, Texas. But this year is different. A broad public/private coalition of local companies and organizations from enterprise to nonprofit have joined together to create SXSWPhilly.

You can participate without heading to Austin. Join us for the SXSW Sendoff party here in Philly on March 3rd at 6PM at Coda, 1712 Walnut St.

Registration is FREE, with food and cash bar.

Philly anchors Independence Blue Cross and Comcast NBCUniversal have already stepped up to sponsor, as well as local companies and organizations: Guru, Zivtech, Chariot Solutions, Children’s Hospital of Philadelphia, Pennovation Works, and Ben Franklin Technology Partners Southeastern Pennsylvania.

Showcasing the excitement of living and working in Philly at SXSW is a compelling proposition for the region’s businesses. It’s a great opportunity to recruit talent and create an emotional tie to our hometown. The StartupPHL booth will be surrounded by Philly startups: Cloudmine, RJ Metrics, Eventuosity, Zivtech, Chariot Solutions and Picwell. Attendees will enjoy Philadelphia-branded events, such as a concert of local talent produced by REC Philly and a VIP party.

SXSWPhilly organizers are always seeking additional funding and support from area businesses; it’s not too late to get involved. There’s an active SXSWPhilly Google Group with over 70 members, and a number of committees ready to helping make this initial effort a success. If you are already planning to go to SXSW, let us know!

“The efforts of the group really mirror the overall personality of the city,” said Yuval Yarden, who’s leading the SXSWPhilly initiative and is also program director at Philly Startup Leaders. “Startups and established companies are working to mutually support each other. For example, funding from Independence Blue Cross helps secure a place in Austin for Philly biotech startups.”

Philly is unmatched when it comes to our vibrant startup culture, our internationally renowned artists, filmmakers and musicians. A super cool city like Philadelphia deserves celebrity status at SXSW. A heaping helping of love from Philly makes a much greater impact than a performance here, and a booth there.

SXSW 2016 takes place in Austin, Texas, from March 11-20, 2016. There are multiple tracks, but the primary track for tech and startups is SXSW Interactive, from March 11-15. During that time, visitors can participate in the Trade Show (March 13-16), as well as the Job Market and Health/MedTech expo (both March 12-13). The film conference and festival runs from March 11-19, and the SXSW music conference is March 15-20.

Sue Spolan is Director of Marketing at Zivtech, a Philadelphia startup that specializes in open source app and website development.

Mayor Nutter, Deputy Mayor Greenberger Announce New Startup PHL Call for Ideas Awards

Announcement wraps up 10-day focus on startups and entrepreneurship in Philadelphia

PRESS RELEASE: Philadelphia, October 8, 2015 – Mayor Michael A. Nutter and Deputy Mayor for Economic Development Alan Greenberger announced a new round of Startup PHL Call for Ideas grants to organizations that provide programs and events to support entrepreneurship in Philadelphia.  The announcement comes at the end of a series of events and announcements related to startups, innovation and entrepreneurship in Philadelphia, kicking off with Steve Case’s Rise of the Rest Tour last week and including the Forbes Under 30 Conference which concluded yesterday.  The grants announced today help programs supporting a wide range of entrepreneurs across Philadelphia.

“Over the last week we have showcased our city’s startups and entrepreneurs to leaders from around the country and around the world, demonstrating that Philadelphia is one of America’s top startup cities,” said Mayor Nutter.  “Increasingly, people are learning that Philadelphia has all of the raw ingredients necessary to start and grow exciting companies.  I am confident that the attention our city receives will only continue to grow as more founders and entrepreneurs choose Philadelphia as their home city.”

The latest round of Startup PHL Call for Ideas grants provides funding to six organizations, bringing the total number of programs supported by this initiative to twenty.  The programs funded in this round include:

  • Asociacion Puertorriquenos En Marcha ($20,000) – APM will convert a parcel of land at 6th and Susquehanna into a pop-up market place and provide entrepreneurial training to aspiring and nascent entrepreneurs, creating a gateway for entrepreneurial activity in this community.

 

  • Corzo Center for the Creative Economy at the University of the Arts ($15,000) In January 2016, the Center – in partnership with the Philadelphia Free Library – will offer an interactive, program to those considering a business based in the creative economy.  Participants will also receive two hours of one-on-one consulting and the opportunity to apply for seed grants.

 

  • Refugee Women’s Textile Initiative ($18,548) – The RWTI will empower refugee women with sewing and textile skills and manufacturing contacts to create independent businesses, develop a cooperative store, and merge traditional textiles with new art forms to overcome poverty and gain economic mobility.

 

  • Schoolyard Ventures ($6,000) – Schoolyard Ventures will create a marketplace where teens with great ideas can connect with those who wish to fund them. After helping over 800 middle school and high school aged students launch businesses providing over $70,000 in direct micro-capital to them, Schoolyard Ventures has learned that as little as $250 can help a young person launch a business, as well as build skills and improve the lives of others in the city.

 

  • TechGirlz Charitable Foundation ($19,990) – TechGirlz will provide a stipend or college credit for high school and college students who teach the TechShopz in a Box Program in workshops throughout Philadelphia. TechShopz in a Box is a TechGirlz-developed curricula for middle school girls.

 

  • Tiny WPA ($25,000) – The Building Hero Project is a design, leadership and entrepreneurship incubator for individuals ages 16 and up who want to be a part of a diverse community of civic change agents. Participants will learn how to design and build products for sale and manage an eCommerce store.

Startup PHL is an initiative of the City of Philadelphia’s Commerce Department, PIDC, and First Round Capital to provide funding for early-stage companies and to support programs that develop the startup community in Philadelphia.  Through Startup PHL Funds and co-investments from First Round Capital, nine Philadelphia startups have received more than $1.1 million in combined seed stage or angel investment since October 2013, and through the Call For Ideas Grants twenty organizations have received more than $400,000 in funding to support entrepreneurship programming.  Just last week Mayor Nutter, Deputy Mayor Greenberger, PIDC and First Round Capital announced a $100,000 Startup PHL Angel Fund investment in Scholly, an education startup in Philadelphia connecting students to scholarship opportunities.  Scholly also won the Rise of the Rest pitch competition securing a $100,000 investment from AOL founder Steve Case.

“Our goal through Startup PHL is to provide more capital to growing startups in Philadelphia and to support collaboration and entrepreneurship across the city,” said Alan Greenberger, Deputy Mayor for Economic Development.  “We have invested around $1.5 million into our city’s ecosystem to date and, in the process, sought to elevate the profile of entrepreneurship in Philadelphia by working with incredible partners such as PIDC and First Round Capital.”

The applications were evaluated by officials from the City of Philadelphia’s Department of Commerce and PIDC along with representatives of the investment, academic, policy and startup communities.

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Mayor Nutter Announces Startup PHL Investment in Scholly

Education startup the 9th Philly company to receive investment

PRESS RELEASE Philadelphia – Mayor Michael A. Nutter announced that the Startup PHL Angel Fund has made a $100,000 investment in Scholly, a Philadelphia startup which has developed an app that gives students a fast and simple way to find scholarships for college. Scholly also recently won the Rise of the Rest pitch competition securing a $100,000 investment from AOL founder Steve Case on his visit to Philadelphia earlier this week.

“My Administration has worked diligently to build on this city’s history of innovation by providing the support and programming needed by young companies to grow and prosper in Philadelphia,” Said Mayor Nutter. “More companies are choosing not just to launch in the City of Philadelphia but to stay and grow their businesses here as well. Talent is also staying and finding opportunities for themselves in the vibrant startup economy in Philadelphia. My Administration is proud to do all we can to continue to promote Philadelphia as one of America’s top startup cities. Thank you to our partners at PIDC and First Round Capital for making this work possible.”

Scholly has partnered with the White House’s My Brother’s Keeper Initiative to provide the app to 275k students across America each year. The app has also been endorsed by the Coca Cola Scholars Foundations and the Gates Millennium Scholars Foundation. In less than two years, Scholly has helped students raise at least $20 million in scholarship funds.

Scholly was recently on Shark Tank and was chosen as one of Inc. Magazine’s Top College Start Ups. The company has won UnderArmour’s Cupid’s Cup Competition as well as Drexel’s Incubator competition and was chosen as one of Philly’s Coolest Start Ups of 2013. Founder Christopher Gray, a recent graduate from Drexel and an Ernst and Young Entrepreneur of the Year for 2015 for Philadelphia, along with his co-founders Bryson Alef and Nick Pirollo launched the app in May 2013

“Startup PHL is a great opportunity for us and really shows that Philadelphia is growing as a startup ecosystem,” said Scholly founder Christopher Gray. “We are excited to make Philadelphia our home, create more jobs, and be a part of what will be one of the next hubs of entrepreneurship.”

Startup PHL is an initiative between the City of Philadelphia, PIDC, and First Round Capital to support the growth of startups in Philadelphia. The Startup PHL Seed Fund and Startup PHL Angel Fund are partnerships between PIDC and leading venture capital firm First Round Capital to make investments in Philadelphia-based startups. Scholly is the ninth company to receive an investment with $1,149,997 invested in Philly startups since 2013.

“I’ve known Chris since his days as a student investor with our Dorm Room Fund. He and his team at Scholly have accomplished an incredible amount in a very short period of time, and I’m thrilled to continue to work closely with them through Startup PHL.” said Josh Kopelman, Partner at First Round Capital.

“The success of the Startup PHL Initiative continues to showcase Philadelphia as a top competitor in the startup community,” said John Grady, President of PIDC. “PIDC is committed to investing in businesses like Scholly that not only serve Philadelphia’s economy but supports priorities like education. We are proud to partner with First Round Capital and look forward to supporting the next inventive entrepreneur.”

Startup PHL also provides grant funding through its Call for Ideas program. This grant program managed by the Department of Commerce provides grants to initiatives or organizations that are supporting startups and entrepreneurs in Philadelphia. The program has awarded over $300,000 in grants to date to support Philadelphia’s startup community through a range of organizations such as Startup Corps, Philly Startup Leaders, Ben Franklin Technology Partners, Campus Philly, Techgirlz and Coded by Kids. The next round of Call for Ideas grants will be made next week.

“Over the last few years Philadelphia’s profile as a city from which to launch and grow exciting, innovative companies has grown tremendously and the success of firms like Scholly is testament to that progress,” said Alan Greenberger, Deputy Mayor for Economic Development. “Philadelphia has become a city of choice for startups and for larger firms looking to acquire some of the top talent in the nation and I am proud of what we have been able to do to support the growth of this community.”

Mayor Nutter, Deputy Mayor Alan Greenberger Announce New Startup PHL Call for Ideas Awards

PRESS RELEASE

Mayor visits Coded by Kids after-school program providing tech training to young people in Philadelphia

Philadelphia, May 7, 2015 – Mayor Michael A. Nutter and Deputy Mayor for Economic Development Alan Greenberger announced today a new round of Startup PHL Call for Ideas grants to organizations that provide programs and events to support entrepreneurship in Philadelphia.  The funding supports the goals of providing opportunities to young people in neighborhoods all across the city; increasing the diversity of Philadelphia’s technology sector; and fostering greater collaboration among universities and better connecting students to startups in Philadelphia.

“Through Startup PHL our goal is to create opportunities for all Philadelphians to participate in the new technology-driven economy,” said Mayor Nutter.  “Programs such as Coded by Kids, TechGirlz, and FirstHand are reaching into diverse communities throughout our city and providing the skills and confidence needed to work in the technology sector, or even to start a company.  This is all part of our commitment to establish Philadelphia as a thriving startup city with opportunities available to all.”

John Grady, President of PIDC, said, “We are proud partners in the StartUp PHL initiative.  PIDC is pleased to help support entrepreneurship in Philadelphia with this multifaceted initiative to increase the availability of capital and make Philadelphia an attractive place for entrepreneurs.”

The latest round of Startup PHL Call for Ideas grants provides funding to four organizations, bringing the total number of programs supported by this initiative to fourteen.  The programs funded in this round include:

  • University City Science Center FirstHand Program ($25,000) – a youth STEAM initiative serving Philadelphia youth from under-resourced schools and the teachers, professionals and families from their communities. The Startup PHL funding assists in lab equipment acquisition for the FirstHand Lab, a dedicated lab space for students.
  •  Drexel University, Regional University Business Plan Competition ($23,500) Startup PHL funding will help establish a multi-university business plan competition run by a new consortium of university-based entrepreneurship programs and incubators.  Drexel University’s Chuck Sacco, organizer of this initiative, commented, “A number of us at university-based entrepreneurship programs wanted to find new ways to have entrepreneurially-minded college students work across the region and build their networks at other universities and colleges and within the community.  A regional business plan competition will be a great way for that to occur”.
  • Coded by Kids Instructor Pipeline Project ($19,870) – Coded by Kids provides inner city children with free, engaging, challenging and creative tech education program. Startup PHL funding will establish an adult training program for instructors in the Coded by Kids workshops.
  • TechGirlz Entrepreneur Bootcamp in a Box ($10,000) – TechGirlz hold workshops and an annual entrepreneurial summer camp serving middle-school girls. Startup PHL funding will expand the existing and successful TechGirlz Summer Entrepreneur Bootcamp materials into sharable, lesson plan formats so other groups can teach the program.  TechGirlz founder Tracey Welson-Rossman commented, “This Tech Entrepreneur Camp is unique in this country and we are extremely happy to be partnering with the City to have more girls understand how they can participate in the tech and startup economy. Innovation is gender blind.”

Later today Mayor Nutter will visit the Coded by Kids after-school program at the Marian Anderson Recreation Center to see how this initiative is providing a coding-focused education program that would normally be out of reach for many Philadelphia residents and is preparing prepare both children and adults for careers in web development.

“Providing tech education opportunities to Philadelphia residents who have traditionally lacked access to these opportunities is critical to the social and economic success of our communities,” said Coded by Kids founder Sylvester Mobley.

Startup PHL is an initiative of the City of Philadelphia’s Commerce Department, PIDC, and First Round Capital to provide funding for early-stage companies and to support programs that develop the startup community in Philadelphia.  Through Startup PHL Funds and co-investments from First Round Capital eight Philadelphia startups have received more than $1 million in combined seed stage or angel investment since October 2013, and through the Call For Ideas Grants fourteen organizations have received almost $300,000 in funding to support entrepreneurship programming.

“Philadelphia’s emergence as a hub for startups and technology companies is one of the most exciting trends for the future of this city,” said Alan Greenberger, Deputy Mayor for Economic Development.  “This Administration, through Startup PHL and a range of other initiatives, is proud to support the work of entrepreneurs across Philadelphia who are building companies, developing exciting new products, and providing innovative, challenging job opportunities for the growing number of people who want to live and work in our city.”

Watch Out Organovo! This “Most Innovative” 3D Bioprinting Startup Has You in its Crosshairs

April 29th, 2015 | The Motley Fool by Beth McKenna

Philadelphia-based start-up BioBots is aiming to shake up the human tissue engineering — or “3D bioprinting” — space by making its desktop 3D bioprinters available for only $5,000 to scientists, engineers, and medical professionals who qualify for its beta testing program.

This low-cost product strategy aims at putting bioprinters into the hands of as many professionals in the biotech and medical fields as possible. It has the potential to unleash a wave of innovation in the biotech world, and possibly catapult this upstart into the bigger leagues.

BioBots: Aiming to democratize the bioprinting world

BioBots was founded by several recent graduates of the University of Pennsylvania. Among a field of 48 finalists, whittled down from more than 500 entrants, the upstart from “Rocky’s” hometown knocked out the competition for “Most Innovative” honors at Oracle Corp.‘s South by Southwest 2015 Accelerator venture competition last month. SXSW has a reputation as a breeding ground for innovative new ideas in the tech realm.

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Application Deadline for DreamIT Health Philadelphia 2015 is May 1

DreamIt Health Philadelphia 2015, running June 26th thru Oct 16th, is looking for startup teams who are fanatical about solving significant healthcare problems by combining relentless business execution, software or hardware, and inspired design.

DreamIt provides

  • seed capital (up to $300k per team)
  • access (customers, partners, investors, KOLs, SMEs)
  • coaching (from been-there-before, successful entrepreneurs)
  • freebies (legal, accounting, space, AWS, etc)
  • tools/techniques/best practices

The program is an unrivaled opportunity to work closely with Penn Medicine and Independence Blue Cross who have committed to provide access to and partnership with clinicians, executives, and industry leaders for designing, testing, launching, and deploying your solution at scale. Teams also benefit from speakers, office hours and content designed around healthcare-specific challenges such as navigating regulatory and reimbursement hurdles.

DreamIt Health alumni include Biomeme, Tissue Analytics, BioBots, and Haystack.

More info and applications at www.dreamithealth.com. Applications are due May 1st!

About DreamIt Ventures
We uniquely combine a startup accelerator program and an early-stage seed fund to help exceptional entrepreneurs build thriving, fundable companies. Our managing directors all have deep startup operating experience that we bring to bear in stacking the deck in favor of our portfolio companies. We’ve worked with 195 startups across all sectors and which today are valued at nearly a billion dollars. Over the course of a given DreamIt accelerator, participating teams identify and eliminate risks, build out their products, focus on customer acquisition and establish paths to building sustainable revenues. Beyond the program, DreamIt Ventures remains an active and committed investor in our alums helping wherever we can over the entire lifecycle of their companies.

It was a big winter for the first 3 startups in Project Liberty

April 1, 1015 | Technical.ly Philly by Juliana Reyes

At  the beginning of 2012, a Philly media company opened its doors to three startups.

It was an experiment: Could the legacy media company behind the Philadelphia Inquirer, Daily News and Philly.com invigorate the tech scene while also modernizing its own offerings? (The following year, the New York Times launcheda similar program.)

Four years later, Project Liberty, as its known, is in the middle of its sixth class of startups (they have yet to be announced). The program was initially funded for three cycles by a $250,000 Knight Foundation grant, which got renewed for $345,000 in the summer of 2013.

So, has the experiment succeeded? That remains to be seen, but here’s what we do know: those first three Project Liberty startups had a big winter, full of exits and fundraising. And at least two of them have had an impact on the region’s tech scene.

The startups — SnipSnapCloudMine and Versa — all joined Project Liberty fresh off completing DreamIt Ventures. (The DreamIt accelerator provided mentorship to the first three classes of Project Liberty and now, it supports the program “in any way that [it] can,” said DreamIt cofounder Steve Welch.)

This winter:

  • Center City couponing app SnipSnap was acquired by Toronto’s Slyce for $6.5 million. SnipSnap’s five employees are remaining in Philadelphia.
  • Center City mobile back-end CloudMine raised $5 million in a Series A led by local investorSafeguard Scientifics. CloudMine employs 16 and is currently hiring.
  • Sponsored content startup Versa, formerly known as ElectNext, was acquired by online petition site Change.org for an undisclosed amount. At the time of the acquisition, Versa no longer had a Philly presence. Its three staffers, including CEO Keya Dannenbaum, are joining Change.org.

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Mayor Nutter Announces Startup PHL Angel Fund Investment in Gencore Systems

Philadelphia, March 27, 2015 – Mayor Michael A. Nutter announced that the Startup PHL Angel Fund has made a $100,000 investment in Gencore Systems, a software company based in Philadelphia founded by a computer science professor at the University of Pennsylvania.

“The growth of a vibrant startup economy is one of the most exciting developments to take place in this city over recent years and my Administration is proud to do all we can to continue to promote Philadelphia as one of America’s top startup cities,” said Mayor Nutter.  “Through Startup PHL and a range of other initiatives we are providing the resources and support system to help exciting companies start, stay and grow in Philadelphia.  Thank you to our partners at PIDC and First Round Capital for making this work possible.”

Gencore Systems offers a non-intrusive, network-based application performance management solution that provides deep-insights into service delivery and user experience of cloud applications, and helps troubleshoot performance bottlenecks in a proactive manner. The Gencore solution is compatible with both private and public cloud setups, as well as data centers that deploy state-of-the-art Software-defined Networking (SDN) technologies. The company is a spinoff from the University of Pennsylvania, and has incorporated award-winning research into its products.

“We are excited to receive the Startup PHL investment, and plan to use the funding to continue product development, and enhance our product through our ongoing pilot deployments with customers,” said Gencore Systems founder Boon Thau Loo.  “Gencore Systems is delighted to be in Philadelphia. We have been able to benefit from a steady stream of engineering and business talent from local universities. Moreover, the community here is close-knit, and we have always been able to get advice from other entrepreneurs when approached. We look forward to growing the company here in this city.”

Startup PHL is an initiative between the City of Philadelphia, PIDC, and First Round Capital to support the growth of startups in Philadelphia.  The Startup PHL Seed Fund and Startup PHL Angel Fund are partnerships between PIDC and leading venture capital firm First Round Capital to make investments in Philadelphia-based startups.  Gencore Systems is the seventh company to receive an investment.

“We’re thrilled to be investing in a company with such deep roots in Philadelphia’s academic community, and are extremely excited to see what lies in store for Gencore,” said Josh Kopelman, Partner at First Round Capital.

The Startup PHL Call for Ideas is a grant program managed by the Department of Commerce providing grants to initiatives or organizations that are supporting startups and entrepreneurs in Philadelphia.  The program has provided ten grants to date investing $217,400 in Philadelphia’s startup community through a range of organizations such as Startup Corps, Philly Startup Leaders, Ben Franklin Technology Partners, Campus Philly, and the Philly Dev Camp.  An announcement of additional grants is expected to be made in the coming weeks.

To learn more about Startup PHL visit www.startupphl.com.