‘We want the next company that’s born here to mature here:’ PIDC Senior Vice President Sam Rhoads on city’s StartupPHL Fund

November 16, 2012 | Technically Philly by Juliana Reyes

“During Tuesday’s information session on the city’s StartupPHL matching seed stage investment initiative, Sam Rhoads made one thing very clear: the city does not want the tech startups that get funded by the proposed $6 million city-backed fund to move to the suburbs — or anywhere, for that matter — once they receive investment

“We want the next company that’s born here to mature here,” said Rhoads, the Philadelphia Industrial Development Corporation‘s (PIDC) Senior Vice President of Finance. (On the other hand, the venture capital firm that handles the fund does not have to be within city limits.)…”

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City to start up start-up fund

October 26, 2012 | Philadelphia Daily News by Catherine Lucey

“COMPUTER WHIZ Khushboo Shah has a financial plan, staffers and customers all lined up for the high-tech business she wants to launch soon. But the 36-year-old engineer, who lives in Center City with her young family, is missing one key thing: Start-up money…”

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Philadelphia The Founder City, To Invest $3.5 Million In Startups

October 26, 2012 | nibletz.com

“Philadelphia Mayor Michael A Nutter announced today that the city of Philadelphia and the Philadelphia Industrial Development Corporation has created a joint two-tiered investment and grant making initiative called “Startup PHL”. Philadelphia is looking to spur more innovation and encourage startups to move to the city of brotherly love…”

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Philadelphia Forms $6M Seed Fund Startup PHL to Keep Talent in Town

October 26, 2012 | Dow Jones, VentureWire

“Could the City of Brotherly Love do more to keep entrepreneurs in a long-term relationship? Philadelphia Mayor Michael A. Nutter believes yes. To that end, his administration is putting $3 million of public money up to launch Startup PHL, a $6 million total seed fund that will back companies committed to staying in Philadelphia…”

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Philadelphia mayor launches Startup PHL: Should Seattle follow a similar path?

October 26, 2012 | GeekWire by John Cook

“Philadelphia isn’t routinely thought of as a startup hub. But the City of Brotherly Love is hoping to now sprinkle some of that love to entrepreneurs — in the form of cash.

“Mayor Michael Nutter today introduced a new public-private investment program called Startup PHL designed to boost seed-stage capital in the city and support newbie entrepreneurs…”

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StartUp PHL looks to boost Philly tech scene

October 26, 2012 | WHYY NewsWorks by Zack Seward

“Mayor Michael Nutter launched a new initiative Friday to support Philadelphia tech startups. On the roof deck of the Independence Visitor Center, Nutter kicked off the proceedings with a nod to the past. ‘Philly is a perfect place for founders, people looking to start businesses and make things,’ said Nutter.

“The city’s entrepreneurs drive the economy, the mayor said. And city government needs to help out — especially with a growing sense of momentum around Philly tech startups…”

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Philadelphia Mayor to startups: Take the money and don’t run

October 26, 2012 | PandoDaily by Hamish McKenzie

“Philly has a problem: It struggles to keep good startups in the city. AdMob, Milo, Invite Media, Warby Parker, Venmo – they all started in Philadelphia. And they all left. The city, densely packed with great universities and tens of thousands of smart students, doesn’t have a problem with generating good ideas and getting young entrepreneurs started. It’s the support, early stage capital, and deep experience that have been lacking. Part of that might be about to change…”

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