Why the VC Game Is Attracting a Whole New Set of Players

December 16, 2015 | Entrepreneur Magazine by Michelle Goodman

Earlier this year, Boston-based 3-D printing company Voxel8 raised $12 million in Series A funding. Among the windfall were contributions from Autodesk’s Spark Investment Fund — the software company’s $100 million 3-D printing investment initiative — and In-Q-Tel, the CIA’s venture fund for intelligence-related innovations.

Wireless intercom company Nucleus scored more than $1.6 million in seed investments this year, $100,000 of which came from Philadelphia’s $6 million StartUp PHL fund, which makes equity investments in local entrepreneurs. And Back to the Roots, a San Francisco-area sustainable-food company, raised $650,000 two years ago from Fund Good Jobs, a $2.53 million philanthropic venture fund focused on job creation.

These unconventional VC groups aren’t anomalies. In recent years, corporations, municipalities, university alumni groups and philanthropic groups with agendas beyond reaping financial rewards have jumped into the equity financing game.

READ MORE

 

Penn faculty startup raises $100K from Startup PHL angel fund

March 26th, 2015 | Philadelphia Business Journal by Lauren Hertzler

A startup that spun out of the University of Pennsylvania’s computer science department just raised $100,000 from the city’s Startup PHL angel fund.

Penn computer science professor Boon Thau Loo and a group of graduate and undergraduate students founded Gencore Systems about a year ago. They spent years researching how to analyze huge volumes of network and cloud traffic, and built a product out of it.

Gencore is a software that allows companies that use public cloud infrastructure, such as Amazon Web Services and Rackspace, to monitor and understand how well their applications are performing in the cloud. It’s unique, Loosaid, because it’s “completely non-intrusive.”

“It provides detailed application performance metrics, yet requires no code modifications to existing applications or add performance overheads,” he said. “This makes it easy to install and adopt.”

READ MORE

Philly Dev Camp kicks off with help from city fund

July 24, 2014| Philadelphia Business Journal by Lauren Hertzler

Zoe Goldberg, a soon-to-be senior at the University of Pennsylvania, has summer plans quite unusual for a typical 21-year-old.

Instead of turning her brain off for the remainder of her last summer vacation, she’s spending five weeks in an intense website development camp, dubbed Philly Dev Camp, run by Zivtech and Neomind Labs.

Philly Dev Camp, which kicked off this week in a Zivtech workroom, is made possible from a $24,000 grant from StartUp PHL, the City of Philadelphia Department of Commerce and Philadelphia Industrial Development Corporation initiative. The camp’s goal is to train interested individuals, and ultimately create a group of talented Web developers, who can boost the city’s tech scene.

“I always hated my job before coming into this field,” said Jody Hamilton, Zivtech co-founder and chief technology officer. “And this is such a good job. There’s demand for this job, it pays well, you can work in Center City in a nice office, it’s creative, you work with interesting people. There’s nothing bad you can say about these [Web developer] jobs.”

The only missing piece, Hamilton continued, is finding people with the right skills to do the work.

READ MORE

Philly looks to attract tech buzz, entrepreneurs

June 12, 2014  | SFGate.com by Kathy Matheson, Associated Press

PHILADELPHIA (AP) — Tech enthusiasts know Silicon Valley in California and Silicon Alley in New York.

But what about Silicon Philly?

The City of Brotherly Love has become home to a growing and tightly knit community of entrepreneurs at the same time media giant Comcast plans to build a second skyscraper downtown with the potential to house thousands of corporate tech jobs.

Local officials have taken note on many levels, from allowing the startup corridor of N. 3rd Street to be renamed “N3RD Street” (Get it? Nerd Street?) to launching funding opportunities like StartUpPHL. And don’t forget that time people played Tetris on the face of a 29-story office building.

“We’re seeing an explosion of activity and investment in innovation and technology,” said Mayor Michael Nutter. He planned to cut ribbons at two new tech company offices Friday and visit two others to highlight his commitment to nurturing the industry.

READ MORE

First Startup PHL Call for Ideas Awards Announced

Philadelphia, March 19, 2013 – Mayor Michael A. Nutter announced today that six local organizations will receive Startup PHL grants from the City of Philadelphia for programs or services that support the entrepreneurial community in Philadelphia.  The Startup PHL ‘Call for Ideas’ received more than 115 submissions, which were reviewed by City officials, PIDC, and representatives of the entrepreneurial and startup community. The grant winners are the following:

  • Ben Franklin Technology Partners/Campus Philly – $25,000 to create a Targeted Internship Matching Program to place Philadelphia-area college and university students at BFTP portfolio companies in Philadelphia this summer. The goals of the program are to provide Philadelphia startups with talent and to connect college students to startups/mentors, increasing the likelihood that they stay in Philadelphia post-graduation.  Matching funding will be provided by the companies hosting interns.
  • The Enterprise Center, Center for Culinary Enterprises, Philly Food Innovation Program – $15,000 to support the development of a workshop series for 25 early to middle stage food entrepreneurs to help accelerate their businesses.
  • Greater Philadelphia Chamber of Commerce – $18,400 to develop an online Entrepreneur’s Resource Directory, working with Select Greater Philadelphia, PACT and the Philadelphia startup community.  The Directory will provide a centralized location for entrepreneurs to find information on funding sources, professional and technical expertise, specialized facilities and professional services.  Matching funding will be provided by a corporate sponsor or the Chamber.
  • PhillyCORE Leaders – $15,000 to support the Supporting Entrepreneurship in Education (SEED) program, which includes a pitch event for education entrepreneurs to compete for funding.  The winning teams will then participate in the Fels Institute Social Innovations Lab to further develop their ideas.  Matching funding will be provided by corporate sponsorship.
  • Startup Corps – $20,000 to support the expansion of the high school entrepreneur program that provides programming to a diverse range of teenagers looking to develop entrepreneurial skills and build businesses.  In 2013 Startup Corps plans to expand the number of students served by 50% and develop new partnerships with organizations that support entrepreneurs.  Matching funding will be provided by private sponsorship.
  • VentureF0rth – $25,000 to create a ‘community commons’ space at the existing VentureF0rth co-working facility that will provide an increased range of services to the startup community, including daytime programming, job training for individuals looking for work in the technology sector, and an increase in the number of entry-level low-cost spots available to entrepreneurs.

Alan Greenberger, Deputy Mayor for Economic Development, said, “The overwhelming response to the ‘Call for Ideas’ is further evidence of the strength of Philadelphia’s startup and entrepreneurial community and one of the many reasons why the Nutter Administration is committed to supporting business creation in Philadelphia.  Increasingly Philadelphia is becoming a place of choice for businesses to start, stay and grow and the Startup PHL initiative is just one more tool we have to help make that happen.”

The City of Philadelphia and PIDC expressed their gratitude to the following people for their support and assistance: Andrea Allon (Greater Philadelphia Chamber of Commerce and PIDC Board Member), David Brussin (Monetate), M. Therese Flaherty (Wharton Small Business Development Center), Steve Goodman (Morgan Lewis), Apu Gupta (Curalate), Sam Landman (Comcast Ventures), Bob Moul (Artisan Mobile and Philly Startup Leaders), and Richard Vague (Gabriel Investments).

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…”

READ MORE

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…”

READ MORE

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…”

READ MORE

  • Page 1 of 2
  • 1
  • 2
  • >