How much money would a NY state seed fund require annually?
To be successful, we believe the size of a state-sponsored seed fund should be proportionate to the amount of research and development expenditures at the state’s universities, which continue to be a major source of high potential startup companies. Pennsylvania, home of the successful Ben Franklin Technology Partner Funds, could perhaps serve as a model. The Ben Franklin Fund provides $20 million annually for $2.4 billion of research and development expenditures at Pennsylvanian universities. To achieve the same ratio, a New York State seed fund would have to invest $37 million annually for its $4.5 billion in research and development. If a NY State fund was split between Upstate and Downstate, the pro-rata subdivision of capital would be $20 million Downstate for $2.5 of R & D, and $17 million Upstate for $2.0 billion of R & D.
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