October 29, 2012
Entrepreneurs in Philadelphia just got a financial boost – to the tune of $3.5 million – from a two-tiered investment and grant-making initiative called Startup PHL. With the goal of bringing more tech startups to the city, Mayor Michael Nutter announced Friday the Philadelphia Industrial Development Corporation (PIDC) and the City of Philadelphia have partnered to create Startup PHL.
The initiative includes $3 million from PIDC, which will be matched and managed by a private investment fund, and $500,000 in grants to help tech entrepreneurs start up in Philly.
“Philadelphia is increasingly home to a dynamic, innovative startup and entrepreneurial community who are putting this city on the map as the place to be if you’re an entrepreneur,” said Mayor Nutter in a press release Friday. “The goal of Startup PHL is to build upon and support so much of the good work that is already being done, building more businesses, creating more jobs, and expanding entrepreneurial opportunities to even more Philadelphians.”
According to Technically Philly, Startup PHL is meant to demonstrate the Nutter administration’s interest in growing the city’s existing technology community and building up tech startup success where it has not yet taken shape.
The Startup PHL initiative consists of three parts:
1. Investors will have the opportunity to apply for matching funds, up to $3 million, and to become a partner in managing those funds.
2. Entrepreneurs can apply for grants to fund their startup ideas.
3. The initiative’s website, www.startupphl.com, will provide resources for entrepreneurs who need information about starting a company.
The Startup PHL website states that “Philadelphia has an enormous number of assets essential to being a place of choice for entrepreneurs and startups,” including a network of incubators and accelerators, world-class education and research facilities, and a tax structure that favors small businesses among those assets. Visit http://www.startupphl.com/to learn more and to get involved.
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