Building on the momentum created by the White House Urban Entrepreneurship Summit held at Rutgers-Newark on June 6, The Center for Urban Entrepreneurship & Economic Development (CUEED), H360 Capital, a minority-run early stage venture capital firm, and NJIT's Enterprise Development Center (EDC), announced a partnership to attract technology companies to Newark.
Charlotte-based H360 Capital is a minority-run venture capital firm with a particular focus on companies developing ‘market disrupting' technologies. Through its "Big Ideas Initiative: B2i," H360 Capital has committed to investing up to $50,000 in 20 technology start-ups in the Newark area. CUEED and NJIT will provide resources and support to entrepreneurs participating in the Big Ideas program.
"We are working with H360 Capital to help bring many of its current and future portfolio companies to Newark," said Dr. dt ogilvie, Founding Director of CUEED. "This follows Mayor Cory Booker's announcement during the Urban Entrepreneurship Summit that he wanted to attract more technology to Newark. We have been working with H360 to shape our relationship to do this and agreed during the White House Summit to form this partnership. One of the stated goals of the partnership is to attract 20 early stage technology firms to this area by 2012, and H360 Capital itself has announced that it is moving its headquarters from North Carolina to the New Jersey/New York region."
"We are convinced that this is the right step and will provide the greatest value for technology entrepreneurs we fund," said Hezekiah Griggs III, Managing Partner of H360 Capital. "When I formed the thesis for H360 Capital, I wanted it to be able to have a significant impact on a city like Newark by creating a private-public partnership in which all parties are invested in the espousal of innovation as a solution to broad community-related economic concerns. This announcement establishes that we will have a very large footprint in Newark, and we intend to evangelize the vision that all parties share: transforming Newark into an important hub for technology firms over the next 10 years. We are grateful to CUEED Director Dr. dt ogilvie for her efforts."
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