NYC Mayor Bloomberg Announces 8 Initiatives to Strengthen City's Media Industry
Media Tech Bond Program: NYCEDC has created the Media Tech Bond Program to help companies purchase new manufacturing, research or production facilities, retrofit existing building to accommodate hi-tech servers, or make large IT purchases. The tax-exempt bond program was made possible by a recent change in Federal law that now allows tax-exempt financing for facilities that are used in the creation or production of intangible property, including patents, copyrights, formulas, processes, designs and other similar items. Media Tech Bonds may be utilized to finance projects in the range of $1 million to $10 million. Interested companies should contact: email@example.com.
“Some of the most interesting things happening in media today – and the people who do them – are right here in New York City,” said Take-Two Interactive Software Chairman Strauss Zelnick. “This initiative will encourage and amplify that trend.”
Media and Tech Fellowship: To increase opportunities for successful start-up companies in new media and encourage innovation in emerging sub-sectors, NYCEDC has established the Media and Tech Fellowship to be awarded to approximately 20 “rising star” media and technology entrepreneurs on an annual basis. Fellows will be provided with training, mentoring, networking opportunities with venture capital firms, and support services such as legal aid. Selection will be based on several criteria, including: demonstrated professional experience with a record of sustained business success and innovation; a business plan or early-stage start-up with the potential for significant New York City-based job creation; personal commitment to a continued investment in the culture and economic development of New York City; and an indication that the Fellowship will increase the entrepreneur’s probability of success. NYCEDC will release an RFP this week to identify a manager for the program to launch by October 2009. Parties interested in receiving the RFP should e-mail: MediaRFPs@nycedc.com.