October 18, 2023

New Alliance Of 70+ Investors Aims To Make NYC’s Startup Ecosystem More Inclusive

The New York City Economic Development Corporation (NYCEDC) has announced the launch of the Venture Access Alliance.

Comprising over 70 investors, the Alliance aims to build a more inclusive tech startup ecosystem in New York City.

A more inclusive startup ecosystem

New York City is the second largest tech ecosystem in the world. Over 30% of businesses in the city are minority-owned, and there has been a noticeable surge in Black-owned businesses.

The Alliance is part of NYCEDC’s broader Venture Access NYC program, which aims to increase diversity in the city’s startup ecosystem. It also offers fellowships and career development opportunities for individuals seeking to enter venture capital.

The Alliance is focused on encouraging firms and investors to collect diversity data, commit to hiring and funding more women and minority entrepreneurs, and then actively track the progress within New York City’s startup landscape. 

Over 70 investors

Over 70 investors have already joined the Alliance, including the BK-KL Accelerator, Citi Impact Fund, Open Opportunity Fund, TechStars NYC, Thomas Reuters Ventures, and Visible Hands

The Alliance is co-chaired by Fred Wilson of Union Square Ventures and Jarrid Tingle of Harlem Capital Partners. It is supported by the Ford Foundation, the Annenberg Foundation, PledgeLA, and Tech:NYC.

According to TechCrunch, the Alliance is still in its early stages, and its members are expected to begin collaborating in the coming months.

“Creating an inclusive ecosystem is the right thing to do, but it also ensures that NYC is not leaving GDP and innovation on the table,” Jarrid Tingle told TechCrunch.

“It’s clear that diverse founders consistently outperform, and we have an opportunity in New York City to harness our unmatched diversity to build the most robust and inclusive innovation hub in the world,” NYCEDC’s President & CEO Andrew Kimball added.

Samara Linton

Community Manager at POCIT | Co-editor of The Colour of Madness: Mental Health and Race in Technicolour (2022), and co-author of Diane Abbott: The Authorised Biography (2020)