Procurement
Economic Development Corporation (EDC)
110 William Street, 4th Floor Mail Room Bid Desk, New York, NY 10038
Maryann Catalano
phone: (212) 312-3649
email: vcc@edc.nyc
phone: (212) 312-3649
email: vcc@edc.nyc
Accessibility questions: Equal Access Office at equalaccess@edc.nyc or 212-312-6602, by Wednesday, October 3, 2018 5:00 PM
Archived
Goods and Services
Request for Proposals
8/13/2018
Solicitation
PIN#63970005 Due:
Description
The New York City Economic Development Corporation (“NYCEDC”) is seeking proposals (“Proposals”) from venture capital firms (“VC Partners”) to address the challenges related to raising capital experienced by tech entrepreneurs from underrepresented groups through the Venture Capital Investment Consortium (the “Program”). NYCEDC will co-invest alongside selected VC Partners in tech companies owned by entrepreneurs from underrepresented groups based on to-be negotiated co-investment agreements over a period of five years. NYCEDC sees an opportunity to invest alongside selected VC Partners who not only seek financial returns, but also share the City’s vision to serve as the top choice for diverse entrepreneurs in tech.
Tech entrepreneurs from underrepresented groups (mostly notably women and minorities) reflect a fraction of the recipients receiving venture capital funding across the various stages of their growth and development. Women make up nearly half of the workforce in the United States and are 36 percent of small business owners, however, no more than 2 percent of women receive venture funding of any kind. For minority women, which is the fastest growing segment of entrepreneurship in the United States, the number is even lower, with less than 0.2 percent of VC funding going to African American women. The goal of the Program is to increase access to funding for entrepreneurs from underrepresented groups. To do so, the City and selected VC Partners will provide strategic capital to invest in companies that may have otherwise been overlooked.
NYCEDC plans to select VC Partners on the basis of factors stated in the RFP that include, but are not limited to: the respondent’s investment track record and qualifications, feasibility of respondent’s proposal, respondent’s proposed fee structure, and relationship to City goals.
It is the policy of NYCEDC to comply with all federal, state and City laws and regulations which prohibit unlawful discrimination because of race, creed, color, national origin, sex, age, disability, marital status and other protected categories and to take affirmative action in working with contracting parties to ensure certified Minority and Women-owned Business Enterprises (MWBEs) share in the economic opportunities generated by NYCEDC’s projects and initiatives.
Companies who have been certified with the New York City Department of Small Business Services as Minority and Women Owned Business Enterprises (“M/WBE”) are strongly encouraged to apply. To learn more about M/WBE certification and NYCEDC’s M/WBE program, please visit http://www.nycedc.com/opportunitymwdbe.
An optional informational session will be held on Thursday, October 4, 2018 at 9:00 a.m. at 110 William Street, New York, NY 10038 (please report to the 6th floor reception desk). Those who wish to attend should RSVP by email to VCC@edc.nyc on or before Wednesday, October 3, 2018.
Respondents may submit questions and/or request clarifications from NYCEDC no later than 5:00 p.m. on Friday, October 12, 2018. Questions regarding the subject matter of this RFP should be directed to VCC@edc.nyc. Answers to all questions will be posted by Friday, October 26, 2018, to www.nycedc.com/RFP.
Please submit five (5) hard copies and one (1) electronic set of your proposal on USB.
Tech entrepreneurs from underrepresented groups (mostly notably women and minorities) reflect a fraction of the recipients receiving venture capital funding across the various stages of their growth and development. Women make up nearly half of the workforce in the United States and are 36 percent of small business owners, however, no more than 2 percent of women receive venture funding of any kind. For minority women, which is the fastest growing segment of entrepreneurship in the United States, the number is even lower, with less than 0.2 percent of VC funding going to African American women. The goal of the Program is to increase access to funding for entrepreneurs from underrepresented groups. To do so, the City and selected VC Partners will provide strategic capital to invest in companies that may have otherwise been overlooked.
NYCEDC plans to select VC Partners on the basis of factors stated in the RFP that include, but are not limited to: the respondent’s investment track record and qualifications, feasibility of respondent’s proposal, respondent’s proposed fee structure, and relationship to City goals.
It is the policy of NYCEDC to comply with all federal, state and City laws and regulations which prohibit unlawful discrimination because of race, creed, color, national origin, sex, age, disability, marital status and other protected categories and to take affirmative action in working with contracting parties to ensure certified Minority and Women-owned Business Enterprises (MWBEs) share in the economic opportunities generated by NYCEDC’s projects and initiatives.
Companies who have been certified with the New York City Department of Small Business Services as Minority and Women Owned Business Enterprises (“M/WBE”) are strongly encouraged to apply. To learn more about M/WBE certification and NYCEDC’s M/WBE program, please visit http://www.nycedc.com/opportunitymwdbe.
An optional informational session will be held on Thursday, October 4, 2018 at 9:00 a.m. at 110 William Street, New York, NY 10038 (please report to the 6th floor reception desk). Those who wish to attend should RSVP by email to VCC@edc.nyc on or before Wednesday, October 3, 2018.
Respondents may submit questions and/or request clarifications from NYCEDC no later than 5:00 p.m. on Friday, October 12, 2018. Questions regarding the subject matter of this RFP should be directed to VCC@edc.nyc. Answers to all questions will be posted by Friday, October 26, 2018, to www.nycedc.com/RFP.
Please submit five (5) hard copies and one (1) electronic set of your proposal on USB.