You are using an UNSUPPORTED version of browser, please try to update your browser.

Title: NYCEDC VENTURE CAPITAL INVESTMENT CONSORTIUM
Procurement
Economic Development Corporation (EDC)
110 William Street, 4th Floor Mail Room Bid Desk, New York, NY 10038
Maryann Catalano
phone: (212) 312-3969
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

Blind or Low Vision Accessible Wheelchair Accessible
Archived
Goods and Services
Request for Proposals
8/13/2018
Solicitation

PIN#63970005 - Due: 11/9/2018 4:00 PM

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.

Disclaimer: Pursuant to Section 103 (2) of the New York State General Municipal Law, New York City Charter Section 1066 and the City of New York Procurement Policy Board Rules, The City Record is the official paper of the City of New York. It is published each weekday except legal holidays. The print edition of The City Record is the official publication for the following notices: public hearings, meetings, court notices, property dispositions, procurements (solicitations and awards), agency public hearings, agency rules, and special materials which include changes in personnel. This electronic version of The City Record is offered solely for the convenience of readers.