GE Vice Chair Beth Comstock and Silicon Alley Entrepreneur Kevin Ryan Lead Panel of Experts Dedicated to High-Tech Industry Growth
Agenda is to Reform and Update Laws & Regulations That Discourage Business Innovation in New York – Tech Community Is Invited to Submit Issues
The Partnership for New York City, the city’s leading business organization, today announced the launch of the Partnership Innovation Council, a panel of industry experts who will seekto ensure that New York’s legal and regulatory environment is keeping pace with the technological revolution that is transforming business and the economy.
New York City’s high tech sector has expanded by 29% in the past five years, but still generates only 4% of the city’s total economic output. There is enormous potential for accelerated expansion of economic activity and new job creation in tech businesses if New York takes aggressive action to encourage innovation. This will require eliminating bureaucratic barriers and updating laws that with were written for a different era. The Innovation Council will provide the private sector expertise and insight into emerging economic trends to help government devise and implement needed reforms.
“Employers are struggling to keep up with new city laws and regulations, including the prohibition on criminal background checks before making a job offer, which goes into effect tomorrow (October 27). The Human Rights Commission is, however, initiating a rule making process that invites employer input, so this is a positive step that will hopefully result in a process that minimizes the burden on businesses and job applicants.”
Applications are now being accepted for New York’s sixth annual FinTech Innovation Lab, a 12-week program co-founded by Accenture (NYSE:ACN) and the Partnership Fund for New York City that helps early- and growth-stage financial technology (fintech) companies accelerate product and business development by gaining exposure to top bank and venture capital executives. Applications are available at www.fintechinnovationlab.com and are due by Dec. 3.
The FinTech Innovation Lab is a program for entrepreneurs that are developing cutting-edge and disruptive technologies for the financial services sector – particularly in the areas of big data, analytics and cognitive computing; security and identity management; risk management and compliance; digital marketing and social media tools; cloud enabling technologies; payments; blockchain technology; talent management; and, Internet of Things applications. Chief technology officers and senior technology executives from 15 participating financial institutions will select six of the applying fintech companies to participate in the Lab through a competitive process.
Today Partnership member BlackRock, a global leader in investment management, hosts their Global Innovation Summit, a gathering to discuss and learn about new, innovative ideas to push business forward with cutting edge technologies and solutions. This year, BlackRock invited five companies that went through the Partnership Fund’s New York Fintech Innovation Lab. The twelve-week program, run by the Fund and Accenture, pairs fintech startups with leading financial services firms who provide product guidance as well as mentorship and the opportunity to present to potential investors. Digital Reasoning, Enigma, pymetrics, Scrollmotion and Social Alpha were invited to BlackRock to speak about their experiences as entrepreneurs, what goes in to having a fintech company, and provide areas of potential collaboration with large financial institutions. The intersection between the Partnership Fund’s Fintech Innovation Lab companies and Partnership member BlackRock demonstrates how fintech thrives in New York City. The combination of fresh entrepreneurial talent and the existing expertise of institutional financial firms makes New York the ultimate destination for fintech.
“The Governor and Mayor have negotiated a prudent funding package for the MTA capital program that the business community strongly supports. Importantly, the Governor’s directive to the MTA to achieve efficiency and cost savings through the use of public-private partnerships and design-build procurement methods is a breakthrough in the authority’s traditional approach to project delivery. We look forward to supporting the MTA’s implementation of a capital program that uses industry expertise and resources to ensure that the metropolitan region has the best mass transit system in the world.”
“Comptroller DiNapoli’s report captures the continued strength of the city’s financial services industry, although the sector is still short of its 2007 peak as a source of jobs and total wages. The report documents Wall Street’s huge contributions to city and state tax revenues, which should be a reminder that a legal and regulatory environment that encourages growth and innovation in the financial sector is needed.”
Annual Program Selects 20 Senior Executives Committed to Corporate Civic Engagement
NEW YORK, NY, – The Partnership for New York City, an organization comprised of the chief executives of the city’s largest private sector employers, today announced the newest class of David Rockefeller Fellows, a group of twenty senior executives selected to participate in a year-long business and civic leadership program.
The 2015-2016 class of Fellows represents a cross-section of industries, including financial services, law, technology, and arts and culture. During the year, Fellows will have the opportunity to learn firsthand how New York City is run from top leaders in the private, public, and not-for-profit sectors.
New Investors Join Syndicate, Board Members Appointed
SEATTLE AND NEW YORK – Sept. 29, 2015 – Accelerator Corporation, a leading life science investment and management firm, today announced that it has secured an additional $11.7 million in new investment commitments, bringing the final Accelerator IV closing to an oversubscribed $62.8 million. This final closing includes new strategic investments from AbbVie, WuXi PharmaTech, and Watson Fund. These new investors join the previously announced Accelerator IV syndicate, which includes Alexandria Venture Investments, ARCH Venture Partners, Eli Lilly and Company, Harris & Harris Group, Inc., Johnson & Johnson Innovation – JJDC, Inc., The Partnership Fund for New York City, Pfizer Venture Investments and WRF Capital.