Recognizing the need to spur financial technology innovation in New York City, the Partnership Fund for New York City and Accenture launched the annual FinTech Innovation Lab in 2010 to support early and growth stage companies developing cutting edge technology products for the financial services industry. Participants, chosen through a rigorous application process, are paired with leading financial services firms who provide product refinement guidance, beta testing and deployment. They also receive mentorship from highly successful fintech entrepreneurs and have the opportunity to present their companies to potential investors. Participation from sponsoring financial institutions has grown from 10 financial institutions during the first year to 31 for 2017. Graduates to date have raised over $310 million in follow on funding.
FinTech Sponsoring Financial Institutions: AIG*, AllianceBernstein, Ally Financial*, Amalgamated Bank, American Express*, AQR Capital Management, Bank of America*, Barclays*, BBVA Group, BlackRock*, Capital One*, CIT Group Inc., Citi*, Credit Suisse*, Deutsche Bank*, Fidelity Investments, Goldman Sachs*, Guardian Life Insurance*, JPMorgan Chase & Co*., KeyBank, Mastercard, Morgan Stanley*, New York Life Insurance*, Pitney Bowes, Rabobank, Scotiabank, Synchrony Financial, The D.E. Shaw Group, The Hartford, UBS, U.S. Bank, Wells Fargo*
* = selection committee
FinTech Supporting VC Firms: Bain Capital Ventures, Canaan Partners , Contour Venture Partners, Nyca Partners, Partnership Fund for New York City, Rho Ventures, RRE Ventures, Warburg Pincus
The New York Digital Health Accelerator (NYDHA) is a program run by the Partnership Fund for New York City and the New York eHealth Collaborative (an affiliate of NYS Department of Health) for growth-stage digital health companies developing cutting edge IT solutions in patient engagement, care coordination, telehealth, population health and behavioral health tech. The five-month program is unique in that entrepreneur participants are nominated and selected by NY State’s leading healthcare provider organizations. Their senior level executives — along with our strategic investor syndicate and entrepreneurs-in-residence — provide participants with product feedback and mentoring.
NYDHA Sponsoring Health Care Institutions: Aetna, Allied Physicians Group, Central NY Health Home Network, Circare, Greater Buffalo United Accountable Healthcare Network, Healthfirst, Memorial Sloan Kettering Cancer Center, Montefiore Health System, Mount Sinai Health System, NewYork-Presbyterian Hospital, Northwell Health, NYU Langone Medical Center, Rochester Regional Health, Sachs Policy Group, SBH Health System, Visiting Nurse Service of New York
NYDHA Sponsoring Investors: Deerfield Management Company, Milestone Venture Partners, New Leaf Venture Partners, Partnership Fund for New York City, Safeguard Scientifics
The NY Fashion Tech Lab (NYFTL) is an annual program for early-stage companies developing cutting edge technology products targeted at fashion and retail enterprise customers. Over the course of its initial two years, 14 fashion retailers sponsored the NYFTL, providing mentorship from senior executives and $20,000/annum in financial support. Through a competitive process, senior executives from these sponsors determined which companies were accepted into the program. The tech companies had the opportunity to refine and beta test their technology products in New York City with the participating retailers. A group of 24 venture and business mentors also worked with the tech companies. The Partnership Fund launched and operated the NY Fashion Tech Lab (NYFTL) in 2014 and 2015 in partnership with Springboard Enterprises. At the conclusion of the 2015 program, the program was spun off to Springboard Enterprises who continues to run the program in New York City.
NYFTL Founding Members: Alex and Ani, Ann Inc., Bloomingdales, Coach, The Estee Lauder Companies Inc., Fossil Group Inc., J. Crew, Kate Spade & Company, Li & Fung, LVMH, Macy’s, Ralph Lauren Corporation, VF Corporation
The BioAccelerate program aims to increase the number of biomedical commercial spin outs coming out of New York’s world class academic institutions and to spur business and job creation in the bioscience sector. Filling a critical funding gap in NYC, the program invested in proof-of-concept research (in the form of a grant with participation) and also makes equity investments to help early stage companies. The Program made its final proof-of-concept investments at the end of 2015, bringing the total number of scientists funded to 20.
Launched in 2008, NYCSeed was one of the first institutional seed funds focused exclusively on NYC-based companies. Between 2008 and 2014, NYCSeed invested $3.4M in 30 early stage companies and 3 SeedStart incubator programs, and also provided mentorship from notable entrepreneurs, technologists and venture capitalists to help entrepreneurs move from idea to product. NYCSeed is a unique public-private partnership between the Partnership Fund for New York City, ITAC, Empire State Development and Polytechnic Institute of NYU.