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Florida, the Next Hotbed of Venture Capital?

December 29, 2008View for printing

Silicon Valley, Austin, Boston, New York…and Orlando?

The state of Florida wants to tap into the billions of venture capital dollars invested in young companies each year. It is seeking venture capital funds in which to invest money from the $29.5 million Florida Opportunity Fund, established by the state to funnel more venture capital to Florida start-ups.

The fund will look for regional and national venture capital funds that have done business in Florida and plan to invest in young Florida companies, particularly those developed at Florida universities and research institutions. Then, the fund will invest portions of its $29.5 million in those funds, with the goal of creating and growing Florida businesses.

The Florida Opportunity Fund http://www.flsenate.gov/data/session ... s2612c1.pdf hopes to create more venture capital activity in the state, said Gail Rayos, a spokeswoman.

The fund is managed by Florida First Partners, which is a joint venture between Milcom Venture Partners, a Florida venture capital fund manager, and a Credit Suisse investment group that runs similar funds in Ohio, Michigan, Indiana, New York and Oregon.

By Claire Cain Miller

Full Story: http://bits.blogs.nytimes.com/2008/1 ... emode=print
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