ALBANY—In an effort to support entrepreneurial enterprises thatare transitioning from research to the marketplace and help ensurethose operations remain in the Empire State, the state has launcheda new $50-million Innovation Venture CapitalFund.

The fund is expected to leverage at least $100 million inprivate capital to support high growth areas including advancedmaterials, clean technology, life sciences/biotechnology andinformation technology, state officials say. The fund, announced onFriday by Gov. Andrew Cuomo, will provide criticalseed funding for the development of early-stage companies in highgrowth areas to create jobs and help launch, as well as attract newbusinesses to New York State.

“New York is home to some of the brightest minds in theworld—and by launching this fund, we're helping these buddingentrepreneurs bring their ideas to market right here in the EmpireState,” Gov. Cuomo said. “With this action, we're continuing NewYork's legacy of innovation, as well as making another solidinvestment in this state's future.”