New York City is a powerhouse of venture capital funding. According to The MoneyTree Report, companies based in the New York metropolitan area attracted $1.2 billion of investment dollars in the fourth quarter of 2013, second only to the Silicon Valley.
For entrepreneurs upstate, New York City might as well be a million miles away. “Everybody knows there’s no money upstate,” said Brian Model, managing partner of Stonehenge Growth Equity Partners and president of UVANY, or Upstate Venture Association of New York, which is working with regional networks across the state to boost business development through investment in small businesses. “The area north of the Tappan Zee Bridge is invisible.”
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