Contact: Colleen Roche (212) 788-2958
Curt Ritter (212) 788-2971
Mayor Rudolph W. Giuliani hosted a closing reception for the 1998 New York City Venture Capital Conference this evening at Gracie Mansion. The third annual Conference, which has met here for the past two days, promoted New York City's most successful new companies and offered opportunities for venture capitalists to invest in New York City.
The Mayor was joined by Deputy Mayor Randy Levine and Economic Development Corporation President Charles Millard at tonight's reception.
"Each year the Venture Capital Conference attracts a variety of industries, as well as venture capitalists from across the country, who are looking to invest in dynamic, growing companies in New York City," said Mayor Giuliani. "Through our targeted tax cuts, common-sense business ideas and pro-business attitude, we are working hard to spur the growth of New York City's key industries -- and these strategies are proving to be effective.
"Since our Administration first started this Conference in 1996, the new media and high technology industry has grown rapidly," the Mayor continued. "Just last year, $158 million in high tech venture capital was invested in New York City, an increase of 159 percent over the prior year. And in the last two years, over 51,000 jobs have been created in the industry. It is an exciting time to be involved in high technology and new media in New York City," the Mayor concluded.
This year's Conference was sponsored by the City of New York; Brobeck, Phleger & Harrison, LLP, one of the leading law firms in the United States; Coopers & Lybrand, LLP, an international accounting and consulting firm; New York Venture Group; Bell Atlantic; The NASDAQ Stock Market; Hambro America Securities, Inc.; and the Strategic Research Institute, a leader in the conference and meeting industry.