New York University has a fund specifically aimed at helping the growth of local startups. The Innovation Venture Fund was created in 2010 to invest in startups built upon NYU technologies and intellectual property. The fund was started with $3 million in capital and has since grown to $20 million. The fund invests in 5-6 student, faculty or school research led startups each year with between $100,000 – $250,000.

NYU hopes that this support of early stage startups will continue to push the NYC tech scene forward. The scene has seen tremendous growth recently and more resources seem to emerge every day as local entrepreneurs see the potential in the area.

While you have to be either a student at NYU or working with the university to apply, the fund is still a great local resource. Keep your eyes on companies involved as the fund comes with the vast knowledge and networks within NYU which makes the fund more than just a financial investment.

Does your idea qualify:

Starting in 2011, the NYU Innovation Venture Fund began making early-stage investments in startup companies commercializing NYU-developed research and technologies that hold significant commercial growth potential.

Though a complete business plan and team is not required for consideration, the technology underpinning the venture concept should solve a measurable customer problem in a large and growing market. The founders should be the nucleus around which can form a strong, entrepreneurial team able to execute a financially attractive business plan. Like most other venture capitalists, the Fund seeks to achieve a liquidity event/exit/sale within 3-7 years from the time of the initial investment.

You can view more criteria here