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Gov. Andrew M. Cuomo announced this month that his administration is launching a $2 million investment fund for certified minority- and women-owned business enterprises in the state.
Empire State Development”™s MWBE Investment Fund will provide seed or pre-seed money for startup companies, with a focus on advanced materials, clean technology, life sciences and medical devices.
Excell Partners, a venture capital firm based in Rochester, will oversee and manage the fund’s disbursement to technology-centered startups.
The State’s MWBE Division run by Empire State Development has been and continues to be riddled with corruption and no oversight. The agency has had 5 Executive Directors in the past 5 years of this division, it’s another disorganized, patronage mill with no oversight. Good luck getting to Commissioner of Small Business to address this since he’s got one foot out of the door.