At 25, Sean Parker, already famous for founding Napster, stumbled upon a website called TheFacebook.com.
With that company now looking at one of the largest IPOs in history, investors continue to scour the startup world for the next Mark Zuckerberg.
In Garrison, 25-year-old Sean Eldridge hopes to strike gold with Hudson River Ventures L.L.C., a new venture capital firm that just last month partnered with Hudson Valley Economic Development Corp. to seek out investment opportunities in the region.
Founded in December, Hudson River Ventures will make strategic investments ranging from $50,000 to $500,000 in startups within the food and beverage, tourism and hospitality, information technology and biotechnology sectors.
“We”™ve met with dozens of businesses already and we”™ve gotten a lot of interest in the fund,” Eldridge said. “We”™re moving forward with a number of them. I hope to close a first round of investments by this summer and hopefully we can announce them and more of the specifics at that point.”
Eldridge said his goals are twofold: to enter into a highly lucrative venture capital field, and to spur economic development in the Hudson Valley, which he calls home.
“I”™ve heard up and down the Hudson Valley that people with great ideas and even people with existing businesses are really having a hard time raising money,” he said. “I think there are a lot of opportunities out there to make a strong return … and I think it makes sense to invest in your own community and your own backyard.”
For the past several years, Eldridge has worked as an organizer for the campaign to legalize gay marriage in New York state and for President Obama”™s 2008 campaign, in addition to a brief stint with a startup based in Palo Alto, Calif.
He said his experiences working at ground level, coupled with the connections and expertise of the Hudson Valley Economic Development Corp., have already started to generate excitement among potential businesses.
While Hudson River Ventures will provide the capital, HVED will help to provide mentoring and coaching for the businesses selected for targeted investments, Eldridge said.
Eldridge said he plans to keep Hudson River Ventures itself a small operation.
He said he and his fianc̩ contributed all of the capital and are not planning on raising funds from outside investors, but added that he would hope to partner with some of the regionӪs banks as Hudson River Ventures begins funding businesses.
“One contribution we can make to the Hudson Valley is if we”™re coming in and expressing confidence in the Hudson Valley and specific businesses, my goal is that will help get the banks to the table,” Eldridge said. He said he plans to personally oversee all of the fund”™s investments.
