Last November, Mayor Nutter announced a batch of grants for local entrepreneurs, funded through StartUp PHL—the joint venture between the Commerce Department, Philadelphia Industrial Development Corporation and Josh Kopelman’s First Round Capital. StartUp PHL—the city’s main pipeline of support to the city’s entrepreneurial community—has contributed more than $1 million in seed funding or angel investments to local startups since its inception two and a half years ago. “For Philadelphia to continue to grow we must be a city that welcomes exciting, innovative companies and the type of talented workforce that wants to work for those companies,” Nutter said, in announcing the latest grants.
But to breed an urban-tech community of startups, you need lots of private investment—a lot more cash than StartUp PHL can provide. And there’s new research out showing that Philly remains something of a laggard in attracting private capital for its startups. A senior fellow at Brookings compiled data on “first fundings”—the initial round of venture capital for new companies—in metro areas of more than 100,000 people nationwide. In the report, there’s good news and bad news for Philadelphia. Read more »