NYCEDC Launches RFPs to Operate NYC Startup and Venture Capital Internship Programs

Internship Programs Advances the Adams' Administration Efforts to Build a More Equitable and Inclusive Tech Sector in New York City

Workforce Development Effort Develops Impactful and Efficient Talent Pipelines in NYC's Tech Sector by Providing Students with the Resources, Professional Development, and Training Needed for Career Success

NEW YORK, NY-New York City Economic Development Corporation (NYCEDC) today announced the launch of a Request for Proposal (RFP) to source one or more operators for the New York City Startup and Venture Capital (VC) Internship Programs, which consists of two workforce development programs, the continuation of the NYC Startup Internship, and the addition of the NYC VC Internship. These programs will support tech-enabled startups and VC firms in New York City with capacity to host interns, grow their teams, and strengthen their businesses, while developing equitable and efficient talent pipelines in New York City's tech sector. The programs will provide students, with a focus on CUNY students, with the resources, professional development, and training needed for career success.

This RFP seeks one or more qualified organizations to operate annual cohorts of the New York City Startup and VC Internship programs with student placements beginning in Summer 2025.

"New Yok City is a global leader in tech and home to the greatest collection of talent and entrepreneurs in the world. To build an even stronger tech sector that more fully represents all of New York City, we need to connect more young people from diverse backgrounds to career pathways in industry, and that is exactly what this exciting project will accomplish," said Deputy Mayor for Housing, Economic Development, and Workforce Maria Torres-Springer.

"Creating equitable career pathways is essential to ensuring New York City's leading industries, including tech, AI and the green economy, continue to flourish and grow. Through initiatives like the Startup and Venture Capital Internship Programs, the Founder Fellowship, the Venture Access Alliance, and the NYC Catalyst Fund, we aim to create job opportunities and increase diversity throughout the startup value chain and build the world's most robust, inclusive, and innovative tech and venture ecosystem in New York City," said NYCEDC President & CEO Andrew Kimball. "These internship programs will build the workforce of the future by providing students from all backgrounds with the resources and training needed to seize the opportunities presented by this thriving industry. We welcome innovation proposals to partner with the NYCEDC and shape opportunities for all New Yorkers."

"We applaud NYCEDC for recognizing how critical it is to braid learning and earning in talent development, and these two RFPs will use that concept by partnering CUNY, an engine of opportunity for New Yorkers, to prepare the city's next generation of entrepreneurs and startup leaders," said Abby Jo Sigal, Executive Director of the NYC Mayor's Office of Talent and Workforce Development. "These RFPs will utilize the power of the pre-apprenticeship model that incorporates mentoring, paid training, job placement and professional development to make our city more equitable and our economy more inclusive by building pathways for CUNY's diverse talent to thrive in careers in our high growth sectors."

"These two internship programs will help boost our local economy and give students from traditionally underserved communities a better chance to gain entry into some fast-growing fields," said Queens Borough President Donovan Richards Jr. "I'm thrilled to see the EDC continuing to support our efforts to make Queens the nation's next great tech hub. We must seize every chance we have to increase economic opportunities for the next generation."

"CUNY students are some of the best-prepared individuals for the workforce, and given the opportunity, can shine in lucrative startup and venture capital programs," said Brooklyn Borough President Antonio Reynoso. "I applaud NYCEDC for their continued work to connect CUNY students with career-starting internships. I look forward to seeing the successes of the New York City Startup and Venture Capital Internship Programs and the career development of the CUNY students who participate."

"This internship program is an effective and efficient workforce development pipeline that plugs talented young New Yorkers directly into our city's emerging tech industry. Workforce development efforts like this are critical for setting our students up for success and growing our local talent base in New York City. As Chair of the Committee on Economic Development, I am happy to see this program focused on providing CUNY Students with the resources for a successful and sustainable career," said New York City Councilmember Amanda Farias.

"Paid internships are a proven launchpad for careers in the tech field-in fact, at CUNY, we've seen that those who participate in our 2x Tech internship program are three times as likely to have a job upon graduating," said CUNY Chancellor Félix V. Matos Rodríguez. "We are proud of our valuable collaborations with partners like the New York City Economic Development Corporation, and we thank them for working to ensure that New York's thriving startup ecosystem is driven by CUNY students, who fully reflect our city's rich diversity."

Respondents to both programs are expected to have robust, existing networks of tech-enabled startups and/or venture capital firms that will act as internship hosts, participate in professional development and mentorship programming. Both programs anticipate providing pre-internship programming, including immersive training curriculum, that will lead to successful internship experiences.

NYC Startup Internship Program
The New York City Startup Internship will place students into paid internships at tech-enabled startups based in NYC, with a goal of at least 150 total placements within the first two annual cycles. NYCEDC is especially interested in proposals that incorporate subsets of internship placements, professional development programs, and/or mentorship opportunities with tech-enabled startups in the green economy or the artificial intelligence & machine learning industries.

NYCEDC has previously supported a Startup Internship Program, a workforce development program that collectively provided one hundred and sixty-six CUNY students with paid internships at 84 NYC-based startups during the summers of 2022, 2023, and 2024. Of the students who participated, 30% received their first-ever internship, 36% continued working with their host startups after their internships ended, and the remainder either pursued further education or landed internships and full-time jobs with private companies and public agencies. This RFP seeks to build upon the successes and accomplishments of this program.

NYC Venture Capital Internship Program
The NYC Venture Capital Internship will place students into paid internships at venture capital firms based in NYC, with a goal of at least 50 total placements within the first two annual cycles.

The program will work to support talented undergraduate students with exposure to the venture capital industry and help participants build valuable transferable skills and hands-on experiences to prepare them for future careers in the venture and startup ecosystem.

"Participating in the NYCEDC workforce development program allows Contextere to connect with emerging talent and benefit from fresh perspectives these future leaders bring to the workplace. The support, funding, and coordination provided through this program make hosting an intern possible as without that foundation we simply would not have the bandwidth and connections to make it happen. Programs like these are critical in fostering innovation and providing students with real-world experiences in growing industries like AI," said Contextere CEO & Co-founder Gabe Batstone.

"This summer internship has been an incredibly enriching experience, thanks to the invaluable mentorship, hands-on responsibilities, and opportunities for personal development. These aspects have significantly accelerated my growth and learning. As my first internship, it has prepared me for the workforce in ways I could hardly have imagined," said CUNY student and Fig Medical intern Jeff Liu.

"We know the power of real support when we see it. The program didn't just provide us with interns; they brought us talented technical resources who saw the bigger picture-people who, through their work, have already shaped our mission with the WNBA, and college and youth athletics across the country. We offered all three interns part-time roles while they finish their degrees, and their prompt engineering work has already helped athletes and high performers unlock something deeper, upgrading their self-talk for success on and off the court," said Dailyhuman Founder & CEO and Founder Fellowship participant Josh Roenitz.

"I'm so grateful to [the program] for helping me gain valuable experience in the tech industry. This was my third internship, but it was the most significant because of the incredible team and work culture at Dailyhuman. As someone transitioning from clinical healthcare to tech, this experience solidified my interest in tech and SaaS and gave me the confidence to tackle real-world challenges. After the internship, I was offered a part-time role, and I'm excited to continue my journey," said NYC Startup Internship participant and John Jay College Data Science Fellow Andrew Lam.

New York City is the world's second-largest tech and startup ecosystem, with more than 25,000 tech-enabled startups, over 360,000 jobs, a startup ecosystem valued at $694 billion, and more than 1,200 active venture capital and other investment firms. Given the rapid and continued growth across tech and venture businesses, employment, and wages, NYC's tech sector remains one of the best opportunities for New Yorkers seeking middle- and high-wage jobs.

However, not all New Yorkers have benefited equally. Black and Latinx workers, combined, account for approximately 21 percent of NYC's tech talent, despite representing approximately 43 percent of NYC's overall workforce. Nationally, less than 18 percent of investment decision makers at VC firms are women, and just nine percent are Black or Latinx investment professionals.

To address such inequities, NYCEDC has invested in programs to strengthen, grow, and improve equity within the city's tech and venture capital industries. Investments in education and training include Cornell Tech, Columbia University's Data Science Institute, The City College of New York's Cybersecurity Master's Degree Program, and Civic Hall at Union Square. Investments in diverse entrepreneurship, such as the NYC Catalyst Fund, the Founder Fellowship, which to date has supported more than 250 entrepreneurs across 168 companies, of which two-thirds include female founders and nearly 80 percent include BIPOC founders, and the Venture Access Alliance, a coalition of over 100 startup investors who work to increase representation in VC investment and hiring decisions.

For more information on the New York City Startup and VC Internship Programs, and details on application requirements, click here. An information session will be held at 1:00PM on September 30th, 2024. The submission deadline for proposals is October 17th, 2024.

About NYCEDC
New York City Economic Development Corporation is a mission-driven, nonprofit organization that works for a vibrant, inclusive, and globally competitive economy for all New Yorkers. We take a comprehensive approach, through four main strategies: strengthen confidence in NYC as a great place to do business; grow innovative sectors with a focus on equity; build neighborhoods as places to live, learn, work, and play; and deliver sustainable infrastructure for communities and the city's future economy. To learn more about what we do, visit us on Facebook, Twitter, LinkedIn, and Instagram.

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