NYCEDC Announces Applications for 2025 Founder Fellowship Program

Program Will Serve 75 Startups Across Five Cohorts, With Nearly $1 Million in Funding and $375,000 in OpenAI Credits Committed Across Tech Startup Participants

Since Launching in 2022, The Program Has Supported More than 250 Entrepreneurs Across 168 Companies, of Which Nearly 80 Percent Include a BIPOC Founder, Raising Over $22 Million in Venture Capital and Grant Funding

NEW YORK, NY-New York City Economic Development Corporation (NYCEDC) today announced the continuation of its flagship tech startup accelerator program, the Founder Fellowship, and the launch of applications for the 2025 program edition. Each year, the Founder Fellowship program supports a diverse community of New York City-based tech startup entrepreneurs with much-needed access to industry networks, fundraising, mentorship, business development, and other opportunities necessary to build and scale their enterprises. The program aims to eliminate barriers to entry into the venture-backed startup community and build a tech economy that reflects and leverages New York City's unique diversity.

To date, the Founder Fellowship program has served more than 250 New York City-based founders and co-founders across 168 tech startups, selected from more than 1,400 applications. During their Fellowship cohorts, Fellow teams collectively hired more than 100 new employees, raised more than $22 million, and increased their combined company valuation by at least $161 million. Approximately two-thirds of Fellow teams to date have at least one female founder, 77 percent have a Black, Latinx, and/or Asian founder, and 15 percent have at least one LGBT+ founder.

For the 2025 Founder Fellowship edition, there will be five program partners to operate concurrent cohorts of the program. NYCEDC's investment in the Founder Fellowship program is resulting in nearly $1 million in dilutive and non-dilutive capital commitments catalyzed by its private sector partners to be invested across tech startups selected to the 2025 program. Fellow teams will also have access to benefits from NYCEDC's startup ecosystem partner, OpenAI, who will provide $5,000 Application Programming Interface (API) credits to each participating startup team. Fellow teams with social impact solutions may also receive transactional legal support from the Lex Mundi Pro Bono Foundation, subject to evaluation and qualification.

"The Founder Fellowship continues to deliver results-more companies with founders that represent New York City are closing investment rounds, building networks, and hiring talent to grow tech-enabled companies in the five boroughs. Paired with the Venture Access Alliance, EDC is bolstering the city's standing as the world's greatest and most diverse tech ecosystem in the world," said First Deputy Mayor Maria Torres-Springer.

"Through initiatives like the Founder Fellowship, the Venture Access Alliance, and others, we are building the world's most robust and innovative tech and venture ecosystem in New York City while increasing diversity and inclusion throughout the startup value chain," said NYCEDC President & CEO Andrew Kimball. "We are proud to continue this game-changing program while continuing to expand opportunities to tech entrepreneurs of all backgrounds-sparking new economic growth in sectors ranging from AI to life sciences, and the green economy."

The Founder Fellowship is a signature program of NYCEDC's Venture Access NYC, a suite of programs designed to build the world's best and most inclusive tech ecosystem in New York City, while addressing inequities faced by founders and funders traditionally underrepresented in the tech sector. The program will continue for its fourth installation in 2025, following three successful annual editions in 2022, 2023, and 2024.

New York City is ranked as the second largest tech and venture capital ecosystem in the world and is home to over 25,000 tech-enabled startups and 1,200 active venture capital firms. The city's tech sector employs more than 360,000 people, having grown by over 30 percent in the last decade. However, last year U.S. startups led solely by women founders received about two percent of venture funding in 2023, while startups led by Black and Latinx founders generally receive less than three percent of total funding raised. NYCEDC designed the Founder Fellowship to ensure entrepreneurs traditionally underrepresented among venture-backed startups can successfully build and grow their enterprises in NYC.

Founder Fellowship participants bolster New York City's leading industries, including tech and AI, healthcare and life sciences, and the climate and green economy. More than a quarter of all Fellow teams to date are in the climate sector, twenty percent are in the healthcare and life sciences sector, and nearly half are using artificial intelligence technology to advance their innovations.

For the 2025 Founder Fellowship edition, NYCEDC selected five program partners to operate five concurrent cohorts of the program. Each operator will provide unique value and offerings to fifteen founders participating in their respective cohorts:

• Chloe Capital, a venture capital firm investing with a gender and diversity lens in climate, health, and workforce innovations.
• Company Ventures, a NYC-based seed-stage venture firm offering a zero equity, mentor-led program designed to help founders fundraise more successfully.
• Gold House Ventures, which equips entrepreneurs with critical capital, tools, and connections through its venture fund, accelerator, and global membership of creative and business leaders.
• Newlab, a global venture platform for critical technology startups that are building our sustainable future, focused on lowering barriers for startups to commercialize faster.
• Visible Hands, a venture capital firm that holistically supports early-stage, underrepresented founders in building high-growth startups.

"Chloe Capital is honored to renew its Founder Fellowship partnership with NYCEDC, collectively working to build an inclusive innovation ecosystem across New York City. We look forward to empowering the next generation of impact-driven leaders with valuable resources, capital, and networks, fueling their potential to drive meaningful change for some of the world's most pressing problems," said Chloe Capital Partner Myneco Ramirez.

"The Founder Fellowship program is a vital component in fostering a diverse and dynamic entrepreneurial environment in New York City. Company Ventures is thrilled to be an operator in this initiative, helping to unlock untapped potential and ensure the city's future is both innovative and inclusive," said Company Ventures CEO and Managing Partner Matt Harrigan.

"We are thrilled to partner with NYCEDC to launch our 2025 Founder Fellowship, expanding our reach beyond Asian Pacific founders to support diverse-led tech startups across all underrepresented communities in New York City. At Gold House Ventures, we believe that when we're not given a seat at the table, we build our own house-and now, we're opening our doors wider than ever. By combining NYCEDC's resources with our unique network of industry titans, we're not just fostering innovation; we're proving that diversity is the catalyst for groundbreaking ideas," said Gold House Ventures General Partner Megan Ruan.

"Newlab is incredibly proud to continue as an operator of the Founder Fellowship," said Newlab CEO Cam Lawrence. "What began three years ago as a small pilot has grown into a transformational program, supporting visionary climate and deep tech founders from underrepresented backgrounds across New York City. We can't wait to see what future cohorts will accomplish."

"In the last two years, Visible Hands has had the privilege of supporting 35 incredible founders in partnership with NYCEDC's Founder Fellowship program. We are honored to continue this important work, ensuring that NYC remains a shining example to the rest of the country of what an inclusive innovation economy looks like," said Visible Hands Co-Founder & General Partner Justin Kang.

"We're thrilled to support the Founder Fellowship as part of our mission to build artificial intelligence that helps people address tough challenges and make its benefits widely accessible," said OpenAI's VP of Global Impact Anna Makanju. "New York City has a talented and diverse tech ecosystem, and we're excited to see how the next cohort of entrepreneurs participating in the Founder Fellowship use OpenAI's tools to innovate and drive economic growth in their communities."

"Participating in the 2024 Founder Fellowship has been a transformative experience for NKENNE, especially with Visible Hands' advisory support during our NSF Phase 2 due diligence. The program's mentorship, resources, and network have been invaluable in accelerating our growth and refining our mission to bring the beauty of African languages to the global stage," said NKENNE CEO and Co-Founder Michael Odokara-Okigbo, 2024 Founder Fellow at Visible Hands.

"The Founder Fellowship connected me to investors who actually invested as well as with strategic partners, whose support has enabled Elektra to offer evidence-based women's healthcare to thousands of New York women with government and employee-sponsored insurance," said Elektra Health CEO & Co-Founder Jannine Versi, 2024 Founder Fellow at Chloe Capital. "The opportunity to cultivate rich relationships with pioneering NYC founders is truly singular. It was an honor to participate."

Applications for the 2025 Founder Fellowship are now open through December 6, 2024. Selected startup teams will be announced in February 2025, and the Fellowship will commence in March 2025. Learn more and apply today.

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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