New York Mayor Michael Bloomberg has announced a plan to spend $45 million to train out-of-work bankers to become venture capitalists, reports CNN. The idea is to reinvigorate and ultimately retain the city’s status as a global financial capital, amid the massive downsizing and losses at major New York firms.
The job retaining program is called JumpStartNYC. Beginning in April, unemployed Wall Streeters can take part in an entrepreneurial “boot camp” as well as 10-week internships that are designed to result in full-time venture capital jobs.
The city will also provide $3 million for an “angel fund” that will invest from $20,000 to $250,000 in start-ups, hoping to launch up to 250 fledgling companies over the next eight years. The plan also includes working with universities and other New York property holders to provide low-cost leases for start-ups.
“The people coming out of investment banks have skills: they’re engineers, scientists, physicists,” said Seth Pinksy, president of New York’s Economic Development Corporation. “We want to take advantage of those people.”
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