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Original article: here.
Count it as one less puzzle for the startup community to figure out.
The St. Petersburg Downtown Partnership has published online the criteria for its Technology Fund, an investment fund overseen by the Partnership.
Among the eight requirements to receive funding, a company must be technology based and have the potential to create measurable economic value to the city of St. Petersburg and to the Partnership.
The criteria haven’t changed since the first investment in LumaStream in 2012, said Joni James, CEO of the partnership, a nonprofit business member group. The $25,000 LumaStream investment was followed by a subsequent $20,000 investment in SavvyCard.
But two events triggered publishing the criteria now, she said. There’s been “a significant bump in the number of inquiries as the startup community in St. Petersburg grows,” as well as the addition of a full-time CEO. James, formerly deputy of editorials at the Tampa Bay Times, was named CEO of the Partnership in April. Peter Betzer remains president. Additional staff resources give the organization the ability to consider more requests simultaneously, James said.
The Technology Fund was launched with profits from stock donated by Mike Morris, founder of Ocean Optics, in recognition of the Partnership’s role in helping his company get off the ground. Any gains from investments are returned to the fund to provide additional capital for startup investments. The amount of funds available for investment is in the low six figures, James said.
Generally, investments are not large and are made in exchange for an ownership stake.
“But recipients tell us it’s not the dollars that the Partnership provides that makes the most difference. It’s that the Partnership’s endorsement opens doors to other investors and clients, making it possible to keep and grow these jobs in St. Petersburg,” Rob Kapusta, Partnership chairman, said in a written statement.
The Partnership is currently in discussion with several potential funding recipients.
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