NYCEDC Seeks Operators for
Startup, VC Internships

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.”

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.

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.