The Center for Entreprenuership Economic Development at Rutgers-Newark and H360 Capital Announce Partnership at White House Urban Entreprenuership Summit

Jun 6, 2011   //   by Benjamin Evans   //   Blog, featured, News & Updates  //  No Comments

THE CENTER FOR ENTREPRENUERSHIP & ECONOMIC DEVELOPMENT AT RUTGERS-NEWARK, AND H360 CAPITAL ANNOUNCE PARTNERSHIP TO BRING ‘BIG IDEAS INITIATIVE’ TO NEWARK, NEW JERSEY AT THE WHITE HOUSE, RUTGERS ENTREPRENEURSHIP SUMMIT

H360 Capital is a minority-run early stage venture capital firm, with a particular focus on business development activities of ‘market disrupting’ technology companies. The agreement will bring 20 new technology firms to Newark by 2012

Newark, NJ – June 6, 2011 The Center for Urban Entrepreneurship & Economic Development (CUEED) at Rutgers University Newark is partnering with Mr. Hezekiah Griggs III and H360 Capital to bring technology through its ‘Big Ideas Initiative: B2i’ to Newark, NJ. This is a revolutionary step that will have transformative impact on the economy of New Jersey’s largest city. H360 Capital is an early-stage technology venture capital firm. “We are working with H360 Capital to help bring many of the firms’ future and current portfolio companies to the City of Newark, NJ” said Dr. dt ogilvie, Founding Director of CUEED. “We hope that our efforts moving forward will allow for H360 Capital to find Newark as a viable option to base its operations and general investment activities.”

H360 Capital also announced today, that it will be moving its headquarters to a New York/New Jersey City upon an agreement to be publicized in a subsequent release. H360 Capital’s current activity in Charlotte, NC, which served as its previous base, will be transformed into a regional hub.

“We are positive that this is the right step in providing the greatest value for technology entrepreneurs we fund,” said Hezekiah Griggs III, Managing Partner of H360 Capital. “When I formed the thesis for H360 Capital, I wanted the firm to be able to impact a city like Newark, by creating a private-public partnership where all parties are invested in the creation of innovation as a solution to broad community-related economic concerns. Today’s announcement establishes that we will have a very large footprint in Newark, as we intend to evangelize the vision that all parties have for Newark being an important hub for technology firms in the next 10 years. We are grateful to CUEED Director Dr. dt ogilvie for her efforts.”

“As an early-stage technology VC, a key component of our activity with ‘B2i’ will be to invest in ‘market-disrupting’ technology ideas, and provide the business development necessary to expand those ideas or companies, into international brands,” said Mr. Griggs. “As a part of our commitment, we will help to bring technology, jobs, and opportunities to a City that will benefit greatly from attracting emergent technology companies to its City. This is a great day for H360 Capital, CUEED, and certainly the City of Newark.”

The initiative, dubbed B2i, will invest up to $50,000 in 20 technology start-ups, with CUEED providing resources and support to the entrepreneurs that receive investment.

Dr. Jerome Williams, Prudential Chair and Research Director of CUEED said, “This is a great day for CUEED’s ongoing economic development activities. We are exploring a “technology park” joint venture with H360, “gown/technology” partnership, if you will, which then could become a magnet for other firms.” Williams added, “H360 Capital’s investment activities will spur the right kind of entrepreneurial technology-revival that CUEED has been looking to identify and bring to the City for some time. With today’s announcement, H360 Capital greatly advances CUEED’s mission to add technology jobs, entrepreneurs, and companies to the footprint of our city.”

Brian Peters, a partner at H360 Capital who leads B2i’s investment team said “We are excited about our new relationship with Newark, and I am particularly elated about our newly formed partnership with CUEED.” Peters added, “The opportunities that this provides for the City of Newark, technology entrepreneurs, and CUEED, and our firm our endless, and I await the many milestones we will see as a result of this partnership.”

CUEED Director and Rutgers Newark Business School Professor Dr. dt ogilvie said “H360 Capital’s commitment to Newark provides technology jobs and opportunities to technology entrepreneurs that CUEED has been extremely active in working to make happen.” Dr. ogilvie continued, “CUEED’s partnership with ‘B2i’ will help to fulfill our mission to providing greater opportunities to entrepreneurs currently in our City and those migrating to our City in the future. I want to thank Hezekiah Griggs III and the Partners at H360 Capital for bringing national attention to Newark’s commitment to technology & entrepreneurship.”

About CUEED

The Center for Urban Entrepreneurship & Economic Development (CUEED) is the first center of its kind in the nation to integrate scholarly works with private capital, government, and non-profit sectors to develop citywide resources and bring renewed economic growth and vitality through urban entrepreneurship. CUEED promotes and fosters a new generation of urban entrepreneurs who actively seek socially conscious urban renaissance. CUEED is based at Rutgers University, The State University of New Jersey.

Contact:

The Center for Urban Entrepreneurship & Economic Development
Rutgers Business School Newark and New Brunswick
One Washington Park, 10th floor
Newark, NJ 07102

Phone: 973-353-5987
Fax: 973-353-5427
Website: business.rutgers.edu/cueed

About H360 Capital

H360 Capital is an angel venture capital firm based in NJ/NY area, with regional hubs in Charlotte, NC and Austin, TX. The firm invests in early-stage start-ups with market-disrupting ideas. Innovation is considered key to H360’s investments, as they are typically new ideas that either change a market, or creates one. Learn more about H360 Capital online at: H360Capital.com

Contact:

Press/Media Relations
H360 Capital
NJ/NY: 201-815-H360
Charlotte: 704-389-0360
info@h360capital.com

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