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State seeks $50 million in seed money for startups

While early stage companies in their first year create as many as 3 million jobs nationally, they begin to shed jobs at a rapid rate after the first year, in large part due to a lack of funding for future growth.

Does New Hampshire need a state-backed investment fund to help cash-starved start-up businesses?

Mark Galvin, the managing director and one of the founders of the New Hampshire Innovation Commercialization Center, believes it’s a question that state lawmakers and economic development officials should take seriously for a simple reason — the significant drop in venture capital funding over the past two years for start-up companies is threatening long-term economic growth and job creation.

Galvin, a successful entrepreneur who founded technology companies such as Whaleback Systems, said the lack of venture capital funding for early-stage companies in the aftermath of economic downturn has unleashed a "job destroyer" phenomenon that is hampering economic growth in the state and nationally.

By Michael McCord
[email protected]

Full Story: http://www.seacoastonline.com/articles/20101122-BIZ-11220301

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