Long Island Capital Alliance (LICA), a nonprofit that helps area companies raise capital, said it's joining forces with a member-supported group that promotes the expansion of technology in the region.
The relationship aims to provide Long Island Software and Technology Network (LISTnet) members with greater access to capital, and help LICA connect with the local technology sector, they said in a statement.
"LISTnet will facilitate LICA's reach into the rapidly evolving technology corridors on Long Island," LICA said in the Jan. 27 statement. "LICA will be able to provide LISTnet members with access to capital and other strategic growth advisory services through its membership, quarterly Capital Forums, and other educational events."
LICA will host industry-specific capital formation forums throughout the year, including one specific to the technology industry on Jan. 31 in Melville, N.Y. The keynote speaker this month will be Ganesh Sundaram, who has authored more than fifty patents related to mobile technology, according to AlefEdge's website, where he serves as that company's chief executive officer and a board member.
"We create a community, where entrepreneurs can learn about how to grow their businesses, where investors can have a first look at some exciting companies we've screened for them, and where executives can come together to provide experience, knowledge, and other infrastructure," said Neil Kaufman, LICA's Chairman Emeritus and a current board member, in an interview with CQ Roll Call.
While many of the specific successes of LICA's capital formation efforts are proprietary, according to Kaufman, he said it has helped raise over $150 million for companies during its 35 year history.
LISTnet's membership includes "hundreds of companies, everyone from people who started their businesses in the basement to [international medical supplies distributor] Henry Schein Inc.," said Paul Trapani, LISTnet's President in an interview with CQ Roll Call. Trapani is a serial entrepreneur who has served the network in leadership roles for five years, although he has been member for fifteen, he said.
"We basically act as a chamber of commerce for the tech industry on Long Island," said Trapani. "We work to create a strong technology ecosystem here." The network's other members include national players like Uber Technologies Inc. and AT&T Inc., as well as burgeoning Long Island startups, according to its website.
LICA will hold additional sector-specific capital forums in 2020 including a health care industry forum on May 8, a Sept. 25 forum related to veterans raising capital, and the group expects to round out the year with a food and beverage industry forum on Dec. 11. All the events will be held at the RXR Center in Melville.
"After coexisting on Long Island for nearly a quarter century, it is with great pleasure that we announce mutual support between our organizations," said Michael Lane, Chairman of LICA, according to the statement. "With the mission of each organization having the common purpose of facilitating the growth of the Long Island technology economy, both LISTnet and LICA now will be better positioned to deliver benefits to our community."
By Keith Lewis, CQ Roll Call