Sparse site, but interesting. Questions from their PDF application:

* What’s the idea?

* Why now?

* Who are your competitors?

* How will you make money?

* How will you use the funding?

* Please describe your product development roadmap. How long will it take to complete your first version?

* Please provide bios for each founder.

* Please provide 3 references for each founder.

Just found out more from CNet: http://7hr.qlnk.net/

-They'll invest up to $200,000.

-It's only for NY-based tech startups.

-They have $2,000,000 under management to invest.

-They're headquartered at Polytechnic University's start-up incubator: http://www.poly.edu/incubator/

>No idea is too early for consideration for NYC Seed.

>We will ask to review a prototype of your product.

Bit of a contradiction.

Doesn't say who runs it. If it's run by the gov't it'll probably be incredibly risk averse and not invest in anything particularly innovative.

Bloomberg's speech: http://mashable.com/2008/06/02/nycseed/

Doesn't seem to say anywhere how much they invest. How are you supposed to know if you want to apply?

I would guess it is in the ~100k range, 5kn+ 5k wouldn't work in NYC.

PA has a bunch of early stage state funded seed funders, they are known for doing extraordinary amounts of due diligence.

yeah, this is legit, the CNET article says Bloomberg himself announced this fund.

why?