The New York Stock Exchange has joined forces with three entrepreneurial organisations to launch NYSE Big StartUp, a mentoring program designed to help US start-ups create jobs.
The program was launched by NYSE Euronext – the parent of the New York Stock Exchange – along with Accion, Entrepreneurs’ Organisation and The Startup America Partnership.
Accion is the largest microfinance lending network in the US, while the Entrepreneurs’ Organisation, or EO, is a global network of more than 8,000 business owners in 40 countries.
The Startup America Partnership, launched by the White House in early 2011, is designed to increase the success of high-growth start-ups in the US by bringing together major corporations.
These include NYSE Euronext, funders, service providers, mentors and advisors.
NYSE Big StartUp aims to improve procurement, networking, business development, training, marketing and information-sharing for start-ups and small companies.
In addition, the Accion NYSE Job Growth Fund will provide small businesses and start-ups with much-needed capital. The fund has already received $1.5 million from NYSE Euronext.
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Duncan Niederauer, chief executive officer of NYSE Euronext, said America is desperate to create jobs, “and we believe part of the answer lies in nurturing the small business community”.
“Business leaders cannot wait for Washington to have all the answers, so our idea… is aimed at encouraging bigger companies to help small companies,” Niederauer said in a statement.
“We are calling on established companies to direct their purchasing power to small companies.”
Tech giants Yelp, LinkedIn and Microsoft have already given their support to the program.
According to Scott Cutler, executive vice president and co-head of US listings and cash execution at NYSE Euronext, companies will ultimately be encouraged to go public.
“Businesses will engage in productive conversations, new opportunities and ideas will emerge, and new growth and jobs will result,” Cutler said in a statement.
“As 90% of job growth occurs after a company goes public, helping new businesses succeed is vital for our nation’s economic wellbeing.”
As part of the program, start-ups will gain access to live and virtual events, conferences and roundtables, webcasts, and relationship-building opportunities.
Meanwhile, a Corporate Connections platform provides a forum for corporations to consider pre-screened small businesses and entrepreneurs for new business and supplier relationships.
Corporations can expand their supply chain and vendor networks, while also providing start-ups and entrepreneurs with access to support services.
The initiative will also build on NYSE Euronext’s role as an advocate for investors and companies on key policy and regulatory matters.