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Apr. 10, 2012 10:30 am

Mayor Nutter considers tax breaks for venture firms [VC Roundup]

Welcome to the VC Roundup, where we’ll parse through venture capital news related to Philadelphia-based private equity firms and the companies they fund. Subscribe to the roundup as an email newsletter. If you have any VC-related news to pass along to us, please drop us a line. MUST READS Mayor Nutter is said to be considering exempting […]

Welcome to the VC Roundup, where we’ll parse through venture capital news related to Philadelphia-based private equity firms and the companies they fund. Subscribe to the roundup as an email newsletter. If you have any VC-related news to pass along to us, please drop us a line.

MUST READS

Mayor Nutter is said to be considering exempting all investment funds from the 6.5 percent city business tax, reports Joe DiStefano of the Inquirer. The goal is to have firms, including venture capital firms, move within city limits instead of in suburbs like Radnor and Conshohocken. As we reported in February First Round Capital has been eying a move to Philly and some VCs are pushing their counterparts to relocate to University City.

In you’re a fan of the VC Roundup, you’ll love Switch Philly. Last week, we announced three of the five companies that will be demoing to judges Michael Nutter, Josh Kopelman and Ellen Weber. Get your tickets today.

MIGHT BE WORTH YOUR TIME

In case you missed it, Christopher Wink and Yael Borofsky interviewed a handful of local coworking spaces to determine whether the sharp rise in coworking,accelerators and incubators is a good thing for the city or indicative of a bubble.

First Round Capital portfolio company TechForward, a Los Angeles-based “guaranteed electronics plan operator” has been sold to SquareTrade, a San Francisco “independent warranty company.”

As we reported yesterday, Ben Franklin Technology Partners is seeking applications for the next edition of its Project Liberty Digital Incubator. If you do get in to round two, be sure to go easy on the ping pong.

GIVE A GLANCE

The always-enlightening Gaberiel Weinberg, founder of DuckDuckGo, wrote about the difference between being an “indie,” “angel” or “venture” company. In other parts of the local investing blogosphere, VC Deal Lawyer Chris McDemus explains why entrepreneurs never seem to hit their forecasted numbers.

Ben Franklin Technology Partners CEO and President RoseAnn Rosenthal was on hand when President Obama signed the JOBS Act last week.

According to the Boston Business Journal, molecular diagnostics company Good Start Genetics has raised $14 million in a Series B round from Safeguard Scientifics and others.

Josh Kopelman, managing partner at First Round Capital, announced on his blog that the firm has hired Jack Leidlein as “Head of Talent.” From the post: “we’re now also going to be aggressively focused on creating value in hiring during the first 18-24 months of company construction through education and mentorship as well as a fantastic network of talent.”

According to a press release Novitas Capital portfolio company Nistica will be acquired by Fujikura. The company makes wavelength selective switches.

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Sean Blanda is an adviser to Technical.ly, the local technology news network, having cofounded its flagship Technically Philly in February 2009. He is a media consultant, engagement editor for Behance and lives in Brooklyn, NYC.

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