New York City Starts Program to Foster Entrepreneurial New Media

The program is similar to one the mayor introduced earlier this year to persuade laid-off Wall Streeters to stay in the city and join or start new companies. It is one of a series aimed at propping up the industries that form the core of the city’s economy but that have suffered in the last few years. City officials plan to tackle the retailing business next.

The administration’s goal is to move small amounts of public funds into programs that will help entrepreneurs and small businesses with big ambitions. In the case of the media industry, the focus is on young companies seeking to capitalize on new technologies rather than the national broadcasters and publishers with headquarters in the city.

“New York City is the media capital of the world, but, with the industry undergoing profound changes, it’s incumbent on us to take steps now to capitalize on growth opportunities and ensure we remain an industry leader,” Mr. Bloomberg said at a news conference at the Chelsea headquarters of IAC, an Internet company whose brands include Match.com, Ask.com and Excite.

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