By Patrick McGeehan
How does it feel to plummet from the peaks of global finance to an unpaid gig at a fledgling company? A few dozen laid-off New Yorkers are about to find out.
They are the first group of out-of-work professionals to be paired up with small businesses that need help getting started or expanding. The matchmaking experiment, which began this week, was one of the ideas New York City officials hatched as a response to the growing ranks of unemployed professionals in the metropolitan area.
With investment banks and other financial companies continuing to eliminate jobs at a fast pace, officials of the city’s Economic Development Corporation began to fear an exodus of educated, previously well-paid residents. So they contracted with the Levin Insititute of the State University of New York to set up a boot camp in entrepreneurship for about 50 former financiers who were willing to spend 10 weeks sharing their skills with start-up companies and small businesses free of charge. (more)
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