ALBANY, NY (TIP): New York State has set aside $2 million to invest in new high-tech businesses owned by minorities and women.

The initiative is meant to expand opportunities for entrepreneurs from diverse backgrounds and promote economic growth around the state, Gov. Cuomo said.

The money will be managed by Excell Partners, a venture capital firm based in Rochester.

Preference will be given to start-ups in the life sciences, green technology and other high-tech industries.

“Under this administration, great strides have been made to support these businesses and encourage diversity in the private sector,” Cuomo said.

“This new fund will go a long way toward making those gains permanent and building a brighter future for New York.”

To be eligible, companies must be a certified minority-or women-owned business.

“It is our hope this fund will be an additional resource for entrepreneurs, encouraging expansion and job creation throughout the state,” said Empire State Development Commissioner Howard Zemsky.