Between the end of Law and Order and the projected loss of tourism (not to mention...everything else), NYC could be facing new economic troubles soon. In response, Mayor Bloomberg announced the launch of a city-sponsored early-stage investment fund yesterday, that he hopes will put major money back into NYC's economy.

The NYC Entrepreneurial Fund initiative was started with $3 million from the New York City Economic Development Corporation, and will be managed by FirstMark Capital. They've pledged to invest upwards of $19 million in NY-based start-ups, starting with $300,000 for MyCityWay, a company that makes iPhone and iPad apps to find info about restaurants, shopping and concerts. Seed investments by the Fund will range between $250,000 to $1 million.

Mayor Bloomberg is hopeful this will help bring in major new capital, and assuages any concerns of a socialist agenda: "The fund really is going to play a big role in encouraging information tech firms to move to our city. We want people to get jobs. We aren't trying to give handouts."