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Setauket Venture Capitalist Invests in 'Gardening' Local Economy

David Calone is the CEO of Jove Equity Partners, a venture capital firm worth $50 million.

David Calone, the 39-year-old CEO of Jove Equity Partners, believes the economic times and cost of living are too tough to promote a climate in which large companies are attracted to come to Long Island. But in a recent interview with Newsday, Calone, of Setauket, said he believes the key to growing Long Island's economy is investing in what's already here and helping startups get started here.

"In economic development theory ... you either are attracting people to come to your place, which is sort of economic hunting and gathering," he told Newsday, "or there's economic gardening, which involves using the assets you have already and growing those."

According to the Newsday report, Long Island is not yet considered a hot spot for startups, with only four companies garnering more than $20 million in funding in 2012 – as compared to $1.5 billion in funding for more than 250 companies in New York City.

According to Newsday, Calone is helping to change that. Among his many affiliations and accomplishments: he is on the board of Accelerate Long Island; has advised business and political leaders across the country and on Long Island; and has advised scientists on how to pitch their ideas to investors.

Calone is a father of three whose wife Kate is assistant pastor at Setauket Presbyterian Church.

Click here to read the full feature from Newsday (subscription required).

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