ALBANY, N.Y. (AP) _ New York state is setting aside $2 million to invest in new high-tech businesses owned by minorities and women.

Democratic Gov. Andrew Cuomo announced the investment fund on Friday. He says the goal of the initiative is to expand opportunities for entrepreneurs from diverse backgrounds while promoting economic growth around the state.

The money will be managed by a venture capital firm based in Rochester. Preference will be given to start-ups in the life sciences, green technology, advanced materials and other high-tech industries.

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