As the innovation economy becomes increasingly important throughout the nation and around the world, Tandon and its thriving system of Technology Acceleration and Commercialization Hubs are helping to make Brooklyn an epicenter of entrepreneurship and enterprise.
Since the system’s inception, startups have created more than 1,250 jobs, raised more than $145 million in capital, and had a local economic impact of over $352 million.
The Tandon Future Labs boast a survival rate of nearly 90 percent for the companies that graduate from its program — a sharp contrast to the typical failure rate of 80 to 90 percent for startup companies in general.
The Data Future Lab, which was launched in 2009 in partnership with the New York City Economic Development Corporation (NYCEDC). It was the first New York City-spon- sored incubator and remains at the forefront of the city’s rapidly growing technology and entrepreneurial ecosystem. Ideally situated to revitalize and diversify New York’s economy, the Lab combines the creative ingenuity of dynamic entrepreneurs and the technical expertise of our school.
The Data Future Lab has also launched a pilot program specifically for our nation’s military veterans, supporting them with access to mentors and industry leaders, community events and other entrepreneurship-specific services, such as legal, technical, and design work. The new program recognizes that veterans are natural entrepreneurs, given their extensive experience in adapting, improvising, and overcoming adversity in a diverse range of settings, and that engaging in start-up activity in civilian life allows them to continue serving their country through innovation, entrepreneurship, and growing the economy.
The Urban Future Lab is New York City’s hub for smart cities, smart grid, and clean energy. The space hosts several programs focused on educational, policy and market solutions to the issues of sustainability, including ACRE, which supports early stage business ventures with innovative technologies and new business models for a greener, smarter and more connected world. In addition, UFL is home to PowerBridgeNY, a proof-of-concept center, and Clean Start, a clean-tech training program.
The Digital Future Lab, located one block from Brooklyn Bridge Park, launched in partnership with the New York City Economic Development Corporation and Two Trees Management in 2012. The DUMBO neighborhood is home to many prominent media technology and digital companies, and as a result, the Digital Future Lab spurs exciting startup activity in the area with a wide array of hardware and digital media tenants.
The AI NexusLab, a partnership between the school and ff Venture Capital (ffVC) that merges ffVC’s expertise in helping to build early-stage technology companies with lessons taken from the highly successful Tandon network of Future Labs. New York City’s first program to launch and support artificial intelligence (AI) startups, it also marks the first time in the United States that a university and venture fund have cooperated to create an accelerator-type program in the burgeoning field of AI.
In addition to other benefits, companies in the incubator system gain access to NYU Tandon School of Engineering’s Faculty Engineers in Residence, faculty members who bridge the gap between academia and entrepreneurship. The F-EIRs work with incubator companies to provide expertise to founders and their teams. In turn, F-EIRs are also encouraged and supported to commercialize their own inventions and intellectual property, placing their work in direct service to the public. In return, the startups provide fellowship opportunities that allow students hands-on entrepreneurial experience.