The School of Engineering's incubators have generated more than $352 million in economic impact and over 1,255 jobs since 2009. This public-private-academic partnership is shaping New York’s economy.
Named one of the Top 10 Idea Labs in the U.S. by Worth magazine, the School of Engineering Incubators—Varick St., DUMBO and NYC ACRE—are changing the landscape of New York City for the better. As the first NYC-sponsored incubators and cornerstones of the NYU Entrepreneurial Institute, the programs are designed to empower entrepreneurs from across NYC and NYU who are creating jobs, launching new technology products and services and diversifying the local innovation ecosystem.
Economic Impact Analysis
An analysis that included surveying 102 current and previous tenants and one-on-one interviews with six selected companies, led by Dr. Jill Kickul from NYU Stern and supporting members from Harley and Company and Zain Yousaf, was undertaken between October 2012 and January of 2013 (All statistics are as of December 2012.
Key Findings were that the School of Engineering Incubators:
- Drive significant economic activity
- Foster production of ground breaking technologies in diverse industry sectors
- Benefit businesses through public/private participation and access to academic resources
- Strengthen the School of Engineering academically and through Workforce Development
- Create jobs
- Provide over 500 internship opportunities (Since 2009)
- Help start-ups raise capital
- Through both direct and indirect job creation, taxes and spending, the joint economic impact of the Incubators has been $352 million
- In 2014 Incubator companies generated $87.5 million
- By 2015, the impact is projected to be $719.8 million
Strong Job Creation
- Since 2009 the School of Engineering Incubators have created over 1255 jobs
- By 2015 the Incubators will have created nearly 2,600 jobs
- The average Series A funding for an incubator company was $4.8 million
- The average graduate of an NYU Poly Incubator makes $72,230 annually
- Former and current members contributed roughly $31.4 million in tax revenue from ‘09 to ‘12
- Current tenants can expect a funding growth rate of 147% from the time they enter the Incubators until they graduate
- More than $140 million in capital has been raised by incubator companies
- Incubator graduates have substantially higher funding/revenue upon graduation