The School of Engineering's incubators have generated more than $250 million in economic activity and 900 jobs in the past four years. This public-private-academic partnership is shaping New York’s economy. Download or read our Economic Impact Study below.
Economic Impact Study (Slide Deck)
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.
The Incubators help first-time and serial entrepreneurs acquire affordable space and legal services, help in finding engineering talent and offer top-tier mentorship. Incubator teams benefit from staff who are entrepreneurs, employing the Lean Startup Methodology. Since 2009, the Incubators have served more than 100 companies, with 5 of those acquired by established public and private companies. Program graduates have created more than 900 jobs and raised more than $60M in equity funding.
The School of Engineering's Incubators leverage support from NYCEDC, NYSERDA, and other government entities, as well as from Trinity Real Estate and Two Trees Management Company, and now Forest City Ratner Companies.
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).
In 2009, the School of Engineering saw the opening of its first two Incubators, the Varick St. and NYC ACRE (Accelerator for a Clean and Resilient Economy), in Hudson Square, Manhattan, with a third opening in the Brooklyn neighborhood of DUMBO in 2012. Currently there are 59 companies in the Incubators representing a wide range of new technology services and products.