Posted May 30th, 2012
Incubators are hot in New York City.
The Varick Street Incubator — the first city-sponsored business launching pad — has graduated or soon will graduate 22 companies, city officials announced yesterday, providing evidence that such efforts to heat up the local economy are producing results.
Launched in 2009 in partnership with the Polytechnic Institute of New York University and Trinity Real Estate, the downtown incubator has created 400 jobs so far.
The 22 grads of Varick, which focuses on cleantech and digital media, have collectively raised $38 million in financing, while helping the city diversify its talent base.
“Today, I’m happy to say, the results are in and they are excellent,” Mayor Bloomberg announced at a press conference.
Incubators like the one at 137 Varick St. provide low-cost space and guidance for early stage companies.