Posted August 21st, 2014
The State of New York this week declared the three start-up business incubators of the NYU Polytechnic School of Engineering tax-free zones as part of Governor Cuomo’s START-UP NY program to foster job growth and economic development.
The 19,500 square feet of incubator space in Lower Manhattan and Brooklyn have to date created more than 1,000 jobs and provided an economic impact of $251 million. The measure aims to attract larger companies with more jobs, as well as more tech talent, to New York State. The NYU incubators, created in partnership with the New York City Economic Development Corporation (NYCEDC) will continue to serve start-up companies with high potential, whether or not their founders are affiliated with the university.
“Today's announcement is a perfect example of the great accomplishments that can happen when academia, private enterprise, and government work together,” said NYU Dean of Engineering Katepalli R. Sreenivasan. “By fostering start-up technology companies, New York State is helping NYU provide a safe landing place for entrepreneurs to create a more efficient and sustainable urban environment. “
By building upon an already successful incubator network, NYU and New York State will continue to provide homes for new companies to develop software, hardware, and other technologies to promote cleaner and more sustainable urban environments. The economic assistance is also expected to attract larger companies from around the globe to move to New York to tap into groundbreaking NYU research as well as the City’s infrastructure, amenities, and other assets.
The long-term goal for NYU and the START-UP NY program is to consolidate all three incubators and tax-free zones in 370 Jay Street, a long-derelict building in the heart of Downtown Brooklyn and proximate to the School of Engineering’s core space in MetroTech Center. This hub of entrepreneurship and technology will serve as an anchor for the thriving Brooklyn Tech Triangle and will cement NYU’s place as a leader in Brooklyn’s emergence as a center of technology in the state.
“Governor Cuomo created START-UP NY to grow the economy in a new and innovative way that creates new jobs for New Yorkers across the State, including in New York City,” said START-UP NY Executive Vice President Leslie Whatley. “Today’s announcement about NYU’s participation in START-UP NY marks our latest effort to advance the program in the five boroughs, and I look forward to working with our partners at NYU and around the City to attract businesses and jobs here.
“The NYCEDC-NYU suite of incubators provides invaluable resources and support for early-stage companies so they can take risks that lead to growth and success—evidenced by the over one thousand jobs created and hundreds of millions of dollars the businesses in our incubators have infused into the City economy,” said NYCEDC President Kyle Kimball. The START-UP NY designation is an enormously important benefit to the resident companies, in addition to the affordable workspace, mentorship, training, and collaborative environment at the incubators that allows entrepreneurs to move groundbreaking ideas into the marketplace. With our partners at NYU, we thank the State for making this smart investment in New York’s innovation economy.
“I commend the public/private partnership between Governor Cuomo and the NYU Polytechnic School of Engineering,” said Brooklyn Borough President Eric L. Adams. “This dynamic alliance will assist new businesses in Brooklyn’s Tech Triangle in obtaining valuable resources and forming collaborative relationships that are vital in our global marketplace. As a new participant in the START-UP NY program, NYU will continue its contribution to assisting business with access to talent, markets, capital, and research—further cementing its presence as a leading academic and job-creating institution in Brooklyn.”
“This is the first of what I expect to be several similarly exciting announcements to come,” said New York State Senator Martin J. Golden. Golden, chair of the Senate Select Committee on Science, Technology, Incubation, and Entrepreneurship, has worked with NYU on its incubator development and its game laboratory, is responsible for development of the most comprehensive incubator law in the country, and has championed and led the development of Startup Zones in Brooklyn with NYU. “What it means for our area is a spur to economic development, as the track record of the NYU incubators has shown, and what it means for residents of Brooklyn is more opportunity and an expanded chance to follow their dreams and create their own destiny. New York is waking from a decades-long economic slumber, and is removing barriers to development and opportunity with changes like this one. I am delighted to be part of this effort with NYU.”
“Diversifying the economy through the tech sector is crucial to the future of our City’s economy,” said New York State Senator Brad Hoylman. “The designation of NYU's incubators as START-UP NY tax-free zones will contribute to this important effort right here on the lower West Side of Manhattan, which, thanks to public-private partnerships like START-UP NY is rapidly becoming an international technology hub.”
"I am delighted that government has been able to do its part in encouraging the next generation of technologists and entrepreneurs,” said New York State Senator Velmanette Montgomery. “Great ideas need space to grow, and as they grow they will bring the benefits to all of us in Brooklyn. Congratulations, NYU Polytechnic School of Engineering!"
Said New York Assembly Member Joe Lentol: “Innovation is rising. We know that there is a period of time when entrepreneurs need support as they grow new ideas into companies. We also know young and creative minds want to live and work in Brooklyn and New York City. START-UP NY and the NYU Polytechnic School of Engineering are in perfect step—at the exact right time—to provide new companies the support they need. Incubators work. They foster good jobs in new industries. The secondary benefits are huge, as well, to the neighborhoods where the newly employed live and shop. This is great for Brooklyn. I am thrilled.”
“The inclusion of three NYU School of Engineering business incubators as part of START-UP NY is another indication of the strength of Brooklyn’s Tech Triangle,” said New York State Assemblywoman Joan L. Millman. “Brooklyn is fast becoming a technology leader in New York State. “
“NYU incubators plus START-UP NY equals a formula for real job growth and economic development in Downtown Brooklyn,” said New York City Council Member Stephen Levin. “More and more entrepreneurs are choosing Downtown Brooklyn as their place of business and the introduction of the START-UP NY program gives them even more reason to move here. Today’s announcement is exciting news for Downtown Brooklyn and New Yorkers throughout the City.”
“The companies that are being launched out of the NYU School of Engineering incubator system are transforming our economy here and transforming how the entire world operates,” said Brooklyn Chamber of Commerce President and CEO Carlo A. Scissura. “This proves yet again that Brooklyn is synonymous with the innovation economy, and we applaud Governor Cuomo and his team for recognizing the impact this program has on the entire state.”
"The incubator network at the NYU Polytechnic School of Engineering is the epitome of the ecosystem we are trying to foster in the Brooklyn Tech Triangle," said Downtown Brooklyn Partnership President Tucker Reed. "Bridging the gap between the innovation economy and our neighborhood's thriving academic scene, the incubators help create new companies that will fuel economic growth in the area. What's more, by consolidating the incubator network into one location at 370 Jay Street, NYU will help activate a long-underutilized asset that will serve as a visible reminder of the innovation and entrepreneurship taking place in Downtown Brooklyn every day."