Tandon in the News
City's incubator tally swells to 100
The city is already awash in common work spaces for startups, Crain's research finds, but more are expected as the focus expands from tech to other industries.
- Emily Laermer for Crain's New York Business March 5th, 2013
- Source: http://www.crainsnewyork.com/article/20130305/NEWS/130309928
New Work City launched in 2008 as the city's first co-working space, an office for freelancers and individuals working from home. Within its first month, it had about 25 members.
"There was no place for folks just working from home who wanted to get out of their house and be around other people," said co-founder Tony Bacigalupo. "At the time, New Work City was a unique thing in the city."
Today, New York City is home to 46 co-working spaces in addition to the 30 incubators and 14 accelerator programs, according to Crain's research. The number is expected to continue growing. Incubators provide low-cost office space and mentorship for early-stage startups, while co-working spaces offer desks for freelancers and entrepreneurs with ideas. Most incubators focus on technology companies, but a growing handful are branching into other industries.
The city has continued to foster the startup world through initiatives like the recently launched We Are Made in New York campaign. Total city funding for launched incubators is over $3.5 million. The state provides support through the likes of the Senate's new Select Committee on Science, Technology, Incubation and Entrepreneurship.