Sidebar: Start-up Engine
- Hallie Kapner for nyas.org November 18th, 2013
- Source: http://www.nyas.org/Publications/Detail.aspx?cid=494a07f5-7071-4cb0-a88a-d218ba155136
In 2009, the New York City Economic Development Corporation (NYCEDC) entered into a partnership with Trinity Real Estate and the Polytechnic Institute of New York University (NYU-Poly), founding the first city-sponsored business incubator at 160 Varick Street. A few hundred dollars a month bought young entrepreneurs desk space, business development mentoring, introductions to the venture capital community, and connections to other entrepreneurs. By 2012, 22 companies had graduated from Varick Street, trailing 300 newly created jobs and $38 million in funding in their wake.