NEW YORK CITY—New York State has declared the three start-up business incubators of the NYU Polytechnic School of Engineering tax-free zones as part of Gov. Andrew Cuomo's START-UP NY program to foster job growth and economic development.
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 Corp., (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," says 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."
Through the 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 lure larger companies from around the world globe to New York to tap into 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 St., 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.
"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," says NYCEDC president Kyle Kimball.
Adds Brooklyn Borough president Eric L. Adams, "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."
"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," notes 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.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
