NYU-Poly’s incubators have generated more than $250 million in economic activity and 900 jobs in the past four years. This public-private-academic partnership is shaping New York’s economy. Download or read our Economic Impact Study below.
NYU-Poly Incubators and Their Economic Impact
Named one of the Top 10 Idea Labs in the U.S. by Worth magazine, the NYU-Poly Incubators—Varick St., DUMBO and NYC-ACRE—are changing the landscape of New York City for the better. As the first NYC-sponsored Incubators and cornerstones of the NYU Entrepreneurial Institute, the programs are designed to empower entrepreneurs from across NYC and NYU who are creating jobs, launching new technology products and services and diversifying the local innovation ecosystem.
The Incubators help first-time and serial entrepreneurs acquire affordable space and legal services, help in finding engineering talent and offer top-tier mentorship. Incubator teams benefit from staff who are entrepreneurs, employing the Lean Startup Methodology. Since 2009, the Incubators have served more than 100 companies, with 5 of those acquired by established public and private companies. Program graduates have created more than 900 jobs and raised more than $60M in equity funding.
NYU-Poly’s Incubators leverage support from NYCEDC, NYSERDA, and other government entities, as well as from Trinity Real Estate and Two Trees Management Company, and now Forest City Ratner Companies.
Economic Impact Analysis
An analysis that included surveying 102 current and previous tenants and one-on-one interviews with six selected companies, led by Dr. Jill Kickul from NYU Stern and supporting members from Harley and Company and Zain Yousaf, was undertaken between October 2012 and January of 2013 (All statistics are as of December 2012).
Key Findings were that the NYU-Poly Incubators
- Drive significant economic activity
- Foster production of ground breaking technologies in diverse industry sectors
- Benefit businesses through public/private participation and access to academic resources
- Strengthen NYU-Poly academically
- Create jobs
- Help start-ups raise capital
- Through both direct and indirect job creation, taxes and spending, the joint economic impact of the Incubators has been $251.2 million
- By 2015, the impact is projected to be $719.8 million
Strong Job Creation
- Since 2009 NYU-Poly Incubators have created 900 jobs
- By 2015 the Incubators will have created nearly 2,600 jobs
- The average graduate of an NYU Poly Incubator makes $72,230 annually
- Former and current members contributed roughly $31.4 million in tax revenue from ‘09 to ‘12
- Current tenants can expect a funding growth rate of 147% from the time they enter the Incubators until they graduate
- Incubator graduates have substantially higher funding/revenue upon graduation
- More than $60 million in total has been raised by Incubator companies to date
Some Facts about the NYU-Poly Incubators
In 2009, NYU-Poly saw the opening of its first two Incubators, the Varick St. and NYC ACRE (Accelerator for a Clean and Resilient Economy), in Hudson Square, Manhattan, with a third opening in the Brooklyn neighborhood of DUMBO in 2012. Currently there are 59 companies in the Incubators representing a wide range of new technology services and products.
- Varick Street (2009)
- Fosters: Advertising tech, education tech, cyber security, financial tech, big data
- Current tenants: 30
- Graduates: 26
- Established with support from the NYCEDC and Trinity Real Estate
- NYC ACRE (2009)
- Fosters: Clean tech, cleanweb and energy startups
- Current tenants: 10
- Graduates: 8
- NYC ACRE began with a grant from NYSERDA to NYU-Poly which has been extended through 2017
- DUMBO (2012)
- Fosters: creative tech, makers, mobile startups
- Current tenants: 19
- Graduates: 1
- Established with support from the NYCEDC and Two Trees Management Company