The NYU-Poly incubator is one of 11 initiatives the Mayor outlined that have been designed to support New York City’s financial services sector and encourage entrepreneurship in the wake of the financial meltdown.
“We are taking aggressive steps to put the City in the best position to capture growth, and we’re doing it by promoting one thing more than any other: innovation,” the Mayor said. “New York City’s greatest strength has always been and will continue to be the innovation, drive, and work ethic of New Yorkers. Time and time again, history has shown that our City rewards those who have the courage to pursue their dreams and launch new ideas.”
NYU-Poly President Jerry M. Hultin spoke after the Mayor, reminding the audience of Polytechnic’s long history of preparing and inspiring ambitious, forward-thinking entrepreneurs.
President Hultin highlighted Polytechnic graduates Eugene Kleiner whose company, Fairchild Semiconductor, set off Silicon Valley’s high-tech boom; Paul Soros whose firm encouraged global trade by engineering ports in 90 countries; and Jerome Lemelson — the second most prolific inventor of the 20th century — who held 550 patents.
“As one of the oldest and most innovative educational organizations in New York City, NYU-Poly is committed to using applied science and technology to create new services, companies, and jobs in this time of economic distress,” said President Hultin.
“We are pleased to join with Mayor Bloomberg in this new effort to stimulate invention, innovation, and entrepreneurship in New York City. This new, expanded ‘center of innovation’ in Manhattan allows NYU-Poly to significantly expand our program of teaching 21st century skills and helping entrepreneurs realize their dreams.”
New York University Provost David McLaughlin, Deputy Mayor for Economic Development Robert C. Lieber, Economic Development Corporation (NYCEDC) President Seth W. Pinsky, and Small Business Services Commissioner Robert W. Walsh also joined the Mayor at the press conference. Trinity Real Estate President Carl Weisbrod who was also at the event, and whose company is contributing the space for a period of three years said, “Trinity is pleased to contribute this space and to partner with the City and NYU-Poly on this important incubator initiative.”
The NYU-Poly incubator sharply reduces one of the biggest impediments to starting a small business: NYC’s high commercial rental rates. 100 entrepreneurs will be able to sublease ready-to-use office space through NYU-Poly for well below market rates (monthly rent starts at $200).
It’s hoped that the 16,000 square feet of prime TriBeCa office space located at 160 Varick Street will be the launching pad for the next Google, YouTube, or even the Mayor’s company, Bloomberg LP.
The Varick Street incubator will be NYU-Poly’s second such venture in New York City. It created its first start-up incubator, The Brooklyn Enterprise on Science and Technology (BEST), led by Bruce Niswander, on its Brooklyn campus in 2004. BEST provides its tenants with mentoring services, business seminars, and networking opportunities. Bloomberg LP and Thomson Reuters will provide data feeds at the Varick Street incubator at no cost.