DUMBO — In a joint effort between the city’s Economic Development Corp. (EDC), Polytechnic Institute of New York University (NYU-Poly) and Two Trees Management Co., a new DUMBO Business Incubator to Support Technology Entrepreneurs has opened in DUMBO.
The new incubator, supported by an EDC grant of $250,000 and to be managed by NYU-Poly, will support the development of technology startup businesses in Brooklyn over the next three years. Located at 20 Jay St., a Two Trees-owned building, it is expected to be fully operational as soon as January.
“With the creation of our ninth incubator in the heart of one of the city’s most exciting neighborhoods, New York City is rapidly establishing itself as a global leader in digital innovation and entrepreneurship,” said Mayor Michael Bloomberg. “Together with our partners we are working to ensure that tech start-ups have the necessary resources to succeed, and to continue to grow for years to come.”
Said Brooklyn Borough President Marty Markowitz, “One day, mark my words, Brooklyn will rival Silicon Valley in terms of high-tech ingenuity, and this technology incubator will help get it there.
“Jobs will be created by supplying affordable space, business acumen, as well as the equipment necessary to help a small tech company get off the ground.
“Kudos to the EDC and Seth Pinsky, NYU-Poly and Two Trees for providing the ‘tender loving care’ today that will mature into the Brooklyn businesses of tomorrow.”
Added Seth Pinsky, EDC president, “Brooklyn’s new DUMBO incubator will provide the city’s technology startups with much-needed access to affordable space, where they can hatch, grow and ultimately thrive in a collaborative, creative environment.
“With the support of our dedicated partners, this ninth incubator in the Bloomberg administration’s network will allow entrepreneurs to capitalize fully on the advantages of the city’s emerging digital corridors, and add to the fast-growing high-tech sector that is creating jobs and innovation across the five boroughs.”
NYU-Poly, the facility operator, has signed a three-year lease with Two Trees. Two Trees provided the 6,440-square-foot space for the DUMBO Incubator at a highly subsidized rate of $3.50 per square foot, as part of its commitment to catalyzing entrepreneurship and stimulating job growth in the neighborhood.
In addition, Two Trees will offer six months rent-free in order to provide additional help with the launch.
The incubator space will provide approximately 30 dedicated workstations, and additional co-working stations, targeted to startups and entrepreneurs across various industries, including financial services, media, green, bioscience and fashion, with a focus on technology.
Tenants will be able to access educational programming and services, such as business counseling sessions, workshops and networking events on relevant topics.
NYU-Poly is also the operator of the Varick Street Incubator in Manhattan, the first to launch in July 2009 as part of a city plan to promote business innovation.
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