NEW YORK CITY—New York State has declared the threestart-up business incubators of the NYU Polytechnic School ofEngineering tax-free zones as part of Gov. AndrewCuomo's START-UP NY program to foster job growth andeconomic development.

|

The measure aims to attract larger companies with more jobs, aswell as more tech talent, to New York State. The NYUincubators, created in partnership with the New York City EconomicDevelopment Corp., (NYCEDC) will continue to serve start-upcompanies with high potential, whether or not their founders areaffiliated with the university.

|

"Today's announcement is a perfect example of the greataccomplishments that can happen when academia, private enterprise,and government work together," says NYU dean of engineeringKatepalli R. Sreenivasan. "By fostering start-up technologycompanies, New York State ishelping NYU provide a safe landing place forentrepreneurs to create a more efficient and sustainable urbanenvironment."

|

Through the incubator network, NYU and New YorkState will continue to provide homes for new companies todevelop software, hardware, and other technologies to promotecleaner and more sustainable urban environments. The economicassistance is also expected to lure larger companies from aroundthe world globe to New York to tap into NYU researchas well as the city's infrastructure, amenities and otherassets.

|

The long-term goal for NYU and the START-UP NY programis to consolidate all three incubators and tax-free zones in 370Jay St., a long-derelict building in the heart of DowntownBrooklyn and proximate to the School of Engineering's corespace in MetroTech Center. This hub of entrepreneurship andtechnology will serve as an anchor for the thriving Brooklyn TechTriangle.

|

"The NYCEDC-NYU suite of incubators provides invaluableresources and support for early-stage companies so they can takerisks that lead to growth and success—evidenced by the over onethousand jobs created and hundreds of millions of dollars thebusinesses in our incubators have infused into the city economy,"says NYCEDC president Kyle Kimball.

|

Adds Brooklyn Boroughpresident Eric L. Adams, "Asa new participant in the START-UP NY program, NYU willcontinue its contribution to assisting business with access totalent, markets, capital, and research—further cementing itspresence as a leading academic and job-creating institution."

|

"The incubator network at the NYU Polytechnic School ofEngineering is the epitome of the ecosystem we are trying to fosterin the Brooklyn Tech Triangle," notes Downtown BrooklynPartnership president TuckerReed. "Bridging the gap between the innovationeconomy and our neighborhood's thriving academic scene, theincubators help create new companies that will fuel economic growthin the area. What's more, by consolidating the incubator networkinto one location at 370 Jay Street, NYU will helpactivate a long-underutilized asset.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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.