NYC Initiatives Promote Business Innovation through Entrepreneurial Activity
Mayor Bloomberg announced 11 initiatives to support New York City's financial services sector and encourage entrepreneurship. The programs will help retain and grow financial companies and institutions in New York City and promote business innovation through entrepreneurial activity.
Create Incubators for Start-up Businesses:
To help entrepreneurs launch new start-up companies, the City is partnering with academic institutions, property management companies and commercial landlords to establish high-quality, ready-to-use office space that comes with basic business services and administrative support.
For the first incubator at 160 Varick Street at Hudson Square, the City helped negotiate a three-year master lease between the Polytechnic Institute of New York University and Trinity Real Estate. Beginning March 1, start-up companies will be able to sublease the space starting at $200 per person per month for six months with an option to renew.
The space comes with basic business services like telephones, computers, fax machines, copiers, shared conference rooms and shared kitchen areas, and will accommodate about 100 people. Bloomberg LP and Thomson Reuters have agreed to provide data feeds at no cost, and university partners will provide mentoring services, business seminars and networking opportunities for tenants.
The City and the Polytechnic Institute have an agreement with the Moinian Group for a second incubator at 90 John Street that will open in April and accommodate 100 people. In addition, the City has entered into an agreement with a coalition of existing providers of incubator space, able to accommodate about 700 people, to offer space at up to 40 percent below their standard rates.
Establish New York City Angel Fund:
Angel investors typically provide funding to small start-up companies before they are in a position to garner venture capital dollars a crucial stage in the entrepreneurial process.
The City will invest $3 million to create several funds totaling between $9 million and $10 million to make angel investments of $20,000 to $250,000 to New York City-based start-up companies.
Launch Annual International Financial Services Business Plan Competition:
To attract groundbreaking financial services start-up companies and enhance New York City’s reputation as a center for financial innovation, the City will market and conduct an annual business plan competition with top business and engineering schools throughout the U.S., Europe, Asia and Latin America.
Open "VC Connect" Online Information Portal and Provide VC Support Services:
To establish a central information clearing house and support network for entrepreneurs and startup companies and to help publicize the activity already occurring in New York, the City will create and manage a website that will include a calendar of seminars and networking events, real estate information, a discussion forum and other resources to help entrepreneurs. NYCEDC will release a Request for Proposals from website developers in the coming weeks, and the website will launch in Summer 2009
Begin FastTrac Program to Help New Yorkers Start Entrepreneurial Businesses:
FastTrac, a business training program to help emerging entrepreneurs, including those displaced from the financial services sector, start new businesses and help existing entrepreneurial business owners run their businesses.
Start JumpStart NYC to Help New Yorkers Join Entrepreneurial Businesses :
JumpStart NYC, a free job training and placement pilot program designed for workers laid off from the financial services sector looking for opportunities within New York City’s network of venture capital portfolio businesses.
Expand Incentives for Financial Services Companies Locating in Lower Manhattan: In the coming days, the City and State will announce details on the redeployment of more than $30 million in Federal incentives to attract new financial services firms and institutions to Lower Manhattan, the traditional heart of the industry in the City.
Attract and Grow New Financial Services Utilities:
Utilities such as stock exchanges and clearing institutions serve as the "glue" that holds together the financial services sector. The City will work with established and developing exchanges like the New York Mercantile Exchange’s Green Exchange and SecondMarket to help them capture business in growing areas, like carbon credits and other emerging asset classes.
Conduct International Recruitment Campaign:
As firms in emerging markets continue to grow and expand, many will look for appropriate locations in which to establish North American offices. To maximize the number that choose New York City as their regional base, the City will conduct an international recruitment campaign focused on attracting commercial banks and insurance companies headquartered in China, India and other developing economies
Establish Ongoing Financial Services Advisory Committee:
The Financial Services Advisory Committee will meet regularly through 2009 to maintain a dialogue between City Hall and the industry, as well as within the industry. The Committee will discuss industry developments and track the ongoing value and effectiveness of these and other initiatives that create jobs, additional revenues for the city and overall economic growth."
Refocus Regulatory Advocacy:
In January 2007, Mayor Bloomberg and Senator Schumer outlined national reforms to help keep the U.S. and New York City as global financial services leaders. While many of those issues continue to be of importance, the recent downturn has made the need for regulatory reform in Washington even more urgent though potentially in ways that are different from those envisioned in 2007.
Create Incubators for Start-up Businesses:
To help entrepreneurs launch new start-up companies, the City is partnering with academic institutions, property management companies and commercial landlords to establish high-quality, ready-to-use office space that comes with basic business services and administrative support.
For the first incubator at 160 Varick Street at Hudson Square, the City helped negotiate a three-year master lease between the Polytechnic Institute of New York University and Trinity Real Estate. Beginning March 1, start-up companies will be able to sublease the space starting at $200 per person per month for six months with an option to renew.
The space comes with basic business services like telephones, computers, fax machines, copiers, shared conference rooms and shared kitchen areas, and will accommodate about 100 people. Bloomberg LP and Thomson Reuters have agreed to provide data feeds at no cost, and university partners will provide mentoring services, business seminars and networking opportunities for tenants.
The City and the Polytechnic Institute have an agreement with the Moinian Group for a second incubator at 90 John Street that will open in April and accommodate 100 people. In addition, the City has entered into an agreement with a coalition of existing providers of incubator space, able to accommodate about 700 people, to offer space at up to 40 percent below their standard rates.
Establish New York City Angel Fund:
Angel investors typically provide funding to small start-up companies before they are in a position to garner venture capital dollars a crucial stage in the entrepreneurial process.
The City will invest $3 million to create several funds totaling between $9 million and $10 million to make angel investments of $20,000 to $250,000 to New York City-based start-up companies.
Launch Annual International Financial Services Business Plan Competition:
To attract groundbreaking financial services start-up companies and enhance New York City’s reputation as a center for financial innovation, the City will market and conduct an annual business plan competition with top business and engineering schools throughout the U.S., Europe, Asia and Latin America.
Open "VC Connect" Online Information Portal and Provide VC Support Services:
To establish a central information clearing house and support network for entrepreneurs and startup companies and to help publicize the activity already occurring in New York, the City will create and manage a website that will include a calendar of seminars and networking events, real estate information, a discussion forum and other resources to help entrepreneurs. NYCEDC will release a Request for Proposals from website developers in the coming weeks, and the website will launch in Summer 2009
Begin FastTrac Program to Help New Yorkers Start Entrepreneurial Businesses:
FastTrac, a business training program to help emerging entrepreneurs, including those displaced from the financial services sector, start new businesses and help existing entrepreneurial business owners run their businesses.
Start JumpStart NYC to Help New Yorkers Join Entrepreneurial Businesses :
JumpStart NYC, a free job training and placement pilot program designed for workers laid off from the financial services sector looking for opportunities within New York City’s network of venture capital portfolio businesses.
Expand Incentives for Financial Services Companies Locating in Lower Manhattan: In the coming days, the City and State will announce details on the redeployment of more than $30 million in Federal incentives to attract new financial services firms and institutions to Lower Manhattan, the traditional heart of the industry in the City.
Attract and Grow New Financial Services Utilities:
Utilities such as stock exchanges and clearing institutions serve as the "glue" that holds together the financial services sector. The City will work with established and developing exchanges like the New York Mercantile Exchange’s Green Exchange and SecondMarket to help them capture business in growing areas, like carbon credits and other emerging asset classes.
Conduct International Recruitment Campaign:
As firms in emerging markets continue to grow and expand, many will look for appropriate locations in which to establish North American offices. To maximize the number that choose New York City as their regional base, the City will conduct an international recruitment campaign focused on attracting commercial banks and insurance companies headquartered in China, India and other developing economies
Establish Ongoing Financial Services Advisory Committee:
The Financial Services Advisory Committee will meet regularly through 2009 to maintain a dialogue between City Hall and the industry, as well as within the industry. The Committee will discuss industry developments and track the ongoing value and effectiveness of these and other initiatives that create jobs, additional revenues for the city and overall economic growth."
Refocus Regulatory Advocacy:
In January 2007, Mayor Bloomberg and Senator Schumer outlined national reforms to help keep the U.S. and New York City as global financial services leaders. While many of those issues continue to be of importance, the recent downturn has made the need for regulatory reform in Washington even more urgent though potentially in ways that are different from those envisioned in 2007.
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