NYCEDC Seeks Development of First City-Sponsored Business Incubator on Staten Island
Will Build on City’s Growing Network of Incubators Designed to Grow Entrepreneurship and Innovation in New York City
New York City Economic Development Corporation (NYCEDC) today announced it is seeking proposals to develop, operate and maintain a new business incubator space on Staten Island. The incubator, which will be the first City-sponsored business incubator on Staten Island, will encourage entrepreneurship and innovation across a variety of sectors. Respondents are allowed to propose a number of different programs to accomplish the goal of enhanced entrepreneurialism and economic activity in the area, including: programs for startup businesses in the technology, new media, services, arts/cultural, culinary and other business sectors; co-working space for freelancers, entrepreneurs, small businesses, and startups; or a combination of those uses. Upon selection, NYCEDC may make certain funding available to help cover specific start-up and operation expenses. Respondents are asked to propose and identify space with preference for locations which are accessible via public transportation to the St. George Ferry Terminal. Responses will be due on December 19, with selection of an operator expected in following months.
“Today we are continuing to build on our efforts to spur economic development across Staten Island,” said New York City Economic Development Corporation President Seth W. Pinsky. “Along with important development projects moving forward on the North Shore waterfront, this new incubator will encourage innovation and entrepreneurship, and once again demonstrate that the future of Staten Island is bright.”
“We look forward to establishing a business incubator on Staten Island, which will introduce businesses to the abundant opportunities that our Borough offers,” said Staten Island Borough President James Molinaro. “The Borough of Staten Island represents some of the best living standards, cultural, recreational, and educational opportunities in our region. Thus, offering a great opportunity for businesses to locate here in our great Borough. As we said, Staten Island is the Borough of the educated work force and we welcome the New York City Economic Development Corporation in issuing this RFP that will strengthen how New York City is becoming the home to many great innovators and entrepreneurs.
“I am pleased that despite the slow economic recovery, the City has continually moved forward to help City residents start their own businesses. The first-city sponsored business incubator on Staten Island is major encouragement for a borough which flourishes on the economic success of small businesses,” said Councilwoman Debi Rose. “Business incubators promote business growth.”
The incubator will provide emerging start-up businesses with a physical space for collaboration and learning through shared workspace and programming. The incubator will also have positive spillover effects in surrounding communities through its economic impact. NYCEDC is interested in creative proposals that cater to local business demand and will promote economic development on Staten Island. One or more proposals may be selected pursuant to RFP.
Through this RFP, NYCEDC is seeking financially sustainable and innovative proposals from qualified respondents to develop, market, operate, and manage the incubator. Programmatic goals for the incubator include, but are not limited to:
- Providing a well-managed, fully equipped Incubator space that can be rented on a flexible full-time or part-time basis by Incubator tenants;
- Providing key programming, including educational and networking opportunities for Incubator tenants;
- Offering affordable rents to incubator tenants;
- Facilitating the creation of new, self-sustaining, and profitable businesses;
- Enhancing revenue and profitability of existing businesses;
- Creating needed space for entrepreneurship and innovation on Staten Island;
- Generating more demand for local products or services; and
- Developing a self-sustaining operation within three years of the incubator’s launch.
- The City presently has 12 incubators within a variety of industries – including technology, fashion, arts, general business, and food manufacturing – either operating or expected to open in the coming months.
Originally launched in 2009, the City’s network of incubators is part of the Bloomberg Administration’s efforts to encourage entrepreneurship within a variety of economic sectors. Through the incubators, the Administration is providing low-cost workspace as well as training and networking opportunities to hundreds of start-ups and small businesses. More than 500 startup businesses are currently located at the City-sponsored incubators, and companies have raised more than $90 million in investor funding. In addition, nearly 50 of these tenant companies have already graduated into market-rate space and continue to expand. The number of employees currently working at the incubators is more than 800. The City’s network of incubators include, among others, Varick Street; the City’s first incubator; the Hive at 55, a co-working facility for freelancers in Manhattan; General Assembly, a technology and design campus in Flatiron, and Sunshine Bronx located in the Hunts Point section of the borough. As an added piece of the Bloomberg Administration’s efforts to increase entrepreneurialism in 2010 the City launched the New York City Entrepreneurial Fund, the first City-sponsored seed and early-stage investment fund located outside of Silicon Valley. The fund made up to $22 million available to New York City-based technology startups.
New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities. Find us on Facebook or follow us on Twitter, or visit our blog to learn more about NYCEDC projects and initiatives.