Study finds NYU-Poly incubators have generated $251M in economic activity

July 26, 2013 From Polytechnic Institute of New York University
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Three technology incubators operated by Polytechnic Institute of New York University (NYU-Poly) have generated $251 million in economic activity since 2009, created more than 900 jobs and contributed $31.4 million in tax revenue, according to a report released on Friday.

By 2015, according to the study they are projected to nearly triple their economic output to $719 million, 2,500 jobs and $92 million in tax revenue.

The economic impact study was conducted by Dr. Jill Kickul, director of the NYU Stern School of Business Program in Social Entrepreneurship.

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“The creation of incubators – in this case, ones run by NYU-Poly – have been a tremendous success because they allow for a nurturing environment for start-up companies,” said Carlo A. Scissura, president and CEO of the Brooklyn Chamber of Commerce.

“NYU-Poly-run incubators have been a great option for young companies. They create opportunity and jobs, helping revive New York City’s economy while ensuring that Brooklyn remains one of the best places in the world to do business. The Brooklyn Chamber has partnered with NYU-Poly on a number of economic development initiatives, making sure that the tech sector continues to grow in Brooklyn and that hundreds of new jobs are created in the years to come,” Scissura added.   
In 2009, NYU-Poly launched the Varick Street Incubator in Manhattan’s Hudson Square neighborhood in partnership with New York City Economic Development Corporation (NYCEDC) and Trinity Real Estate.  It also housed a second innovation center, the New York City Accelerator for a Clean and Renewable Economy (NYC ACRE), supported by the New York State Energy and Research Development Authority (NYSERDA).

In 2012, NYU-Poly opened the DUMBO Incubator in Brooklyn in partnership with NYCEDC and Two Trees Management. Last month, NYU-Poly and NYCEDC announced plans to develop and operate the Clean Technology Entrepreneur Center partnership with Forest City Ratner Companies.

The NYU-Poly “innovation centers,” as the incubators are also known offer guidance, expertise and resources to entrepreneurs, helping their ventures grow while attracting talent and funding to the Institute.  They provide startups with administrative support in addition to access to talent, markets, capital and research.

These collaborative spaces also allow faculty, students, and alumni to engage with the tech community. Through the Faculty Engineers in Residence program, entrepreneurial professors support both students and startup companies.

“Since 1854, Poly has served to incubate knowledge in Brooklyn, but we established formal incubators only a few years ago. Within these few short years, NYU-Poly’s incubators have transformed innovation and technology into real economic development throughout the city,” said Dr. Katepalli Sreenivasan, president of NYU-Poly.

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