Today marks the fourth anniversary of Polytechnic Institute ofÂ New York University (NYU-Poly)’s public-private incubator initiative in NYC.
An economic impact study was conducted byÂ Dr. Jill Kickul, director of the NYU Stern School of Business Program in Social Entrepreneurship to study what impact these incubators, or “innovation centers” have had on the city.
The impact study reports that three NYU-Poly-operated incubators had generatedÂ $251 millionÂ in economic activity since 2009, created more than 900 jobs and contributedÂ $31.4 millionÂ in local, state and federal tax revenue.Â By 2015, these innovation centers are projected to nearly triple their economic output toÂ $719 million, 2,500 jobs andÂ $92 millionÂ in tax revenue.
The study also found:
- 35 companies have graduated to larger spaces inÂ New York
- 5 have been acquired by larger entities for more thanÂ $50 million
- Salaries paid by graduating companies averageÂ $72,000
- 84% of respondents rated the NYU-Poly incubator experience as important or very important for their success, citing unique access to talent, networking opportunity, and the price and quality of the spaces.
“Since 1854, Poly has served to incubate knowledge inÂ 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. “This unique partnership between a strong engineering and technology institution of higher learning, government and the private sector has proven to be a powerful cultural and educational driver, as well. We look forward to strengthening these ties further.”
“This study demonstrates the unique contribution and economic impact that NYU-Poly incubators have had in providing the resources and environment to supportÂ the next generation of successful entrepreneurs with high-quality mentorships and access to funders and strategic partnerships,” said study author Kickul.