City and NYU-Poly Announce Dumbo ‘Clean Tech’ Incubator
Al Barbarino June 18, 2013, 12:15 p.m.
The city and the Polytechnic Institute of New York University are launching a 10,000 square foot clean tech incubator at Forest City Ratner’s 15 MetroTech in downtown Brooklyn.
The Clean Technology Entrepreneur Center will house 20 startups focused on solving urban energy and sustainability issues, NYU-Poly and the NYC Economic Development Corporation announced this morning at a breakfast held at NYU-Poly.
“New York City is committed to addressing the global challenges associated with climate change, and we in the Bloomberg Administration have taken a number of important steps to ensure that we are a world leader in sustainability and resiliency in the 21st century,” EDC President Seth Pinsky, in a prepared statement sent before the breakfast.
The proposal was selected following a request for proposals issued in January by the EDC, which will provide up to $750,000 in seed funding over two years.
Scheduled to open this fall, it will feature a 2,000-square-foot demonstration center to showcase new products and technologies. The incubator will also organize education events, extending NYU-Poly’s K-12 STEM programming and developing new initiatives.
The program expands upon existing NYU-Poly programs and collaborations with the Bloomberg administration, including the new PowerBridgeNY Proof of Concept Center and the New York City Accelerator for a Clean and Resilient Economy.
From 2009 through last year, NYU-Poly, the EDC and a consortium of other entities launched the Varick Street Incubator in Hudson Square; the NYC ACRE, which focuses on clean technology and energy startups; and the DUMBO Incubator in Brooklyn.
The three NYU-Poly incubators have generated $251 million in economic activity, created more than 900 jobs and contributed $31.4 million in local, state and federal tax revenue, according to NYU-Poly and EDC.
“This public-private-academic collaboration has a proven track record of assisting entrepreneurs in starting new energy-related business ventures, launching new products, and creating new jobs.” said NYU-Poly President Katepalli Sreenivasan, in a statement.
Over 600 startup businesses and 1,000 employees are currently located at the city-sponsored incubators, raising more than $100 million in venture funding, according to the EDC.