DUMBO gets new feather: an incubator
Crain’s New York 6/9/2011
By Tommy Fernandez
City opens its ninth such facility, this one to focus on technology startups, on Jay Street; landlord Two Trees offers discounted rent of $3.50 per square foot.
Mayor Mike Bloomberg and a group of academics and local officials announced Thursday the creation of a new city-sponsored technology incubator at the edge of downtown Brooklyn.
Slated to become fully operational in the fall, the DUMBO Incubator is located at 20 Jay St., one block from the Brooklyn Bridge Park. It will help technology startups in downtown Brooklyn with capital, workspace, training and other resources. The New York City Economic Development Corp. provided a $250,000 grant to establish what becomes the ninth city-sponsored incubator.
The facility will be operated by the Polytechnic Institute of New York University (NYU-Poly), which signed a three-year lease with Two Trees Management Co. Two Trees provided the 6,440-square-foot space for the DUMBO Incubator at a highly discounted rate of $3.50 per square foot. In addition, Two Trees Management will offer six months rent-free to provide additional help with the launch.
“With the creation of our ninth incubator in the heart of one of the City’s most exciting neighborhoods, New York City is rapidly establishing itself as a global leader in digital innovation and entrepreneurship,” said Mr. Bloomberg.
Two Trees Principal Jed Walentas said that many startup businesses in DUMBO have “grown tremendously,” including such firms as Etsy, Carrot Creative, Huge, Brooklyn Digital Foundry, Big Spaceship, and SawHorse Media, which hosts the annual Shorty Awards for best Twitter content.
“DUMBO has proven to be one of New York City’s most technically advanced neighborhoods,” Mr. Walentas said.
When fully operational, the incubator will offer approximately 30 dedicated workstations, and additional co-working stations. The facility will be targeted to New York City-based startup businesses and entrepreneurs across various industries, including financial services, media, green, bioscience, and fashion, which have a focus on technology. Tenants will be able to access educational programming and services, such as business counseling sessions, workshops, and networking events on relevant topics.