NYC Economic Development Corp actually considers developing East New York

It’s called an incubator, and the NYC Economic Development Corporation is looking for proposals on where to locate the thing.  So far they’re looking at East Williamsburg, but East New York’s got a shot.  So, what’s an incubator?

When you take a look at the NYC Economic Development Corportation’s site, and look at their existing or future projects, shockingly the VAST majority of these projects are located in Manhattan.  BK has three, SI has two, Qns has one, and BX scores a big fat ZERO.  Well, it looks like the NYC EDC finally discovered not everyone in NYC lives in Manhattan or trendy neighborhoods like Astoria, St George, or Park Slope. 

So, what’s an incubator? Wikipedia tells me “Business incubators are programs designed to accelerate the successful development of entrepreneurial companies through an array of business support resources and services, developed and orchestrated by incubator management and offered both in the incubator and through its network of contacts.”

Let’s say Anna and Bob want to start up a business.  They’ve both been working in the field for several years, are tired of someone else getting all the profits from their labor, and hey this is America!  While they may know their business inside out, they don’t know about things like payables and receivables, managing their cash flow, how to apply for (and get) a small business loan, taxes, payroll, etc.  Incubators offer help with those services, at a reduced (less than market rate) price; and also have office facilities, desks, copiers, etc, so Anna and Bob can get their business and paperwork off the kitchen table.  Think of it as a place in-between the drawing board or the cocktail napkin and office complex, with services that can help Anna and Bob grow their business, all with a Donald Trump in residence.

The Brooklyn Eagle story tells that the central Brooklyn incubator “may” use an existing space in East Williamsburg, The Moore Street Market, or they may seek to place it in Bed Stuy, Brownsville, East New York, or Crown Heights.  There’s $1M in it for the savvy developer who can take this project and land it in one of those neighborhoods… and the NYC EDC is looking for the incubator to focus on “food-related uses, including food manufacturing, food storage or shared commercial kitchen space”.

Why does it matter that East New York get this?  Think of it this way: These incubators serve as magnets for entrepreneurs from all over Brooklyn, and yeah they do grow businesses within their walls.  There comes a point, we all hope, where Anna and Bob’s business will outgrow the incubator, and they’ll need to relocate their business to a more traditional office complex.  Now, if Anna and Bob have already established their business  in East New York, they’re more likely than not to move from an East NY incubator to an office in East New York.  That means more jobs and better paying jobs for our neighborhood.

So, dust off those recipe cards.  It’s about to get a whole lot easier to turn Aunt Bev’s Famous Apple Pie into gold.

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