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.