New York City Mayor Michael Bloomberg broke ground on a new entrepreneurship incubation center in the Hunts Point neighborhood of the Bronx. The small business and startup center is the first city-sponsored business incubator in New York - a measure that many hope will allow future entrepreneurs to build a business and file for an LLC in New York City.
"New York City continues to be a center of innovation and entrepreneurship, and the Bronx is increasingly turning out new and growing businesses," said Mayor Bloomberg. "More than 15,000 new businesses were established in the Bronx in 2008, the most recent period for which there is data, and we’re creating the new Bronx business incubator to build on that momentum."
The space is expected to become self-sufficient in three years. Currently, the center will be able to accommodate up to 400 entrepreneurs and startup personnel. It will also offer conference rooms, as well as 180 workstations.
The location of the Bronx was been carefully chosen, as the borough currently maintains the city's highest unemployment rate at 13 percent - well above the national average of 9.6 percent. With a wealth of new tech startups putting Manhattan on the map as "Silicon Alley," many New Yorkers, including Mayor Bloomberg, are hoping the city's newest business incubator will help bring attention to the Bronx as well.
Tags : financial management, ny, small business management
Posted: Nov 4th, 2010