Breeding Better Business

Amidst the 2009 economic meltdown, New York City Mayor Bloomberg announced his plan to promote business innovation and entrepreneurship to help stimulate the market. One item on this agenda was to support business incubators.

Across the area, incubators—whether they are city-funded or not—serve as money- savers for entrepreneurs, as well as a melting pot of different ideas and innovations. The incubators offer everything a typical shared office does—desks, conference rooms, receptionist areas, kitchens, and more—but the tenants are grouped together with the intention of supporting each other and sparking growth.

160 Varick Street Incubator

Office Rent: $300 per month per cubicle, or $150 a month for virtual work.

This lower-Manhattan space was created as part of Bloomberg’s plan and is a partnership between the New York City Economic Development Corporation, NYU-Poly, and Trinity Real Estate. The 160 Varick Street Incubator had much to celebrate in October 2010 at their oneyear anniversary party. Since opening, 160 Varick Street the tenants have collectively created 110 jobs, hired approximately 250 freelancers and student interns, and raised more than $15 million in venture capital and angel funding. 

The space has 35 tenants, ranging from a digital forensics and data recovery product developer to a global fund management firm. While the incubator is open to all industries, it’s targeted toward cleantech, biotech, cybersecurity, digital and social media, financial technology, and information technology. The space offers numerous options, from private offices to conference rooms, as well as around-the- clock access, classrooms, and collaborative project-management software, among other amenities.

In Good Company

Office Rent: Price dependent on preferred space.

Entrepreneurs Amy Abrams and Adelaide Lancaster created Chelseabased In Good Company. Since opening three years ago, the incubator has supported hundreds of women entrepreneurs in the tri-state area, and recently opened an additional space the summer of 2010 to meet higher demands. In Good Company offers fulltime and part-time options, private and shared spaces, individual offices, meeting and conference rooms, and virtual offices. 

Tenants also receive a variety of amenities, including WiFi; unlimited faxing, copying, and printing; bottomless coffee, tea, and filtered water; as well as access to a business book and magazine library. Additionally, discounts are offered from preferred vendors including tech, administrative support like virtual assistants, secretaries, etc., ZipCar, and more. To help the female tenants network and learn other skills, In Good Company also hosts several events, including panels, discussions, and workshops.

general assembly

Office Rent: Around $500 per month, depending on services.

With the General Assembly incubator, start-ups not only receive office space, but also access to entrepreneurial curriculum and courses. These classes and workshops are geared toward design, technology, and entrepreneurship and are not only open to General Assembly tenants, but the public, as well. The idea for an educational, tech-focused incubator came from four young entrepreneurs, Adam Pritzker, Matthew Brimer, Brad Hargreaves, and Jake Schwartz.  It was established with help from a roster of partners earlier this year. Though not all partners have been announced, the city itself helped the establishment by donating $200,000, and Skype contributed TVs. 

General Assembly start-ups have 24/7 access to the space and can pick between private or communal offices, an event space that seats 200, a classroom for 35, and a number of seminar rooms. In addition, tenants can take advantage of a library, a full kitchen, bar, bike storage area, and new media facilities. Since its inception, General Assembly, which is located near Union Square, has housed a number of varied tech companies in all stages of development, including Postling, a cross-platform social media tool; Dubset, DJ-refined Internet radio, featuring playlists and music from top DJs worldwide, customizable for listeners; Fashism, a website that provides realtime feedback on what you are wearing, and many more.

Green Spaces

Office Rent: $550/month for full-time companies.

Two business owners, Jennie Nevin and Marissa Feinberg, created Green Spaces for social- and sustainability-minded entrepreneurs. With office alternatives in New York and Colorado, and one soon to open in Los Angeles, Green Spaces offers part-time, fulltime, and drop-in options, as well as conference rooms, an intern program, newsletter advertising, and recommended vendors and services. 

Since 2009, when the incubator moved from Brooklyn to Manhattan, Green Spaces has offered hundreds of entrepreneurs green tools, like reclaimed furniture, efficient energy providers, and an Ecopreneurs Clubhouse program, which features each business nationwide through its newsletter and website. In its 5,300 square-foot space in TriBeCa, Green Spaces houses a range of businesses, including the Gotham Greens, which now has a sustainable rooftop greenhouse in Queens because of a $400,000 grant from the New York State Energy Research and Development Authority, and $1 million from private investors.

Hive at 55

Office Rent: Price dependent on frequency and dates.

Media and technology entrepreneurs looking for an alternative to their local coffee shop can utilize The Hive at 55. This incubator, located at 55 Broad Street, was created as part of Bloomberg’s MediaNYC 2020 plan, and has a range of amenities for full- or parttime business owners, including Wi-Fi; conference rooms; use of printers, copiers, and fax machines; endless tea and coffee; monthly happy hours and free lunches; and discounts around town.