NY Clean Technology Entrepreneur Center set to open as part of Green NYC 2025
- 21 June 2013
NEW YORK: On June 18, the Polytechnic Institute of New York University (NYU- Poly) and the NYC Economic Development Corporation (NYCEDC) announced that a new clean tech incubator is set to open in downtown Brooklyn, New York, in the fall.
The Clean Technology Entrepreneur Centre (NY CTEC) represents a significant step towards ‘Green NYC 2025’, NYCEDC's ambitious plan to investigate and harness all potential green technologies.
The center will occupy a 10,000 square foot space within the Brooklyn Tech Triangle and it is expected that once fully functional, up to 20 start-ups will be located there.
The start-ups will focus on energy efficiency, resilience, climate adaptation and other technologies, such as smart technology, a fundamental part of the Clean Revolution. As the recent Information Marketplaces report recognizes, modern, technologically driven cities have the capacity to deliver significant clean energy growth.
Funding for this innovative venture will come from the Economic Development Corporation who have pledged up to $750,000 over a period of two years.
According to NYCEDC the new Center will have three main aims:
- Business acceleration: providing affordable, flexible workspace and mentorship to emerging companies
- Demonstration: co-located or adjacent space for testing and showcasing products and services
- Education: co-located programming for accelerator users and the broader community
President of the EDC, Seth Pinsky, was enthusiastic about the potential the center offers: "Once complete, this center will build upon exciting advances in clean technology, assisting entrepreneurs and businesses to overcome the challenges they will inevitably face and ensuring that this emerging sector continues to grow and thrive in New York in the future”.
The City’s incubators are notable for the employment they generate. At present 1000 New Yorkers work within the 600 start-up businesses the City supports. Furthermore, the incubators are also responsible for raising over $100 million in venture funding, data from the EDC reveals.
Amy Davidsen, US Executive Director, The Climate Group, says: "The revolution in technology and data analytics is creating new opportunities to solve urban challenges relating to energy and climate change. The companies that harness these innovative solutions will reap huge economic benefits, and initiatives like the Clean Technology Entrepreneur Center will help make sure that they call New York City home."
By Alana Ryan