BROOKLYN, N.Y. -- NYU Tandon School of Engineering's FutureLabs – a network of startup business hubs that includes the Data, Urban, Digital and recently launched Veterans Future Lab – reported an estimated economic impact on New York City's economy of $4.06 billion since launching in 2009 as the first incubators with city support through the New York City Economic Development Corporation (NYCEDC).

In addition to the monetary impact, the NYU Tandon Future Labs supported 3,201 jobs in New York State, including 2,740 jobs in New York City. BJH Advisors conducted the survey, commissioned by the school. The jobs total includes participating companies, a small program staff and businesses that graduated from the Future Labs.

The NYU Tandon Future Labs program was conceived to encourage a culture of entrepreneurship at the university and throughout New York City. One measure of the growth of the city's startup ecosystem is venture capital, which often funds thriving startups: VC deals for city-based companies increased eight-fold and funding rose by nearly 25 times, to more than $12 billion, since 2009, the year in which the NYCEDC tapped NYU Tandon to launch the first university-affiliated incubator with City support.

From the beginning, NYU Tandon's startup hubs provided guidance, resources, and community to emerging companies in New York City. The Future Labs grew in scope beyond incubating startup companies at one location to encompass a wide range of programs and education for the entrepreneurial community. Today, four sites strategically span the city, from the SoHo neighborhood of Manhattan to three Brooklyn locations along the Innovation Coastline – DUMBO, Downtown Brooklyn and Sunset Park's Industry City. Together, the Future Labs comprise the largest university-led startup ecosystem in New York City. Future Labs companies and graduates are valued at $1 billion.

"Silicon Valley and Boston long ago illustrated the importance of strong engineering universities in developing vibrant centers of tech entrepreneurship," said Kurt H. Becker, NYU Tandon vice dean for research, innovation and entrepreneurship. "We are proud of the role that NYU Tandon and our Future Labs have played as New York grew to become one the fastest growing tech entrepreneurship hubs in the country. Our Faculty-Engineers in Residence work with cutting-edge emerging technologies in the Future Labs and they, in turn, learn from these entrepreneurs, as they collaborate on exciting projects. Our students, too, benefit from exposure to the entrepreneurial culture, which has inspired many to pursue jobs with startups or to found companies themselves."

"Time and time again our academic institutions have served as major economic drivers, launching a new generation of companies in New York City," said New York City Economic Development Corporation President and CEO James Patchett. "We are proud to have worked with NYU Tandon to help found the first City-funded incubator in the city, which has been a hotbed for innovation, job creation and opportunity. The impact of NYU Tandon's Future Labs further proves that public-private partnerships are critical to real economic growth."  

Ninety-five companies have successfully completed the incubation program, including

• BounceX, which develops behavioral marketing tools, has grown to employ more than 260 employees;
• Honest Buildings, which offers a digital management platform for real estate owners, raised $21 million in Series B funding during 2017;
• Geometric Intelligence, acquired last year by Uber to become the base of its artificial intelligence laboratory, was noteworthy among the 15 successful acquisitions of Future Labs companies in 2017;
• Other prominent graduates of the Future Labs contribute to the network's reputation for a survival rate of 90 percent among all graduates: CB Insights, which employed technology to become one of the most trusted sources of market intelligence on the startup ecosystem, and Clarifai, which brings its expertise in artificial intelligence to bear on image recognition, are just two more examples.

"In the last year, the Future Labs and our companies reached significant milestones. We started with news of Uber acquiring Geometric Intelligence, and throughout the year, significant rounds of investment closed by current and graduate companies. In this single year, the Future Labs economic output totaled $1.2 billion," said Steve Kuyan, NYU Tandon managing director at the Future Labs. "We're beginning 2018 dedicated to expanding support for our entrepreneurs and opening our network resources and benefits to a broader base of companies in New York City."

The Future Labs last year also opened the Veterans Future Lab to support the nation's military veterans with entrepreneurial aspirations; added to its numerous international collaborations that bring entrepreneurs to New York City; and significantly expanded its role in clean energy, clean technology, and artificial intelligence.

For more information on the Future Labs, visit engineering.nyu.edu/business/future-labs.

SOURCE NYU Tandon School of Engineering

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