From Crisis to Start-Up City THE NEW YORK CITY STORY Mark A. Thomas New York City Economic Development Corporation Senior Vice President - Partnerships
MY ROLE @ NYCEDC Strategic private sector engagement Corporate attraction and business development initiatives International economic partners and relationships Previously: Director of Operations Innovation Team for Los Angeles Mayor Publisher of New York s City Limits magazine & Deputy Director, Center for an Urban Future Education: MIT (MBA); Columbia University (MPA); University of Georgia (BA) ( Home state )
1 Overview of New York s Economy 2 The Great Recession 3 New York s Economic Engine 4 Economic Transformation 5 Tech City & EDC s Jobs Plan 6 Tokyo & New York
1/ Throughout history, New York City successfully reinvented itself to address major changes in the world s economy.
THE ECONOMY OF NEW YORK $805 million gross domestic product 8.5 3.3 million residents million foreign born residents 4 million private sector jobs
THE ECONOMY OF NEW YORK 47 American Fortune 500 Companies 105 Institutions of Higher Education
THE ECONOMY OF NEW YORK 100+ Medical Research Institutions 115+ Diplomatic Missions
2/ New York City s robust economy is fueled by its diverse range of industries.
3/ NYC s Economic Development Corporation (NYCEDC) is the City s primary engine for economic development.
NYCEDC Asset Management Infrastructure Development Brooklyn Army Terminal Far Rockaway Boardwalk Queens
NYCEDC Asset Management Infrastructure Development Brooklyn City Point Downtown Far Rockaway Queens
ECONOMIC TRANSFORMATION In 2010, Center for Economic Transformation (CET) at NYCEDC established. CET expanded EDC s role beyond asset and infrastructure development, and traditional tax abatement levers. FOCUS: Industry Growth Good Jobs Entrepreneurship Economic Diversification
4/ New York City is a powerhouse of cutting edge scientific talent and research, two of the main ingredients needed to develop a high-tech business sector. 2009. Center for an Urban Future
ECOSYSTEM BUILDING Data & Sector Analysis Think Tanks Research Institutions NYCEDC Center for Economic Transformation 60+ Economic Programs & Initiatives Focused on market transformation & economic diversification Partnerships & Private Sector Engagement Universities Corporations Capital Investors Non-Profit Influencers Startups/Incubators
ECOSYSTEM BUILDING Execution Framework Talent & Workforce Commercialization of R&D & New Academic Programming Culture and Environment Incubation of New Firms, Industry Networks Capital & VC Attraction
Land use tools NYCEDC Our Toolkit 1 2 3 City-initiated rezonings Private rezoning applications Financing & tax incentives IDA BuildNYC Connect to federal grants & state incentives Capital investment Infrastructure that directly enables businesses to start or grow City-owned property City-owned assets City site RFPs City-funded space investments 4 5 Direct investment & support Business development and support programs Talent & training programs
5/ New York City is the confluence of existing markets and industries along with the creative culture to drive a truly diverse tech ecosystem Tech N.Y.C.
Source: Startup Genome (2017)
TECH CITY 9k+ Startups 125 Incubators
TECH CITY 200+ Venture Capital Firms & Angel Investors 20 International Accelerators
CASE STUDY: URBAN TECH NYC
WORK BUILD PILOT CONNECT UFL, New Lab, GCT Smart City Innovation Center Neighborhood Innovation Labs Urbantech Network Over 100,000 SF of flexible, affordable, sector-specific work space Physical equipment + hardware commercialization support Proof-of-concept / demonstration opportunities on public infrastructure Advisory Board, Smart Cities Consortium, community resources & events, mentorship, research, etc.
Urban future lab Smart cities summit
5/ Jobs Plan NYC
CREATING GOOD JOBS Business Development Attract the relocation or expansion of international and domestic businesses to NYC to diversify the economy and create good new jobs Partnerships Identify, establish, coordinate privateand public-sector partnerships to enhance EDC s existing and upcoming programs and projects
CREATING GOOD JOBS Four industries that pay good wages and create real opportunities Unlock commercial space for growth Tech 30,000 jobs Life Sciences and Healthcare 15,000 jobs Space for the Jobs of the Future 25,000 jobs Industrial and Manufacturing 20,000 jobs Creative and Cultural Sectors 10,000 jobs [ ] The City has committed $1.3 billion across the 25 initiatives.
Tech in New York 300k $125 jobs in the innovation economy billion size of the tech ecosystem $x billion of VC funding flowing into NYC in 2017 7.6% employment growth in tech since 2000 Job Creation Target = 30,000
Life Sciences and Health 15,000 jobs in the City s five boroughs 9 major research centers $1.4 billion in annual federal (NIH) funding 100+ research foundations Job Creation Target = 15,000
Industrial & Manufacturing Incubation for makers and urban manufacturers. Property, sales and mortgages taxes waivers. Tax-exempt bond financing for tax-exempt facilities. New market tax credits for catalytic projects in distressed areas. Targeted loan and grant funding. Job Creation Target = 20,000
Creative & Cultural Investments $98 billion industry/economy 900+ companies are headquartered in NYC. 184,000 jobs in New York. $11.6 billion generated in wages annually Job Creation Target = 10,000
6/ New York City & Tokyo
In2NYC GBX
THE ECONOMY OF TOKYO 37 Global 500 Companies 100+ Institutions of Higher Education
New York City & Tokyo Partnerships