Business incubators continue to increase all over the U.S., thanks in part to the booming startup industry. And in the spirit of giving, sharing and a dose of entrepreneurism, one incubator, Grand Central Tech, is taking a whole new approach to the tech startup scene. CCTV America’s Shraysi Tandon reports.
A new tech incubator has launched in New York, and unlike its competitors, Grand Central Tech has got a new approach to attracting and nourishing the best business ideas.
Over the next year, nineteen lucky startups can call this space ‘home.’ The 15,000 square foot sprawling office located right next to Grand Central Station is given to these entrepreneurs rent-free and with zero equity.
The effort is made possible by co-founders Charles Bonello and Matt Harrigan, two high school friends, who teamed up with Michael Milstein the son of billionaire real estate mogul Howard Milstein.
With an ecosystem that is aimed at turning new ventures into moneymaking businesses, it’s no surprise that startups from all over the U.S. wanted to be a part of Grand Central Tech’s program.
While Silicon Valley has traditionally been the home of many notable tech startups, Harrigan says New York offers a clear vantage point.
In this buzzing workplace, which was once Facebook’s New York office, entrepreneurs come from all walks of life; including many female entrepreneurs. Women entrepreneurs have traditionally lagged behind their male counterparts and have only recently begun to catch-up.
Jill Sherman is co-founder and CEO of Modalyst, an online marketplace that connects designers to retailers. Sherman says she’s had her share of challenges as a woman entrepreneur. To help support women entrepreneurs, Grand Central Tech has allowed Sherman to bring her 3 week old baby to work. Sherman says the incubator has been very accommodating towards her.
According to the 2014 State-Owned Business Report commissioned by America Express, women-owned businesses have started to increase. This year, there are over 9.1 million women-owned companies operating, up from 8.6 million last year. Despite the overall increase, research shows only 3% of technology companies are founded by women.
Charles Bonello says the goal of Grand Central Tech is to ultimately be all-encompassing. Grand Central Tech aims to provide a new experience for tech startups. The program is more reminiscent of a nonprofit than a traditional incubator. But in addition to building a virtuous entrepreneurial community, Grand Central Tech has positioned itself in a powerful hotbed the robust growth of New York’s tech scene.
Business incubators for budding ideas, Grand Central Tech a launch point for startupsBusiness incubators continue to increase all over the U.S., thanks in part to the booming startup industry. And in the spirit of giving, sharing and a dose of entrepreneurism, one incubator, Grand Central Tech, is taking a whole new approach to the tech startup scene. CCTV America's Shraysi Tandon reports.
Wayne Sutton has more on incubators and their impact on the startup scene.