News

Bloomberg: Startups From Incubator Have Raised $38 Million In Venture Capital

Mayor Michael Bloomberg speaks on Coney Island - Brooklyn, NY - Feb 28, 2012 (credit: Spencer T Tucker / Mayor's Office)

Mayor Michael Bloomberg (credit: Spencer T Tucker / Mayor’s Office)

NEW YORK (CBSNewYork) - A small investment from the city is paying major dividends, and Mayor Bloomberg hasn’t been shy about touting it.

The mayor says that New York’s very first city-sponsored, small-business incubator has had remarkable results from its home in Hudson Square, reports WCBS 880’s Rich Lamb.

“A total of 22 new companies that have incubated here have either already left their nests here on Varick Street or will be leaving between now and July,” Bloomberg announced on Tuesday. “They’re all going to be establishing themselves throughout the five boroughs.”

WCBS 880’s Rich Lamb reports

Collectively, the mayor says that the startups have raised $38 million in venture capital and support 400 jobs, and he’s quick to point out that that’s quite a return on the city’s initial $100,000 investment. The city says that it’s network of incubators has started 550 businesses and created 900 jobs.

There are now 10 small-business incubators operating across the city, and another 10 companies are expected to leave the incubator between April and July, Lamb reports.

Have you been affected by the city-sponsored incubator? Share your story or comment below…