Polytechnic to operate two new incubators in Manhattan targeting financial-services entrepreneurs and business innovation

Polytechnic Institute of NYU, the sponsor of our supporting member BEST incubator in downtown Brooklyn, will operate two new incubators in commercial space in Manhattan as part of an 11-point plan announced by NYC Mayor Michael Bloomberg and the New York City Economic Development Corporation. The plan positions New York City to expand the financial-services entrepreneurial sector at a time when mainstream financial firms are contracting. For the mayor's press release, click either of the previous links, or view the full presentation of the NYCEDC.

The City helped Polytechnic negotiate a three-year master lease at 160 Varick Street, where up to 100 financial entrepreneurs will be able to sublease space at $200 per person for six months, with access to free news feeds from Bloomberg LP and Thomson Reuters. Poly will also lease a similar facility at 90 John Street, accommodating an additional 100 people. UPDATE: see coverage in the New York Times and Crain's and a press release from Poly. For other elements of the program announced by Mayor Bloomberg, click the headline or the "read more" link following.

In addition, through a range of agencies and academic partners, the City of New York and its Economic Development Corporation will:

• invest $3 million to create several new, privately managed angel-capital funds totaling between $9 and $10 million
• launch an international financial services business plan competition
• open a "VC Connect" online information portal highlighting support and events for entrepreneurs
• offer a Kauffman Foundation FastTrac NewVenture crash course through the Department of Small Business Services
• offer a 10-week JumpStartNYC entrepreneurial boot camp for laid-off workers at the Levin Institute of SUNY
• expand incentives for financial services companies opening in Lower Manhattan
• help existing institutions attract new products such as carbon trading
• conduct an international recruitment campaign
• establish an ongoing financial services advisory committee
• refocus regulatory advocacy