NYCEDC Seeks Consultant To Administer A Lower Manhattan Business Expansion Competition
Yesterday, New York City Economic Development Corporation (NYCEDC) issued a Request for Proposals for a consultant to develop and administer the Lower Manhattan Business Expansion Competition (LMBEC) over a period of three years. Lower Manhattan has long been a vibrant hub for global commerce, with a large concentration of financial service companies. Building on the City's efforts to further diversify the local economy and ensure Lower Manhattan's future as a preeminent commercial district, NYCEDC seeks to create this competition as part of the continued efforts to attract high-growth potential companies, organizations and entrepreneurs from a variety of industries to Lower Manhattan. The competition is expected to accept submissions later this year.
Funding for the business expansion competition is anticipated to come from a $4 million grant from the Lower Manhattan Development Corporation and $950,000 from the New York City Industrial Development Agency, pending Board approval.
The business expansion competition is anticipated to consist of two tracks: the Expanding Company Track, attracting existing domestic and international companies with plans to move and expand their operations in Lower Manhattan, and the New Company Track, focusing on high-potential entrepreneurs looking to launch or expand their newly formed companies of two years or less in Lower Manhattan. During each year of the competition, it is expected that eligible entrants for the Expanding Company Track will compete for cash prizes ranging from $50,000 to $650,000 and those in the New Company Track would vie for cash prizes ranging from $20,000 to $200,000.
"Even as we continue to make significant progress in the redevelopment of Lower Manhattan, it remains critical for us to ensure that the area remains a center of innovative business activity. To this end, the RFP will help create a competition to attract high-growth industries to Lower Manhattan, building on valuable input that we received during extensive engagement with the local community," said NYCEDC President Seth W. Pinsky.
"Small businesses have been an integral part of Lower Manhattan's recovery, and Lower Manhattan's economy is reinforced by a thriving small business community," said Avi Schick Chairman of the Lower Manhattan Development Corporation. "The creation of the Lower Manhattan Business Expansion Competition--which Lower Manhattan Development Corporation was proud to do our part to support--will bring many new businesses and consumers to the neighborhood, which in turn guarantees the continued vitality of Lower Manhattan."
"It is vital to the continued success of Lower Manhattan that we maintain a diverse economy that is creating the jobs of tomorrow. I am so proud of the enormous success we have had in rebuilding our community and I know that Lower Manhattan will continue to be one our nation's premiere business districts for years to come," said Assembly Speaker Sheldon Silver.
"With each day, the rebuilding of Lower Manhattan continues and our community grows stronger and stronger. Small businesses have been crucial to that rebuilding. The Lower Manhattan Business Expansion Competition will bring in new investors, new companies, new jobs, and new consumers, ensuring that Lower Manhattan remains the home for small businesses and one of the best places to live, work, and raise a family," said Senator Daniel Squadron.
"This is an excellent opportunity to enhance our local economy and encourage businesses to stay and thrive in Lower Manhattan. There is no better place to do business than in Lower Manhattan. With the help of EDC, we can open up all that Lower Manhattan has to offer to an increasingly diverse set of young entrepreneurs, trend setters, and forward thinkers. The Lower Manhattan Business Expansion Competition will ensure we remain competitive in the global businesses market while providing stable, fulfilling jobs for our residents," said Councilmember Margaret Chin.
"Thanks to NYCEDC President Seth Pinsky, this competition provides another terrific tool to attract start-ups and grow small businesses in Lower Manhattan, like those graduating from the Hive at 55, the Downtown Alliance's co-working facility," said Elizabeth H. Berger, President of the Alliance for Downtown New York.
In order to understand and address the challenges facing Lower Manhattan, NYCEDC conducted extensive outreach to key stakeholders in the area, which included a survey of 280 commercial businesses, roundtables with over 30 tenant businesses and property owners, interviews with key commercial and retail brokers, and discussions with a number of partner agencies and organizations. Throughout this process a consistent theme kept arising: for Lower Manhattan to continue as a thriving global commercial business center, new programs should encourage smaller and more varied businesses, ensuring an economy resilient to fluctuating market cycles. The LMBEC will be designed to address this by generating new, long-term jobs for Lower Manhattan, drawing attention to the area's strengths as a commercial and talent hub, and further diversifying its industry mix and employment base.
To obtain a copy of the complete RFP, please visit www.nycedc.com/rfp . Responses are due no later than 4:00 p.m. on Friday, September 9, 2011.
About NYCEDC
New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities. Find us on Facebook or follow us on Twitter , or visit our blog to learn more about NYCEDC projects and initiatives.