By Katja Schroeder, Expedition PR
Cleantech was identified as an opportunity to drive economic growth in New York City and support the execution of PlanNYC, the City’s sustainability ago some years ago. The global clean tech market is expected to grow to $5.9 trillion by 2015 and the goal is to capture a larger market share and establish New York City as a leader for green and clean tech. Initiatives like the NYU ACRE incubator for clean tech companies, cleanweb hackathons and the energy efficiency programs by ThinkEco, have created excitement around New York’s potential to drive clean tech innovation. New York is now home to more than 40 clean tech companies. However, New York is still considered to be clean tech market laggard compared to other geographic regions.
What can be done to change it? Part of it, is looking at the road blocks.
The New York Economic Development Corporation (NYCEDC) together with A.T. Kearney conducted interviews, panels and workshops with clean tech industry leaders to identify New York City’s hurdles to take a more prominent position in the global clean tech arena.
The study concluded that with its high real estate and labor costs (and may we add tax rates), New York City does not cater well to traditional cleantech businesses, which require vast capital, engineering skills, and manufacturing facilities.
The other part is to raise visibility nationwide and on the global stage for cleantech innovation coming from New York City. Continue reading