Whether it be food, fashion, fitness or finance, New York City continues to be at the center of new business innovation. With a long legacy of entrepreneurship, for many people the city embodies the American dream of prosperity and success.
A major trend in recent years is the rise of the specialty food industry. With consumers increasingly concerned over health and sustainability, bespoke and small-batch production is growing. According to the National Association for the Specialty Food Trade, the sector hit $100 billion in sales in 2015 in the US alone. In 2014 there were 15 food-based accelerators and incubators launched. One New York-based accelerator making the most of this trend is Food-X, the world’s number one in food innovation. Having launched 30 companies since 2014, it aims to not only help new businesses thrive, but also to promote health, sustainability and to improve the food system, from agriculture to packaging.
Perhaps due to New York’s reputation as the center of the financial world, another leading trend is the rise of ‘FinTech’ or financial technology aimed at streamlining financial services. The FinTech Innovation Lab is run by the Partnership Fund for New York City and Accenture. Its main focus is early and growth stage companies with technology products targeted at financial services customers. Since the program was founded, 31 companies have raised a total of $175 million in venture financing, and four have been acquired, including Standard Treasury and BillGuard.
New York’s reputation as startup-central grew in 2015 as New York City companies acquired approximately $8.24 billion in venture capital, compared with $5.87 billion in 2014, an increase of 40% according to the New York Business Journal. Huge business innovation success stories such as Kickstarter, Etsy, Shutterstock and Tumblr have all emerged from NYC’s energetic startup scene. As reported by the International Business Incubation Association, by late 2015 the number of incubators in New York State stands at 282, roughly a 40% increase in the last three years.
It’s easy to understand that new technology and business innovation creates opportunity for creativity, but equally a new perspective or way of thinking about existing businesses can open doors to groundbreaking new business models. It is this mindset that sets entrepreneurs apart from the rest, and it is a mindset that is encouraged and facilitated by the Global Entrepreneurship Program. Students enrolled on the program will split the year between emlyon business school in Lyon, France, Zhejiang University in Hangzhou, China and spend their final semester at the Lubin School of Business at Pace University, New York. Located in Lower Manhattan, the Lubin School of Business is in the heart of the global financial capital of one of the most vibrant cities on earth, offering students not only the ‘New York advantage’ of the city’s renown as a business capital, but also its status as a diverse cultural hub, home to 8 million people.
The Global Entrepreneurship Program provides students with the experience living and studying in three different continents, offering an international view of the current business climate and is a unique opportunity for budding entrepreneurs to gain the skills necessary to succeed in their business goals.