Believe it or not, this could be the perfect time to start a business in NYC
NY Post
New Yorkers may be wearing masks, but their eyes are wide open. With every empty storefront or closed restaurant, there’s the question of what will fill the space, because New York City always bounces back. In fact, it’s already happening, with a new generation of restaurants, lounges, stores and businesses popping up.“Business development in the city is the busiest it has been since last March,” said Dan Clark of the New York City Economic Development Corporation. Not only that but many of those who fled New York City when the pandemic hit are flocking back, according to cellphone data tracked by the city.What is even better is that the economic conditions for opening new businesses are far better than they were in previous downturns.“The big difference I have noticed between the great pandemic of 2020 to 2021 and the Great Recession of 2008 to 2010 is that now there is money available to open a business,” said Tom Scarda, CEO of the Franchise Academy. “In some cases, banks are throwing money at leading-edge entrepreneurs who are starting something new.”Scarda lost businesses as a result of 9/11 and the Great Recession but is doing well this time around. “There are obvious, clear reasons to start a New York business right now, such as lower rent, better real-estate availability and an abundance of potential employees,” he said.Meet four startups that prove him right:Serving up successWant to meet someone who’s crazy enough to open not one, but two, bar/restaurants during the pandemic? Venture over to the Orchard Room or Writing on the Wall in the Lower East Side. Both began serving customers last month.“From an opportunity standpoint it’s a great time to get started,” said Joe Attanasio, one of the partners of 29 Monroe, the mother company. “We put every bit of energy into the business,” he said, adding that he and his partners Ryan Levan and Cam Schur were able to negotiate great leases and completely redesign and rebuild the spaces. Not only that, but general manager James Aaron found that many talented, experienced professionals applied for the 50 open positions.“We’ve been booked solid so far,” he said, noting that the new businesses will provide “a tremendous lift to this part of Manhattan.”
Hair-raising opportunityMany men who were accustomed to having their hair or beards professionally colored by barbers or stylists found themselves in an interesting position during the pandemic: do it themselves or go gray.Former Revlon executive Carlos Barreto was certain he had the solution: “A new line of hair and beard color for men made with nourishing organic oils and formulated without the unwanted ingredients traditionally used in hair color,” he said. The personalized e-commerce brand, called Cleverman, whose offices are in the Meatpacking District, launched early in March. There’s “nothing on the market like it,” said the Midtown resident. The brand uses a three-minute quiz about hair color and texture, building a customized product for home use, made to order.“Our patent-pending system and technology allows us to generate more than 10,000 options so every man can look and feel his best,” said Barreto.How Nvidia co-founder plans to turn Hudson Valley into a tech powerhouse greater than Silicon Valley
A co-founder of chip maker Nvidia is bankrolling a futuristic quantum computer system at Rensselaer Polytechnic Institute – and wants to turn New York’s Hudson Valley into a tech powerhouse.