New York City Economic Development Corporation (NYCEDC) has selected four companies to run the program within its network to drive international investment in technology and AI.
NYCEDC is a nonprofit organization that serves as the city's official economic development organization and aims to support economic growth. The mayor appoints the president. NYCEDC has issued recommendations on how to advance the city's status as a global AI leader, and this week's announcement builds on that goal. Other cities, like San Jose, California, aim to attract AI businesses through local initiatives such as the AI Incentive Program.
The NYCEDC International Landing Pad Network (ILPN) aims to attract growing international companies to expand their business in New York City, identify new sources of investment, strengthen the city's business infrastructure and competitive economy, and position New York City as a key US market entry point for international business. ILPN was introduced in January under the city's “space race” strategy aimed at revitalizing the city's office space with the goal of seeing 50 million square feet of office space by the end of 2025.
The choice of four partners for NYCEDC – each running one of four concurrent programs – serves as the official launch of ILPN. Each operator hosts a cohort of companies operating across growing sectors, including technology, AI and the green economy.
“With an international network of landing pads, the city is attracting over 50 businesses to New York City and sending one clear message to the world. Now is the time to take your business to the Big Apple.”
The four operators selected by NYCEDC are 1) Plug and Play. This is an innovation platform that works with Cornell Tech to focus on health and sustainability. 2) SuperMomos, a technology startup that partners with LightSpeed Ventures, a program focused on AI. 3) SOSA, a global technology management company that supports advanced technology and green economy startups. 4) Clean Fight is an organization supported by the New York State Energy Research and Development Agency, which aims to accelerate the city's green economy.
“The next Global Giants may be founded elsewhere, but will expand in New York,” said Edwina Yo, co-founder and CEO of Supermomos in a statement.
Companies participating in these cohorts will benefit from access to coworking spaces, business development support, connections with potential customers and investors, and access to events over the course of 12 months.
This fall, applications will be opened for growth-stage international companies interested in participating in one of these cohorts. This includes companies that generate $5 million year-over-year or have the capital needed to build a team of at least five employees in the city within about two years.
Each selected operator will work together to create this coordinated network throughout the city. Lessons learned through this initial network are expected to inform the city's future efforts to attract and maintain international business.
In 2024, the city's total foreign direct investment amounted to $4.9 billion. The timing of the ILPN launch will precede the city's Climate Week, NYC 2025. This is expected to be held in partnership with the UN General Assembly next week. The event is run in conjunction with the United Nations and New York City.
