New York, New Ideas

New York City has always been, and will continue to be one of the most vibrant cities in the world. The city’s vitality comes down to one thing: its people. Its leaders and residents have made it the metropolis it is today; one that embraces out-of-the-box ideas. In fact, the city makes an active effort to encourage creative minds to flourish by offering numerous programs and competitions that support innovation. To name a few, there’s 43North, a business idea competition that awards $5 million in cash prizes; Start-up NY, an initiative that enables tax-free businesses; NYC Next Idea, a global venture competition, and New York State’s Entrepreneurial Assistance Program (EAP). As a result of the inspiring and nurturing environment that NYC provides, forward-thinkers are able to continue to innovate, reinvent and create business concepts. In turn, jobs are created, money is circulated and NYC maintains its reputation as a commercial hub. According to NYCEDC, an organization focused on the city’s economic development, venture funding, a much-needed resource for growing companies, reached a decade-record high of $2.9 billion in 2013. The organization’s Innovation Index, which tracks innovation inputs and outputs, rose by 25 percent from 2003 to 2012. By February 2014, private sector employment in NYC, which is heavily supported by small businesses, jumped by 88,700 (2.6 percent) year-on-year. Evidently, things are happening in the entrepreneurial and small business world of New York. Here’s a spotlight on a few of the countless innovative business concepts based in The City That Never Sleeps: Yotel The modern hotel brand is undoubtedly an innovative leader in the hospitality industry. The brand hasn’t franchised yet, but it can be found in New York, London, and Amsterdam. Cabins can be booked by the hour in airports, and the brand’s first flagship hotel opened in New York in 2011. The hotel offers small cabin-style rooms at affordable prices and is fitted with ultra-modern décor. Junkluggers Josh Cohen founded the removal service in 2004 after seeing a need for a reliable, professional and eco-focused approach to the hauling and removal industry. The young businessman promotes environmentally friendly and community-oriented furniture and junk removal practices by donating a majority of the gathered items to charities. GYMGUYZ Started in 2008 by Josh York, the concept is simple and lucrative. It’s a mobile fitness and personal training company that brings services to the customer’s home, office, or setting of choice. The brand has a full fleet of trucks that brings state-of-the-art equipment right to the customer’s doorstep.