At around $583 billion, New York's is the largest city economy in the world. Our city is home to many of the world's largest corporations, but the engine of New York's economic growth--today and always--are small businesses like the garment company started by my grandparents, immigrants to Ellis Island.
I want to leverage our city's diversity of talent and tenacity to spur innovation, not only in Manhattan, but across all five boroughs. Here's how I'd start:
- Cut the "Small-Business" Tax: Small businesses are the economic engine of New York City, but ballooning regulatory costs and never-ending fines inhibit growth and job creation. I want to cut this small-business tax and spur economic growth from the ground up.
- Make New York the leading city in the world to start and grow a business. Entrepreneurship is the lifeblood of NYC and the US. Everyone deserves the opportunity to start a business and we will bring startup services to all five boroughs.
- Improve Access to Microfinancing: Develop services to provide low-interest loans for those who cannot borrow money from a bank to start their own business. There is a huge untapped resource of energy, ambition and entrepreneurial spirit in our population that microfinancing can help unleash.
- Build Small Business Incubators in All Five Boroughs: Shared working space and incubators bring more diversity to the startup scene and attract and support talent and innovation. Budding entrepreneurs are also faced with black hole of regulations and requirements, and incubators and shared workspaces can help small businesses navigate and cut down on the cost of meeting them. These shared workspaces will be built by the private sector with direction and support from EDC.
- Deploy Skills Workshops in All Five Boroughs: New York City needs to deepen the talent pool of our citizens, and provide them with necessary skills and greater opportunities. Our graduation rates may be steadily growing, but only 38% of our high school graduates are considered ready for college or a career. In addition to improving our schools with innovative options that encourage critical thought and group problem solving, we need to encourage practical learning with apprenticeships and job-specific training.
New York City, with its world class ecosystem of investors, universities, and ideas to foster economic growth, still has untapped potential. We've just released a new video outlining some of my plans for unleashing that potential and I urge you to watch it below, give us your feedback and share it with other citizens who want to make a difference. You can also read our full plan here. I want to draw on my experience as an entrepreneur to help our city grow, and together, we can help create jobs in all of our communities across New York City.