Entrepreurship boom leaves out low-income New Yorkers: report

 

Many tech businesses have launched near the Flatiron building, but in other parts of the city, entrepreneurship is not booming. (Facebook)
Many tech businesses have launched near the Flatiron building, but in other parts of the city, entrepreneurship is not booming. (Facebook)

New York might be wooing tech entrepreneurs, but few of the entrepreneurs starting businesses in New York are low-income residents.

According to a new study released today by the Center for an Urban Future, few low-income, non-immigrant New Yorkers are becoming entrepreneurs, even as New York business booms in places like “Silicon Alley.”

The self-employment rates are lowest in poor neighborhoods with a lot of native-born residents.

The 18 neighborhoods with the lowest rates have a median income of $25,150, according to the report. These areas include East New York and Brownsville in Brooklyn and Throgs Neck in the Bronx.

And the number of entrepreneurs in Manhattan is close to the total in all the other four boroughs – in Manhattan, 97,000 native-born people are self-employed, but in the other four boroughs combined about 124,000 are entrepreneurs.

The report notes that even though low-income residents are not starting formal businesses, “There is no lack of entrepreneurial spirit or creativity among the native-born poor.”

Many start informal jobs like selling cakes out of kitchens, cutting hair in an apartment or hosting a day care.

“People are always looking for a side-hustle because people need to patch income,” said Catherine Barnett, executive director of Project Enterprise, a group that helps small businesses. “That’s the reality. That’s not going away anytime soon.”

If they had more support, they might be able to formalize these businesses, the report suggests.

“There is an opportunity to do something in the Harlems and the Bed-Stuys and those other communities,” added Sheena Wright, the CEO of United Way of New York City.


News
Entertainment
Sports
Lifestyle
International

Jews in eastern Ukraine ordered to register, Kerry…

Secretary of State John Kerry condemned reports that Jews in eastern Ukraine had been ordered to register with the authorities "or suffer the consequences."

National

Chelsea Clinton pregnant with first child

Chelsea Clinton is pregnant with her first child.

National

Divers struggle in search for South Korean ferry…

By Jungmin Jang and Narae KimMOKPO/JINDO, South Korea (Reuters) - Rescuers struggled with strong waves and murky waters on Thursday as they searched for hundreds…

National

New Hampshire moves to decriminalize adultery

For the first time in hundreds of years, it's about to be legal to cheat on your spouse in New Hampshire.

Television

Dick Wolf to bring fictionalized world of 'Law…

A&E has ordered a pilot called "D.O.A." from "Law and Order" mastermind Dick Wolf that will focus on real detectives reexamining cold cases. A trio…

Movies

Review: 'Transcendence' is not stupid but sometimes lacks…

The cyberthriller "Transcendence" explores artificial intelligence, nanotechnology and other ethical quandaries, but has too much ambition, if anything.

Television

Shane West talks WGN America's 'Salem'

The actor on history lessons, a new network and showing his butt.

Music

Both feet on the ground with Aimee Mann…

What began with a cool double-bill of Ted Leo opening for Aimee Mann morphed into a full-fledged collaborative project that they're calling The Both. “There…

Sports

2014 Boston Marathon preview: Elite American, International runners…

2014 Boston Marathon: Elite American, International runners to watch

NBA

2014 NBA Finals odds: Ranking which playoff teams…

2014 NBA Finals odds: Ranking which playoff teams have the best shot at a championship. The Thunder, Clippers, Heat and Rockets lead the way.

NFL

2014 Patriots, full NFL schedule release date announced

2014 Patriots, full NFL schedule release date announced

NBA

Fantasy basketball: Finding next year's NBA studs

Before we put the 2013-14 fantasy basketball season to bed, it’s worth thinking about next year’s breakouts while they’re fresh in our mind.

Style

Light-up nail art syncs with phone

This Japanese technology syncs light-up nail art with your phone.

Wellbeing

Why is dance cardio taking off in NYC?

Instructors at some of the city's hottest classes explain why.

Travel

Earth Day travel in the Florida Keys

See why this eco-friendly destination deserves your attention.

Tech

Sorry, Facebook — FarmVille goes mobile with 'Country…

Zynga has released a version of the hit "FarmVille" tailored for smartphones and tablets in the hope of reaping a bumper crop of players.