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
Local

Two young children killed in deadly Queens fire

Two 4-year-old children died after a blaze at their Far Rockaway home on Saturday night. The Queens fire injured three others, including a third sibling.

National

Florida man charged with murdering son to play…

A Florida man annoyed that his 16-month-old crying son was preventing him from playing video games suffocated the toddler, police said on Friday.

International

Powerful 7.2 magnitude earthquake rattles Mexico

A powerful earthquake struck Mexico Friday, shaking buildings and sending people running into the street, although there were no reports of major damage.

News

OMG! Exercise can make skin (and butt) look…

A moderate exercise regime can turn back time and actually reverse the skin's aging process, according to new research. The study showed that a minimum…

Television

'Orphan Black' recap: Episode 1, ‘Nature Under Constraint…

Welcome to your first Season 2 “Orphan Black” recap! Hopefully Tatiana Maslany can help Tatiana Maslany get through this, with the help of Tatiana Maslany,…

Entertainment

Whoopi Goldberg makes her debut as marijuana columnist

"It helps my head stop hurting, and with glaucoma your eyes ache, and she takes the ache out. It's wonderful," she said.

The Word

Kate Middleton made fun of Prince William's bald…

Kate Middleton and Prince William are in Sydney, Australia, right now, and it sounds like that brash Aussie sense of humor might be rubbing off.

The Word

Is Tom Cruise dating Laura Prepon?

"Mission: Impossible" star Cruise is said to be dating Laura Prepon, star of "Orange is the New Black."

NBA

Deron Williams leads Nets over Raptors in Game…

The Nets traveled to a raucous Air Canada Centre but came out with an important Game 1 victory over the Raptors.

NBA

Carmelo Anthony agonizing over Knicks future as season…

There’s still the cloud hanging over the franchise’s head as to the pending free-agent status of All-Star forward Carmelo Anthony.

NFL

Jets host players with eye toward NFL Draft

The Jets hosted a number of NFL Draft hopefuls for workouts on Thursday, with an eye toward some under-the-radar players.

NFL

Chris Johnson: I wanted to go to 'a…

Now that Chris Johnson is a Jet, the team has to figure out if one of the most explosive players in the NFL over the last half decade has anything…

Parenting

Is camp right for introverts?

We ask an expert for tips on sending your introverted child to camp

Parenting

How to parent without gender stereotypes in a…

Christia Spears Brown, Phd. author of "Parenting beyond Pink & Blue" gives advice on raising kids free of gender stereotypes.

Tech

VIDEO: 'Vein-scanning' may become the future of paying

Designed to make transactions quicker and easier, the technology works by scanning the unique vein patterns in each person's palm.

Tech

#FollowFriday: 10 of the smartest Twitter accounts

Spending lots of time on Twitter? You might as well learn something. Here are some of the smartest accounts to follow.