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

Hurricane Odile batters Mexico's Baja resorts, sparks looting

Hurricane Odile injured dozens of people, forced the evacuation of thousands and smashed shops open to looters in the popular tourist area of Baja, Mexico.

National

Apple iPhone 6 pre-orders hit record 4 million…

By Lehar Maan(Reuters) - Apple Inc said many customers will need to wait until next month for their new iPhones after a record 4 million…

National

LAPD investigates complaint from detained 'Django' actress

The LAPD is investigating after "Django Unchained" actress Daniele Watts accused police of violating her rights when they detained her.

Local

Number of New York City smokers increase, topping…

For the first time since 2007, there are  more than one million smokers in New York City, according to the New York City Department of…

Movies

Newsflash: Corey Stoll is still not a man

In director Shaun Levy's "This Is Where I Leave You," Corey Stoll stars as the oldest of four adult children (the others are played by…

Movies

If you don't like Simon Pegg's new film,…

Simon Pegg goes all out in "Hector and the Search for Happiness" as the titular psychiatrist stymied by modern life who embarks on a globetrotting…

Arts

Art in Chelsea: Don't miss these 3 galleries

We selected three sure bets for seeing cool art in the galleries of Chelsea.

Music

Robin Thicke blurs lines further with new 'Blurred…

"The reality is," said Robin Thicke about "Blurred Lines" in a court deposition, "Pharrell had the beat and he wrote almost every single part of the song."

NFL

Tom Coughlin says Giants 'beat themselves' against Cardinals

Head coach Tom Coughlin, who had a day to cool off and reflect, still sounded like he had a gnawing feeling in his gut.

NFL

Marty Mornhinweg accepts blame for Jets timeout fiasco

Jets fans looking for a scapegoat for Sunday’s timeout fiasco found a willing party on Monday: Marty Mornhinweg.

NFL

3 things we learned in Jets loss to…

The wheels came off for the Jets, who gave up 21 unanswered points after a brilliant first 20 minutes in a 31-24 loss at the Packers.

NFL

Victor Cruz catches case of the drops in…

The Giants dropped a tough, 25-14, decision to the undermanned Cardinals Sunday in their home opener. And drop was the operative word of the day,…

Travel

World's most hipster cities: Top 5

Travel blogger Adam Groffman tells us his picks for the Top 5 most hipster cities in the world.

Education

The top 5 regrets recent high school grads…

College application season can seem like a blur for many students - as test prep, campus visits and filling out a seemingly endless stream of…

Parenting

Tech execs tend to limit their kids' screen…

You probably got your iPad before Bill Gates's kids did.

Wellbeing

Wellbeing: Daybreaker returns, Ray Rice jersey trade, Sweet…

  Now that Ray Rice is no longer with the Baltimore Ravens — or any other NFL team — after video footage surfaced showing him…