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

'Barack Obama cheats on Michelle' claims Japanese politician…

A senior Japanese politician has marred Barack Obama's official visit to Tokyo with bizarre claims that the President cheats on his wife Michelle. Kazuyuki Hamada,…

International

British Royal family devastated by freak NY death…

The British royals have been left devastated by the death of Mark Shand, younger brother of Camilla, Duchess of Cornwall, after a freak fall in…

Local

VIDEO: Police seek suspect in molotov cocktail attack…

Police released surveillance video on Wednesday in hopes of tracking down a man who threw a molotov cocktail inside a Brooklyn corner store.

Local

City Council budget asks for 1,000 additional NYPD…

Speaker Melissa Mark-Viverito unveiled the City Council's budget priorities on Wednesday, including the extra cops for the NYPD at a cost of $94.3 million.

Television

‘Survivor: Cagayan’ recap: Episode 9

It was only an hour-long episode, but there's a lot to cover this week. The drama of Survivor strikes again as the identity of the…

Television

TV watch list, Wednesday, April 23: 'Suburgatory,' 'Modern…

'Suburgatory' The men of "Suburgatory" go camping and Tessa mentors a social outcast in a Miss Chatswin contest, which brings her, once again, into conflict…

The Word

The best lines from Oprah's ex-stepmother's Daily Mail…

Oprah’s ex-stepmother, Barbara Winfrey, is out for revenge.

Books

A debut novel about fate, love and moving…

Pia Padukone talks about her debut novel, "Where Earth Meets Water."

NFL

2014 NFL Mock Draft: Updated, new April 24…

2014 NFL Mock Draft: Updated, new April 24 version

NFL

Giants 2014 regular season schedule

The Giants will play five prime-time games — against the Lions, Redskins, Eagles, Colts and Cowboys.

MLB

Jets 2014 regular season schedule

The Jets will play three prime-time games — against the Bears, Patriots and Dolphins — as well as a CBS national game in Week 2 at Green Bay.

NBA

Phil Jackson talked to Steve Kerr, pushes for…

Knicks president Phil Jackson spoke to the media for the first time since firing head coach Mike Woodson on Monday.

Style

Pippa Middleton's Etsy pick: Golden Thread Jewelry

Get a look at the jewelry Pippa Middleton loves and find out how you can buy it too.

Parenting

What every parent needs to know to get…

Mom and author of "Small Talk," Tracey Blake, shares her five practical tips to help you develop your children's language skills.

Sex

Subway crush: Meet your soulmate on your commute

Read about a couple who has been 40 years after meeting on the train.

Tech

Happy birthday, Game Boy! The handheld console turns…

Nintendo's Game Boy turns 25 this week. To commemorate, we look at some of its better games, like "Tetris" and "The Legend of Zelda: Link’s Awakening."