Why launch a new business in Northeast Philadelphia, PA
Philadelphia has long been known as a city of innovation and entrepreneurialism. It`s a place where ideas can be born and thrive. But in the midst of an unprecedented pandemic, it`s more important than ever for the City of Brotherly Love to be a place where ideas are also welcomed, supported, and nurtured.
The northeast quadrant of the city is home to several emerging industries, including technology and medical startups. It`s also the location of a new initiative launched by Mayor Jim Kenney called the Northeast Innovation District, which aims to attract tech companies, startups, and other businesses to the neighborhood. The goal is to create a thriving community of tech companies in Philadelphia, creating jobs and growing the local economy.
Northeast Philly is leading the charge by offering more than $1.7 million in subsidies to companies looking to relocate or expand to the area. According to a report by the Business Journal, the city is providing up to $500,000 for new space, up to $250,000 for relocation expenses, and up to $750,000 to cover the cost of relocating employees from out of state.
Northeast Philly is becoming an increasingly attractive place to launch a startup. The city has been listed as a finalist in the prestigious MIT Global Cities Challenge. That`s because it`s home to dozens of universities, an array of tech and entrepreneurship programs, and a large number of established companies.
One of the largest companies is a subsidiary of the pharmaceutical giant Merck, which is headquartered just across the Delaware River in Whitehouse Station. The company has 1,400 employees and $7.5 billion in annual revenues. It was founded in 1900, and was recently named the third largest employer in New Jersey. Merck is also among the top three employers in the Philadelphia region, according to the Philadelphia Regional Partnership.
The company`s parent company, Merck & Co., is located in Kenilworth, NJ, but it maintains a sizable presence in Northeast Philly. According to the company`s 2018 annual report, it employs 10,000 people in the city. The company operates a research center in the University City Science Center, and maintains offices in several locations in University City. It also has a partnership with the University of Pennsylvania, and a location on the campus of Temple University.
There`s another big company with roots in Northeast Philly, too. In fact, it`s headquartered in the city. Comcast, the world`s largest cable company, was founded here in 1962 by a group of entrepreneurs led by George Gerstner. It now has more than 23,000 employees, and has operations in nearly every U.S. state.
Northeast Philly is also home to an impressive number of venture capital firms. The region is home to eight active venture capital funds, according to the Center for Venture Research. They collectively have $3.8 billion in commitments, according to the Philadelphia Business Journal. Among the firms in the region is the venture capital arm of Comcast, which has $200 million in commitments.
Northeast Philly is also home to dozens of colleges and universities, many of which are incubators for startups. The University of Pennsylvania and Drexel University both have extensive entrepreneurial support programs. The University of the Sciences in Philadelphia offers a six-month accelerator program.
In addition to these programs, the region is home to the National Business Incubation Association, which provides resources for businesses looking to start or grow.
Finally, the region is home to a variety of nonprofit organizations dedicated to entrepreneurship, technology, and innovation. The Greater Philadelphia Innovation Districts is a network of community centers that houses the largest collection of startups in the country. The Center for Innovation and Technology in North Philadelphia is an organization dedicated to fostering technology innovation and entrepreneurship in the region. The Entrepreneurial Training Institute (ETI) helps individuals develop the skills needed to launch and manage their own companies.
For those looking for a location with a more concentrated talent pool, the region also includes an abundance of startups and tech companies. The Greater Philadelphia Tech Council lists more than 150 technology companies in the region, with more than 2,600 workers. This group is focused on helping tech businesses grow and scale.
And if you`re looking to get into the tech industry, there`s no shortage of job openings. There are currently more than 3,800 open jobs in the greater Philadelphia area, according to LinkedIn. These positions include everything from software engineers to cybersecurity experts to financial analysts.
There are also plenty of startup accelerators in the region. The Accelerator Program at the University of the Sciences of Philadelphia, the Philadelphia Cyber Innovation Center, and the Emerging Technologies Center in Philadelphia are all dedicated to providing support and resources for technology startups. The Philadelphia Robotics Incubator is also focused on helping small robotics companies thrive.
This week, we`ll take a deeper look at the Northeast Philly startup ecosystem, as well as its advantages over other startup ecosystems.