As if we needed anymore proof that startups are winning, according to Crain’s New York Business, Gov. Andrew Cuomo announced Tuesday morning in a press release that online handmade goods retailer Etsy will receive $5 million from New York State to stay in Brooklyn.
More details on the deal revealed that the $5 million in funding is in Excelsior tax credits from the Empire State Development Corp. For a little background on who that is and what that means: the “ESD” is New York’s chief economic development agency which aims to promote a growing economy, and those “tax credits” are specifically available for “strategic businesses such as high tech, bio-tech, clean-tech and manufacturing that create jobs or make significant capital investments.”
Ironically, Etsy’s CEO Chad Dickerson, who founded the company in Brooklyn in 2005, was quoted back in April at a Brooklyn Tech Triangle symposium as saying, “A company like Etsy could only exist in Brooklyn.” Although, Dickerson could have already received news of the deal at the time the comment was made, if he hadn’t it was actually smart of the state to invest in keeping a company in Brooklyn who they’re sure will stay in Brooklyn.
The funding is apart of a larger incentive to retain present and attract future business growth in Brooklyn. Etsy is expected to add 340 jobs by 2019, and in a statement sent to Governor Cuomo’s office said, “We take our role as a leader in [the city’s tech industry] seriously. In New York, tech is not an isolated industry, but embraces community and urban life. Etsy is excited to continue to grow here.”
We would be too if we got $5 mil to stay at home. Congrats, Etsy!