benefits

Invent City will fuel tourism, modestly increase office demand, and encourage demand for products and services offered by small, independent businesses. Invent City projects that it will add $2bn to the NYC economy in 2024, $785mm+ tourism. Long term, Invent City intends to be a marketing front end for urban technology, and by doing so, be an economic engine (similar to the Chicago Merchandise Mart, or the smaller Chelsea Harbour Design Centre in London).

According to NYC&Co tourism generates about $7bn in state and local taxes.  According to REBNY, real estate related taxes make up 53% of total NYC tax revenue, more than double the next closest contributor (Personal Income Tax made up 21%). Using Chelsea Harbour as the economic precedent, Invent City showrooms will spur demand for tax generating office space.

In addition to driving demand for office space to specifically support showrooms, Invent City as part of its effort to showcase Lower Manhattan as a model city for the future, will highlight how NYC as a whole in a hybrid is the "must have" location.  

Ever since 9/11 Lower Manhattan has been transforming into a live, work, play community. Since 9/11 residential population has doubled from about 30,000 to 60,000. Invent City will look to encourage that transformation with adaptive reuse of office buildings including for NYCHA housing. 

In the past decade, NYC has experienced two very different types of flooding, a tidal surge from Sandy and exceptionally pronounced rain from Ida. Realistically NYC needs to prepare for a world with limited subway capabilities and less service for the pre-covid 2mm who rode it daily. Invent City will be piloting an innovative micro mobility transit network for people and packages. 

Invent City is being organized on a ground up data platform. Every company and organization in Lower Manhattan will be invited to be on that platform and by doing so find and create new opportunities.  Invent City will also use QR codes instead of conventional signage. 

Provide access to hundreds of thousands of pre-qualified prospects, including business to consumer which has been difficult in the urban clean tech space.

Facilitate forward marketing for products that are not quite commercially ready, or that have a longer sales process like the electric vehicle where the exhibitor may have to first sell the prospective customer on the concept of an EV car over an internal combustion one, and then sell the prospective customer on the exhibitors specific EV.

Enable pull marketing (akin to “Intel Inside”) of internal component of a product directly to the end consumer (similar to the Intel inside strategy). An example is the battery for electric vehicles.

Ultimately offer exhibitors the approach and scale necessary to “cross the chasm” or the “valley of death” and into the mainstream. This is especially true when considering NYC's powerful traditional and social media strength.