New York’s Grand Central Tech is accelerating startups without an equity stake
The New York City land grab started with a shady deal in 1625 – in the intervening 390 years, things have only gotten worse. The prospect of a few vacant square feet is enough to send residents into paroxysms of joy.
Launched a year ago, Grand Central Tech is an accelerator that makes an offer that’s hard to refuse. Companies receive free office space for a year, as well as access to advisors, recruiting services, major corporate partners, and an advisory network – and it’s all for nothing.
No equity stake, no rent fees, no nothing.
The only catch is that companies are asked to take on at least one intern from GCT’s in-house program as well as commit to staying in the building for at least four years, as long as it’s financially viable.
Their 15,000 square foot offices were Facebook’s former NYC HQ, and currently accommodate everything from lab space and fabrication facilities to thousands of dollars in wigs.
Because GCT isn’t beholden to the bottom line, the accelerator works with companies that wouldn’t necessarily find a home in more revenue-driven communities.
“Our founders talk about creating an inclusive and diverse work culture, and they’re actually walking the walk,” Director of Operations Aparna Mukherjee told us. “We have 42% female founders in our first class, and we’re aiming to improve upon that.”
Applications to join GCT’s July class are now open, but you’ve got to move fast – the deadline is May 1. You can apply right here.
Now go forth (and apply yourself).
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