The beauty and well-being They move very well in the Big Apple, and now Navy Yard will soon become a space for small minority entrepreneurs, especially women, to open their businesses in that part of Brooklynjoining a successful industry of over $450,000 million.
This was revealed this Thursday by the mayor, Eric Adams, after announcing the promotion of the AYO Labs project, in Brooklyn Navy Yardmanaged by RF Wilkins Consultants, which seeks to help companiesowned by Black, Indigenous, and other people of color (BIPOC), and estimated will create more than 900 jobs direct and indirect in the first five years, as part of the initiative, which is described as a business incubator and accelerator.
“Our administration believes we have a critical role in helping small businesses turn their big dreams into reality,” said the local president. “New York City is taking a stand and putting money back in the pockets of Black and Latinx entrepreneurs, especially women of color, and our investment in AYO Labs at the Brooklyn Navy Yard will help small businesses, including many BIPOC-owned (black, indigenous and people of color) and women entrepreneurs, to enter the beauty market, develop and expand their brands and become the next generation of successful entrepreneurs“.
The Municipal administration He assured that the first phase of the project, which will have an investment of $25 million, will be completed in 2025 in a 26,000 square foot space where more than 100 entrepreneurs will be supported annually.
In its quest to reduce barriers and support minorities and women entrepreneurs in New York to enter and expand their health and beauty businesses, AYO Labs will provide tools, resources and support “to turn innovative ideas into thriving businesses with programming for entrepreneurs early stage,” which includes administrative support, technology, instructors, hands-on training, technical assistance, mentoring, and opportunities to access capital.
“Expanding opportunities for Black and women-owned businesses to succeed is critical to our communities and local economy,” said City Council President Adrienne Adams. “The new AYO Labs at the Brooklyn Navy Yard will support local entrepreneurs looking to make their mark in the growing wellness and beauty industry and advance the next generation of entrepreneurs in our city.”
Mayor Eric Adams during the announcement of the new incubator for entrepreneurs in Brooklyn.Credit: Michael Appleton | NYC Mayoral Office
Kevin D. Kimcommissioner of Department of Small Business Services (SBS)highlighted the Big Apple stands out for being innovative and mentioned that the project will encourage hundreds of small business owners to take their steps towards consolidating their businesses.
“AYO Labs at the Brooklyn Navy Yard is honoring that tradition by helping more than 100 diverse entrepreneurs bring their dreams to life. “SBS looks forward to working with the Brooklyn Navy Yard and RF Wilkins, one of the city’s certified M/WBEs, to support the next generation of entrepreneurs here in New York City,” the official said.
Lindsay Greene President and CEO of the Brooklyn Navy Yard Development Corporation said AYO Labs at the Brooklyn Navy Yard will reinforce New York City’s reputation as a place that promotes inclusive economic development.
“Making visions like this a reality at the Brooklyn Navy Yard is at the core of our mission. The development of this new incubator, accelerator and contract manufacturing will help level the playing field for emerging BIPOC and women-owned businesses and generate economic mobility for countless families and the city as a whole,” Greene said.
According McKinsey company data, Although the wellness and beauty industry represents almost $450 billion dollars, which is expected to exceed $600 billion by 2030, only the 2.5% of revenue is from beauty businesses created or owned by people of color.
“Our minority- and women-owned businesses are the backbone of our city and deserve our support to take their businesses from dreams to powerhouses,” said Deputy Mayor of Housing, Economic Development and Workforce, María Torres-Springer. “AYO Labs at the Brooklyn Navy Yard will be a tremendous resource for BIPOC and women-owned businesses in a massive and growing health and beauty industry that historically has not been accessible to them.”
2024-03-08 11:00:00
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