NYCEDC is the City’s primary engine for economic development charged with leveraging the City’s assets to drive growth, create jobs and improve quality of life.
The NYC Business Innovation Challenge is proud to announce our first winners.
After evaluating an impressive array of submissions, our judges have chosen the organizations with the most innovative plans as winners. Selected from all three tiers of the challenge — large, mid-size and small organizations – each winner has received $25,000 and a chance to go on to the next phase of the challenge. In this phase, they’ll put their plans to the test with help from another prize: Free workforce consulting from award-winning consultancy Next Street. Working with Next Street, their plans will be made scalable and sustainable over time.
The best of these plans will be named Grand Prize Winners. They’ll receive an additional $100,000 cash prize. And they’ll be recognized by New York City as top workforce innovators. Most importantly, they’ll be unleashing the revenue engine was lying dormant in their organizations, creating a path to:
Higher Retention Rates: Studies* show that the most committed employees are 87% less likely to leave their organizations. They also show that the number one driver of employee commitment is having an employer who treats their employees well.
Higher Performance: The most committed employees perform 20% better.
Higher Revenues: All of which means that investing in your workforce equals higher revenues, and a stronger bottom line.
Next Street provides growing companies in urban markets the same level of expertise that investment banks, Madison Avenue and elite consultancies provide to Fortune 500 companies. To help all kinds of organizations reach their “Next.”