Westchester County Executive George Latimer has announced the launch of the Westchester incubator program called Element 46. Designed to inspire and support entrepreneurial talent and the development of new businesses in Westchester, Element 46 will help turn promising ideas into thriving businesses, and promote entrepreneurship and economic development in Westchester County by providing founders with access to programing and resources.
“Westchester has all of the most important ingredients for start-up success - location, infrastructure, transportation, business expertise, investor interest, talent and more. By bringing together the very best entrepreneurial ideas and supporting them with the immense talent and resources of this County, I’m confident that we’ll be able to cultivate high-growth companies that will drive economic development for Westchester and also serve as a great reminder of the benefits of working, living and playing right in our County,” Latimer said
A cohort of 15 selected entrepreneurs will be housed in a number of co-working locations in the County and paired with some of the best minds across business, innovation, and the investment community. The first cohort of Element 46 will be selected in April and begin in July 2019.
Westchester County Director of Economic Development Bridget Gibbons said, “We are laser focused on attracting startups to Westchester and creating an entrepreneurial ecosystem. Through Element 46 we plan to provide early-stage entrepreneurs with the support they need to professionalize and scale their businesses, and to keep them here in Westchester. ”
Incubators are organizations geared toward speeding up the growth and success of startup and early stage companies. They provide access to services such as accountants and lawyers – in addition to invaluable coaching and networking connections through the mentors and other entrepreneurs at the incubator. They are also often a good path to capital from accelerators, angel investors and venture capitalists. Element 46 will have a positive impact on economic growth in communities across the County by maximizing the success of emerging, startup companies.
Participants will have access to: Strategic Resources – Element 46 has partnered with some of the leading experts in the community to advise, train and directly support participants; World-Class Mentors and Advisors – Element 46 builds a community of support around founders by bringing together a robust network of seasoned entrepreneurs, experienced change-makers, and leaders across sectors; Access to Subject Matter Experts – Element 46 helps participants gain exposure for their ventures to support their long-term sustainability, including: Access to entrepreneurs, press, and supporters, during the course of the cohort session;Access to potential funders, investors, and partners; and Access to key community figures and innovators at events; and Office Space - Full time space at a co-working office strategically located and transit-oriented - free of charge.
The goal of Element 46 is to help entrepreneurs turn their idea into a business, get their products to market faster, increase sales and help them grow. Element 46 aims to attract startups, business talent and investors to Westchester County. From these businesses, Element 46 hopes to create job growth and bring economic stimulation to our communities. By leveraging all that Westchester has to offer -- engagement, expertise, proximity to NYC, technology infrastructure, transportation, investor potential, highly educated talent and more, Element 46 will foster additional economic development in the region through the cultivation of promising business ideas. Element 46 expects to accept 15 cohort member businesses into its first class beginning in July 2019 and completing the program by October 2019.