nxtArrow offering free office space to companies that move to New York.
A brand new nonprofit company are trying to promote economic growth in Western New York by offering free office space to budding businesses. Entrepreneurs from outside the city could have the opportunity to lease office space in New York for free, the administration costs will even be included.
The company behind the scheme, nxtArrow, will even be offering some people free accommodation. After the year of free service the companies have to agree to then sign up to pay for the services of the providers for several years after.
The idea is that once companies have settled in after the first year they will continue to prosper in the city, thereby improving the economy.
“If you move your business to Buffalo from out of town, our goal is to set you up with everything for the first year, other than the cost of your core business. That’s your enticement to come here for the first year,” commented John W.Howell, president and CEO of nxtArrow.
Mr. Howell said that nxtArrow plan to bring around 20 companies to Buffalo which they expect would bring about $1 million of revenue to the area.
“Buffalo is a very attractive market for people to relocate to, especially compared to major markets like New York, Los Angeles, Washington and Chicago, where startups tend to congregate,” said Mr Howell.
So far nxtArrow have had interest from companies such as legal consultants Fineprintfinders, a web company from Chicago and an energy company from Canada.
Business solutions company Work Smart are going to move down from Boston and will also handle the administrative needs of nxtArrow.