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Matt Harrigan mentions that the average company in their accelerator has raised over $500K before being accepted with exceptions being for formidable founders (

Matt Harrigan mentions that the average company in their accelerator has raised over $500K before being accepted with exceptions being for formidable founders (their words). From GCT's website: Q: FREE rent and ZERO equity fee? Sounds too good to be true; is it? A: Nope. Believe it. We only ask two things: One, to be a great community member and to take on at least one intern from our internship program. In the past, 85% of our interns have been offered ongoing, paid work with their companies. They are great. Two, to commit to staying in the building after your year in GCT provided doing so is not deleterious to your business. We’ve built a highly configurable, 40,000 square foot coworking space to fit your company’s needs as they grow and our rates are competitive with the market. Our intention in making this request is to maintain the most valuable asset you’ll acquire during your time at GCT – the camaraderie and support of your peers.

jessriedel 10y ago
> to commit to staying in the building after your year in GCT provided doing so is not deleterious to your business. So is the long-term play here for them to attract tenant to their office building? I'd wish they would be clearer whether this is a profit-driven enterprise, and if so how they intend to make their money.
- devy 10y ago
  Matt talked about the analogy of tech industry in Silicon Valley now vs. the financial industry in New York in the early days. My understanding is that this is definitely a long term play. Along the way though, this process also helps local economy, job growth and helping New York City to become the leading tech hub in the east coast etc. Obviously, those will all help boost the real estate market. Don't forget the 3rd partner in GCT is from the Milstein family[1]. All in all, this is one stone multiple birds :) [1]: https://en.wikipedia.org/wiki/Howard_Milstein https://en.wikipedia.org/wiki/Howard_Milstein
  - jessriedel 10y ago
    Fair enough, but it is a bad signal that they aren't being completely forthright. Thanks for the info.

jessriedel 10y ago

> to commit to staying in the building after your year in GCT provided doing so is not deleterious to your business. So is the long-term play here for them to attract tenant to their office building? I'd wish they would be clearer whether this is a profit-driven enterprise, and if so how they intend to make their money.

devy 10y ago
Matt talked about the analogy of tech industry in Silicon Valley now vs. the financial industry in New York in the early days. My understanding is that this is definitely a long term play. Along the way though, this process also helps local economy, job growth and helping New York City to become the leading tech hub in the east coast etc. Obviously, those will all help boost the real estate market. Don't forget the 3rd partner in GCT is from the Milstein family[1]. All in all, this is one stone multiple birds :) [1]: https://en.wikipedia.org/wiki/Howard_Milstein https://en.wikipedia.org/wiki/Howard_Milstein
- jessriedel 10y ago
  Fair enough, but it is a bad signal that they aren't being completely forthright. Thanks for the info.