Plug and Play Sets Foot in New York City to Boost AI and Deeptech Progress

Plug and Play Expands to New York City

Plug and Play, globally recognized as the leading innovation platform and early-stage venture capital firm, has made a significant announcement regarding its entrance into New York City. This milestone marks the firm's first location in the bustling metropolis, which is geared toward enhancing AI and deeptech initiatives across various essential industries.

At a presentation during the Plug and Play Enterprise AI Expo held at the Silicon Valley Summit, where industry leaders, startups, and investors congregated to explore the transformative impact of artificial intelligence on business, Plug and Play outlined its ambitious plans. The expansion in New York City is facilitated through two key initiatives in collaboration with the New York City Economic Development Corporation (NYCEDC): the NYC AI Nexus and the International Landing Pad Network (ILPN).

Andrew Kimball, President and CEO of NYCEDC, remarked, "Plug and Play is expanding into New York City's unparalleled innovation ecosystem in a major way, as a selected operator for both our NYC AI Nexus and International Landing Pad Network initiatives." This strategic collaboration aims to bolster NYCEDC's efforts in supporting early-stage and global companies, propelling innovation, job growth, and economic development throughout the city's five boroughs.

The NYC AI Nexus will focus explicitly on aiding small and medium-sized enterprises in harnessing and implementing AI solutions designed to enhance business efficiency and outcomes. The program aims to engage various sectors, including food and beverage, media and advertising, travel and hospitality, and professional services. Over the next three years, the partnership with co-operator C10 Labs is projected to support up to 165 AI startups, facilitate 96 pilot projects between startups and industry partners, and host a staggering 90 network-building events around the city.

Michael Olmstead, Chief Revenue Officer and Partner at Plug and Play, emphasized the vibrancy of New York's innovation ecosystem, stating, "New York City represents one of the most dynamic and diverse innovation ecosystems in the world. Through our collaboration with NYCEDC, we're excited to assist founders—from early-stage AI innovators to global deep tech leaders—in scaling their solutions, piloting new technologies, and connecting with corporate partners that can accelerate real-world impact."

In addition to the NYC AI Nexus, Plug and Play will take charge of a program within its International Landing Pad Network in association with Cornell Tech. This initiative aims to attract growth-stage international companies to set up base in New York City. The goal is to welcome over 50 international startups within a year, providing them with coworking spaces, mentorship opportunities, and access to Plug and Play's extensive global network of investors and corporate partners. The program will focus on startups in medtech, health, sustainability, and deep tech as they expand into the U.S. market.

Sherif Saadawi, VP of Growth Strategy at Plug and Play, articulated the program's vision, stating, "The International Landing Pad Network gives international startups a soft landing into one of the world's most influential innovation hubs. With the support of NYCEDC and Cornell Tech, Plug and Play will help global innovators navigate the U.S. startup landscape, connect with corporate partners, and unlock the opportunities that only New York can offer."

The establishment of Plug and Play's operations in New York City is poised to act as a nucleation point for innovation, congregating startups, corporations, investors, and academic institutions to collaboratively devise solutions that not only fortify industries but also create a plethora of new job opportunities.

For more details on Plug and Play's New York initiative, visitors can check out Plug and Play New York.

About Plug and Play

Plug and Play stands at the forefront of innovation, linking startups, corporations, venture capitalists, universities, and government agencies. With its headquarters located in Silicon Valley, the firm operates in over 60 locations across more than 25 distinct industries. It offers corporate innovation programs that aid partners through every stage of the innovation process, from educational initiatives to execution. Additionally, Plug and Play manages startup acceleration programs and runs an in-house venture capital division that has invested in numerous successful companies, such as Dropbox, Guardant Health, Honey, Lending Club, N26, PayPal, and Rappi. To learn more, visit Plug and Play.