New York City Economic Development Corporation

About the New York City Economic Development Corporation:

The New York City Economic Development Corporation (NYCEDC) is a nonprofit organization that functions as a city agency, reporting to the Deputy Mayor for Housing and Economic Development. NYCEDC is charged with encouraging inclusive economic growth in New York City through spurring the creation of new jobs and strengthening neighborhoods. NYCEDC does this through a variety of means, including facilitating real estate development, improving infrastructure, attracting and retaining businesses, and conducting economic research and analysis. Additional information about NYCEDC can be found by visiting www.nycedc.com.

About the Strategy Department:

The Strategy department is a ten-member team, comprised mostly of former management consultants, that works to further the NYCEDC leadership team's objectives by vetting new projects, developing strategies to solve problems, and creating plans for NYCEDC priorities. Additionally, we manage a retainer of strategy and topic area consultants for our projects, other NYCEDC departments, and city agencies. Our projects typically fall into one of the five categories described below:

  • Advisory and project management: Providing thought leadership and project management support to cross-departmental and cross-agency projects
  • New initiative ideation and diligence: Defining a new opportunity for the City and assess its viability
  • Operational improvements: Solving a problem or develop a new approach for the City
  • Procurement: Ensuring successful outcomes with external consultants and partners through thought leadership and partnership with other NYCEDC teams
  • Capacity building: Supporting teams across NYCEDC (e.g., NYCEDC-wide trainings)

About the Strategy Internship:

The IOP Director’s Intern will be placed in the Strategy Department. S/he will be working closely with a member of the team on a project or projects related to the NYCEDC’s strategic priorities and emerging issues for the City of New York, which may potentially include projects related to business ecosystem building, workforce development and/or sustainability. Responsibilities include research, writing, financial, and other quantitative analysis, planning, and creating presentations. The team’s projects involve multiple public and private stakeholders, making teamwork, and consensus building essential components of this role.

Key Responsibilities:

  • Conduct research, financial modeling, data gathering and analysis, and expert interviews
  • Aid development of policy recommendations as required by the specific project
  • Assist in creation of PowerPoint presentations and research memos that communicate key project findings and recommendations to various audiences (e.g., senior NYCEDC staff, City Hall staff, partner agencies, external stakeholders, etc.)

Qualifications include:

  • Resourceful, organized and results oriented
  • Energetic, pro-active, and collaborative while working in a team
  • Commitment to professional development and growth
  • Ability to prioritize among competing needs and opportunities, while managing against tight timelines
  • Strong demonstrated written and oral communications and presentation skills
  • Strong quantitative skills
  • Ability to 'set up the problem,’ look at the big picture, and search for insightful, creative solutions
  • Interest in urban infrastructure and economic development issues
  • Knowledge of New York City, State, and Federal government (advantageous but not required)

 

2019 Intern Reflection:

The Strategy Team at NYCEDC is a dynamic, innovative group of 10 that looks for new opportunities to strengthen communities and bring inclusive economic growth to NYC. They drive NYCEDC's momentum and work with a wide array of public and private stakeholders. As an intern, I therefore had the opportunity to learn about economic development from varied perspectives and be part of an engaging, forward-thinking team. The team is like an in-house consultancy for the larger government agency - almost every team member comes from a consulting background and they're looked to within EDC to use their consulting, problem-solving skillsets to tackle NYC's economic development problems.

The internship was incredibly well-organized to ensure I saw all angles of the team's work and then got the chance to explore areas of particular interest to me. On my first day, I already had a calendar full of one-on-one lunch or coffee meetings with every member of the team and scheduled trainings that covered each ongoing team project and necessary skill-building (project management, slides and storytelling, hypothesis-driven research, etc.). In such a small, close-knit, and lively team, I worked closely with team members and was able to ask a lot of questions. Working next to my manager and having check-in meetings with her multiple times a week, I felt really lucky to get personalized attention according to my professional/personal development goals.

During my internship, I had ownership over a research project that looked to build out the landscape of alternative ownership business models and propose interventions NYCEDC could take to further their growth in order to address worsening wealth inequality in NYC. The project deliverables were a 15-20 slide deck, 1-hour presentation, and 8-page research memo/storyline. Throughout the project, my manager gave me incredibly thoughtful feedback and constantly pushed me to sharpen my insights and clarify my arguments. While initially I admit that I thought a "consulting skillset" and "hypothesis-driven problem-solving" were overused buzzwords, I truly feel they are skills I understand the value of now and have developed through this work.

This internship was a great opportunity to develop stronger systematic, problem-solving and presentation skills, learn about the tools NYCEDC uses to achieve economic change, and get to know an inspiring team of people. Thank you to everyone at EDC and the IOP for this incredible experience!

Mei Tercek '21

2018 Intern Reflection:

The Strategy Internship enabled me to further develop my consulting skillset and immerse myself in a strong, professional development-focused team culture. Before my arrival, my supervisor had thoroughly prepared a schedule of one-on-one trainings (on topics ranging from slide design to real estate finance), as well as weekly coffee chats with other team members in which we would discuss career plans, professional advice, and other relevant areas. Each of my colleagues was very willing to share their own experiences and professional wisdom gained during their journeys, all of which helped me better reflect on my own goals and potential trajectory.

As for the work itself, I deeply enjoyed my project for the summer, which entailed investigating quantum computing as a potential R&D investment for the city. From conducting research on the quantum computing global landscape, technological progress, and city-driven initiatives to constructing slides and discussing my recommendations with my supervisor and colleagues, I learned how to more systematically puzzle my way through problems using a 'hypothesis-driven' approach. Beyond my core project, I also had the opportunity to attend meetings related to other projects, which enabled me to develop a stronger understanding of city priorities across industries and the five boroughs. Overall, I had an enriching summer learning about a nascent technology and recommending the ways in which it can feed into NYC's existing ecosystem, developing a stronger consulting skillset, and better understanding the many levers and tools that the city uses to effect long-lasting, positive economic change. Thanks so much to my supervisor and colleagues, the EDC, and the IOP, for all their efforts in facilitating such a wonderful opportunity.

Ashley Gong '20

2017 Intern Reflection: 

As an intern with the Strategy team at the New York City Economic Development Corporation (EDC), I have the opportunity to learn about a range of interesting topics and to develop a strong set of professional skills. As a group with a fairly broad mandate, the team focuses on a wide range of issues that affect economic development in the city, from analyzing freight distribution to helping develop a cybersecurity industry in New York to drafting Mayor De Blasio's plan to create 100,000 good-paying jobs. 

My role this summer has been to take the lead on devising the Corporation's strategy regarding commercial office space in New York City. In 2015, EDC projected that demand for office space would grow, requiring 60 millions square feet of new stock. My project has thus been to research what the City is already doing to spur commercial development, and explore new strategies for EDC to undertake to create more office space and, in the process, spur job creation throughout NYC. Through this lens, I have learned a great deal about neighborhoods across all five boroughs--from Midtown Manhattan to Bushwick and Port Morris--as well as the distinctive, surprising challenges that commercial development faces.

Beyond learning about zoning regulations and development financing, this internship has taught a range of skills that will help me wherever I go in my career. As a team mostly made up of former management consultants, Strategy emphasizes a particular hypothesis-driven approach to problem-solving, which has helped me think about issues and devise solutions in a more systematic way. On a more minute level, I've learned how to make more punchy, well designed presentations in order to communicate my ideas and research. Overall, I'm thankful for this opportunity to develop professionally and to interact with topics that shape the present and future of America's biggest and greatest city. 

Nick Abbott '18

New York City, NY