Lower Manhattan Vies for More Tech Companies

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Lower Manhattan is hoping to draw more tech companies and connect the more than 600 existing ones with the creation of a new tech industry hub, known as LaunchLM

It's the creation of a partnership between the Downtown Alliance, which manages the Lower Manhattan Business Improvement District, and tech entrepreneurs like Dan Chiu of HD Made and Adam Neumann, founder of WeWork

Announcing the project during a speech at 7 World Trade Center, Mayor Bloomberg calls it the city's latest effort to "create the kind of community where the young people who dominate the tech industry want to live and work."

The city's co-working space Hive at 55 will be the public headquarters for LaunchLM.

LaunchLM and the New York Economic Development Corporation will hold a competition that will offer $250,000 to "office build-outs" and rent to four winning companies that relocate to Lower Manhattan.