 Wow jeez no pressure, huh? Thank you so much for that really warm introduction and thank you for having me. Thank you NDF organizers for bringing me down It's been really exciting to catch these sessions and and to meet all of you guys down here I've never been to this part of the world, so it's been a treat So It's supposed to be this way As we all know cultural institutions are Recalibrating for the 21st century. I don't have to tell you all this that's been the topic of conversation these past two days You all know this better than anyone and you are the ones leading that charge We're re-evaluating how we perform our core activities in the digital age Strategizing for how to evolve with the times better serve our missions and our audiences Investigating and inventing best practices for the age of big data of iPhones and 3d printing and virtual reality And the next new fangled thing that hasn't yet been invented So how do cultural memory institutions evolve in the information age when all the world's information is at our fingertips? Some of us are activating our spaces in new and interesting ways Serving our local communities by offering things like community yoga Of course, there are many excellent media lab cultural lab initiatives Some of which are springing up others which are shutting down This is a project from the MET museums media lab that recently closed But did some incredible work such as color the temple the project shown here Which was a light installation that transformed the Mets iconic temple of Dendur Using projection mapping to digitally restore color on the temple's etchings We're starting our indeed apartments where and we can investigate ideate and prototype possible museum futures For those of you who don't already follow Paola Antonelli's R&D salons from MoMA. I highly recommend it She brings together some excellent Speakers from different disciplines to address pressing topics that are relevant not only to cultural institutions But culture more broadly and they're all archived online And I encourage watching them if only to catch Paola's excellent introductions And most recently we're launching incubators and co-working spaces. Here's a pick of our own initiative new Inc As you know we at the new museum were one of the first museums to start a cultural incubator And I'm happy to say that we're no longer the only one and that each approach has offered something new and taken a unique spin and continued to experiment with the model and before I delve into the specifics of our program and how and why we started it and What we've learned I want to talk about what is an incubator and define the term because it means different things to different audiences and In the States especially I think it's taken on a very specific definition as it relates to startup culture and Silicon Valley and Other centers of technological innovation. So what is an incubator? and In some ways incubators in all their forms remain consistent to their original definition the term incubator first appeared in 1845 to describe an apparatus for hatching eggs by applying artificial heat Though the root term dates back to the mid 1600s It was a life-giving and life-sustaining apparatus that helped to nurture and care for hatchlings that were unable to care for themselves From chickens it evolved to perform the same function for human life in the late 1870s a French obstetrician named Dr. Stefan Tonya witnessed an incubator warming baby chickens at a Parisian zoo and sought to apply the technology to the problem of infant mortality From there the idea spread initially as a medical curiosity. It was presented at various expositions and world fairs such as a baby incubator exhibit pictured here in Berlin from 1896 and this particular exhibition Documented here via an engraving from the illustrated London news spawned many imitators including side shows at the Trans Mississippi Exposition the Chicago Century of Progress Exhibition the Pan American Exposition New York World's Fair and most famously at the Coney Island theme park In New York infant incubators were a popular Coney Island Sideshow attraction for decades Situated alongside the sword salt swallowers bearded ladies and Lionel the lion-faced man The exhibition ran from 1903 to the early 1940s and by the time that it closed in 1941 the exhibit Went on to a preemie ward at Cornell's New York Hospital Incidentally 1941 was also the year a young man named Joseph Mancuso was born in 1959 at the age of 18 Mancuso founded the Batavia Industrial Center in New York Which is reported to be the first business incubator Much like chicken and infant incubators before it the business incubator was designed to help fledgling businesses In this case light manufacturing businesses get off the ground and learn to be self sufficient by providing them Affordable shared workspace business training access to loans and other crucial administrative services Most new businesses fail in their first two years of operations So incubator programs were designed to help them get through this volatile and vulnerable period and to increase their Likelihood of survival and bring new jobs and economic growth to the towns The concept of providing business assistance services to early-stage companies didn't catch on right away And it wasn't until the 1980s that we saw this model proliferating in the 1980s There were about 12 business incubators in the US all of them in the industrial northeast Which had been hard hit by plant closures in the previous decade But the idea proliferated in the 90s and 2000s and as of October 2012 there were over 1,250 incubators in the US alone and about 7,000 incubators worldwide according to the International Business Innovation Association The incubation model has been adapted to meet a variety of needs from fostering Commercialization of university technologies to increasing employment in economically distressed communities To serving as an investment vehicle for venture capitalists at their core all business incubators Nurture the development of young companies helping them survive and grow during the startup period It may surprise some of you to learn that an overwhelming majority of incubators some 93% as of 2012 are Non-profit and are focused on economic development That is creating jobs by supporting and attracting new businesses to their towns and cities Incubators provide a variety of services that can include business training programs Affordable or free workspace Equipment discounted or free administrative services networking and access to funding and they can target and serve a wide variety of industries Such as technology which we all know which makes about 37% of incubators, but also food fashion Manufacturing medical entertainment and of course the arts most incubators about 54% are mixed use meaning that they serve multiple industries Incubators have business models of their own and are designed to be self-sustaining Most of them charge rent or other fees from the companies they serve They typically receive some startup funding and grants or corporate sponsorship But are expected to be self-sufficient in the long term who sponsors incubators about 32% of North American business incubators Are sponsored by academic institutions two to four-year colleges? 25% are sponsored by economic development organizations 16 by government entities four percent of Incubators are hybrids with more than one sponsor 4% are sponsored by for-profit entities like venture capitalist firms and The others don't have a sponsor or host organization Today due to the success and popularity of several high-profile American startup programs There's a bit of confusion around the term incubator People often associate it with programs like why combinator and tech stars because of their fame But those programs are actually Accelerators whereas an incubator will take very early stage companies that may still be in the concept idea phase and teach them how to put together a business plan prototype Do product development and understand their market? Accelerators look for companies that already have what's known as a minimum viable product They already built something tested it and have some traction going incubators are much longer term and typically Companies can stay for one to three years whereas Accelerators are usually a three-month program most importantly though incubators are typically nonprofit They usually charge rent from the companies that work out of their space But they don't often invest in the companies they work with Accelerators on the other hand usually provide some seed investments and take between six to eight percent equity from the companies They work with meaning that they become a co-owner They have a vested interest in seeing those companies succeed so that they can reap the return on that investment when the company grows Is acquired or goes for an IPO? This accelerator model emerged during the dot-com boom in the 90s and has really spread in the recent startup boom and Somewhere along the line the terms became somewhat conflated So when we said we were starting an incubator people thought we were starting an accelerator and they were very confused So why an incubator at a contemporary art museum good question As I hope you can tell from my brief overview incubators can take many forms and span many industries as Economic development initiatives they help breathe life into struggling neighborhoods cities communities or industries Our incubator is focused on the creative industry because that's our core community. That's who comes to the museum That's the the vitality of the city that we are part of and want to support And these programs are most effective when they are site specific and respond to the needs of a particular community Let me tell you a little bit about the new museum to contextualize this the new museum was founded in 1977 by Marsha Tucker who is interested in bringing the scholarly practices of museums to younger artists and their work She imagined an institution devoted to presenting Studying and interpreting contemporary art which hard to believe though it may be amidst the current frenzy for contemporary art was a novel idea in 1977 and here she's pictured with the first exhibition memory at sea space Which was in our first location at the new school? The new museum's mission is simple new art new ideas We are not a collecting institution which allows us to stay focused on the present and the future and to take greater risks Throughout our history. We've always been a radical Experimental institution that was among the first museums to show artists like Joan Jonas Bruce Nauman Hans Hawk and Jeff Koons who's pictured here at our Broadway storefront window gallery in 1980 We've also long embraced artists working with new technology here We have a show from rhizomes art base rhizome is one of our affiliates and partners They've been an affiliate of the museum since 2003 And they are digital arts focused institution that also does quite a bit of work and digital preservation So if you aren't already following their work, definitely look them up. They're also currently one of the anchor tenants at new ink in 2007 after 30 years of existence, we moved into our current home on the Bowery, which was our first building designed by the Pritzker Prize winning Japanese architects sauna and Then we promptly turned our brand new building over to artist Karsten Holler who drilled massive holes through the fourth third And second floor is to install his famous slide in 2011 in response to the recession in the global financial crisis We launched a new initiative called idea city Dedicated to exploring the role of culture in shaping the future of our cities The festival brings together artists architects urban planners activists and policymakers to collectively imagine and discuss how we might tackle some of the biggest challenges Facing our cities today and the years to come this last initiative is Important because although it predates my time at the new museum I think it is a major precedent that informed and influenced the eventual idea of new ink the very notion of a museum led incubator And I think it was a turning point where the museum started to understand its civic impact and to think of itself Not only as a public servant, but also as a citizen The new museum's director Lisa Phillips and deputy director Karen Wong became attuned to the ways in which our city was changing through their engagement with organizations like the Municipal Arts Society and the Center for an urban future They met the founders of companies like Kickstarter and we work a massive Co-working chain who were having a profound impact on the way the creative sector and many other sectors Were making and working today and their work with the idea city festival caused many to ask These conversations that you're hosting are great, but what are you doing in your own backyard and how are you serving your own community? So the museum said about Investigating and imagining what kind of impact we could have on the local community The museum had been fortunate enough to acquire the building next door in early 2008 Shortly after moving on to the Bowery So we had real estate to work with and the museum the building came with some tenants So we hadn't actually activated yet And so we said about imagining what we can do with this space that was different from our core exhibition activities They researched what was already happening in the creative sector in New York City to learn more about where the gaps were For instance a report from the Center for an Urban Future found that while New York graduates more art and design Graduates than any other US city many of them want who want to stay and build their businesses and careers here a Staggering 88 percent felt like they did not have the adequate business and entrepreneurial training in order to do so And that's a big problem because in today's shifting work culture Increasingly these skills matter more and more as the workforce and more importantly job Opportunities continue to move away from full-time employment to freelance and contract positions And this is being sold to many of us as a new source of freedom and empowerment in the digital age You know quit your day job do what you love set up an Etsy store and you know kickstart your project But you know these new opportunities also come with greater risks and liabilities that many of us Especially those who I think come from the creative sector are not incredibly well equipped to tackle It's not something that we learned in art school And there are few resources in place to help artists and designers develop these strategic skills And also to understand the way that business works both in the worlds of art and entrepreneurship We surveyed the landscape We studied and drew inspiration from existing programs that occupy similar spaces and set about building a community and a professional Development program geared towards creatives who are tackling entrepreneurial questions New Inc is not an artist residency although new museum does do residencies and will continue to do them And it's not a replacement for the residency It's not a co-working space because we do have a very rigorous professional development program And it is a curated space It's not a tech incubator in the sense that you know or I should say it's not a tech accelerator Because it's not trying to accelerate businesses Nor is it a university media lab Because we are not only trying to invent things although that's definitely something that we hope will happen but also to provide infrastructure and Logistics support to some of the things that have already been invented So we were able to raise over two million from our board of trustees and some government and philanthropic funding to build out an 8,000 square foot space on the second floor of 231 Bowery the building next door to the museum We also Assembled an incredible advisory council to help guide and steer us in this initiative Because we didn't know a whole lot about running an incubator program and the advisory council is a mix of People like Nancy Strickler who's the CEO of Kickstarter Fred dust who's a partner at IDO Andy Weissman who's a partner at Union Square Ventures a major capital firm and Thought leaders like John Maeda Kate Crawford our own Lauren Cornell What were our goals? I think first and foremost we aim to build community and I think that's where we've seen the most traction It's a very interdisciplinary community and I'll get more into that later To establish a new platform to support creative work Creative work that didn't necessarily fit into our existing purview, but that we felt was related to The greater scope of what we were interested in and talking about in spaces like idea city Investigate new models to support and sustain creative practice new models that were kind of Responding to the shifting economic and also information age infrastructure Expand our impact through collaborations with civic and industry partners We've done a few small collaborations with companies like Microsoft Connect But and we're about to announce a big partnership with Bell Labs Which for those of you who don't know has had a historic Legacy of supporting artists and technology initiatives And to also catalyze the growth and development of New York City's creative economy I want to pause for a moment and kind of talk about what I mean by the creative economy These are some of what falls under this category of the creative industries and In your cities, I imagine as in ours People are looking at what the impact of the creative economy is how does culture drive? business tourism Create new jobs. What does it do? And I should add that all of these categories In some way shape or form have been represented at new ink in the form of new Businesses independent artists or designers who are working in these spaces and disciplines This is just a snapshot of Some stats about the creative economy in the US, but also in Europe and Asia Just to give you a sense of its impact and scale and increasingly, you know We're looking at these things to try and understand What is the need and the opportunity and the obligation of programs like ours which are looking at this kind of cross-section of the arts? the city and Small business development economic development And why does it matter? I think we tend to associate innovation and Economic development with big business with the technology sector But as one of our advisors John Mayetta likes to say innovation doesn't just come from Maths and sciences and new chemicals and equations it comes from a human place It comes from human experiences and I think the arts do that better than anyone else I think artists and designers and creative thinkers. They're Divergent thinkers they explored a wider range of possibilities and that Allows them to come up with ideas that someone who's typically focused on the end product the bottom line May not allow themselves to venture and explore So the program what is it that we are actually doing a Couple of nuts and bolts New ink has 40 full-time and 40 part-time members many of these are teams the largest team I think currently is about four or five We have several of that size and we also have the majority of them are probably about teams of two as well as many individuals some of whom are artists and dancers and musicians and We have two anchor tenants as I mentioned Rhizome is one of them and the other is Columbia University's Graduate School of Architecture Planning and Preservation Who run kind of an incubator within our incubator where they select about 20? Post-graduates who have come out of their school and who are launching new studios and businesses and publications and things like that We do have a business model. We are self-sustaining So like a co-working space and like traditional incubators our members pay six hundred dollars a month for a full-time membership and 350 a month for a part-time membership and this is pretty consistent with what they might pay out of we work Or another co-working space Our members retain a hundred percent of their intellectual property their ideas are entirely their own We do not have a stake to it And we offer a weekly professional development programs Mentorship program wherein we pair our members with a dedicated mentor shared equipment access to tools like 3d printers a laser cutter cameras projectors Office hours with new ink staff and new museum staff as well as some outside experts And we have a team of five support staff and are growing a Snapshot of what our community looks like as we're entering into our third year Diversity has been really important for us and has been one of the things that we've looked at from the beginning We often kind of started out talking about cognitive diversity and The value of interdisciplinary environments as being generative spaces for new ideas new ways of thinking and working and Likewise for collaboration, but we've also made sure that our space is inclusive and is Allowing for women and people of color in communities that may not Have the means to participate in a program like ours or may kind of self-select out of these types of programs That they have access to the space as well and We've seen an uptick in the caliber of applicants This year. We also have a strong social impact social justice and education focus I attribute that in part due to the uptick in the number of women and people of color members but also in to the political climate as well and About 40% of our members receive some sort of financial assistance The bulk of this goes to support diversity initiatives in the space and as you can see also Our community is quite a split in terms of the types of business models So we do have individual artists some design studios that work with clients Startups that are building a digital or physical product as well as nonprofits Some of the sectors that we're currently looking at our virtual reality Artificial intelligence immersive theater and interactive storytelling responsive architecture These I think you know vary from year to year Some of them are Directed by calls that we pull out that say, you know, we're really interested in artificial intelligence And what it's going to mean for the creative sector We're looking for projects in this space and some of it like for instance education and we also have a strong Contingent of groups this year addressing accessibility and disability and this was something that we saw happening in the application pool So sometimes trends are revealed to us I think the the desire to make it so interdisciplinary is really rooted in this belief of creative ecosystems and wanting to build a space Where we can create a network that goes on to serve our core community our members after they leave here What we've seen is a lot of people working together Developing new initiatives new partnerships Hiring one another and each person in the cohort is essentially a node into an even broader network within New York City so if I'm a musician and I'm working on New performance piece and I am developing say a set design I might collaborate with the architect sitting next to me or the fashion designer for the costumes or the software programmer to have some sort of projection mapping happening so this type of Ecosystem environment was something that was really intentional and part of the way that we curate the space The space as I mentioned is very collaborative and we encourage this through the programs that we run through community building initiatives through social activities And through facilitation on behalf of the staff in this piece of you know How do we bring people together create a cohesive community culture with a group as large as ours is one of the pieces that I think has been evolving over the past three years The program design has also been I think the biggest area that has evolved and that we've been iterating on because in starting a program like this, it's not enough to simply look at a business Curriculum or a lean startup methodology and adapt it for this type of space most of those Practices and case studies and even just the language itself really doesn't translate people look at you and be very confused about What you mean when you say minimum viable product? and One of the things that we've really had to do is Figure out how to design a program that cuts across many of these different sectors and ways of working This is a snapshot of what a typical month looks like for us We have different types of things happening, but there's a lot going on all the time We hold two demo days One at the midway point six month mark and one at the 12 month mark Our program lasts a year and this is an opportunity for our members to present their work to the public Receive feedback and they present before a curated audience that includes Potential funders like venture capitalists or philanthropists, but also curators creative directors influencers from the art tech and business worlds We at the end of the year also do a showcase This is where we present some of the more experiential projects from the cohort and so In our first year the showcase was incredible because of the eight projects that we presented all of them were collaborations that emerged from the community and we've also started running a conference on Virtual reality and augmented reality because so many of our community members were Investigating these spaces So really quick. I just want to go over a couple of case studies about what we've seen over the past Two two and a half years now So over the past two years, we've incubated 80 new ventures and that includes individuals as well as companies of up to 11 people 160 new jobs created in that process And collectively they've raised over 8 million in capital Not everyone was pursuing Fundraising but that includes grants it includes crowdfunding it includes VC funding and angel funding So who were some of these companies and individuals and what did they work on? One common theme that we see at new ink and that I think was an inspiration for new ink is this idea of the artist as an inventor in this case this company depth kit they Hacked together standard SLR camera and a Microsoft connect to create a new form of filmmaking a volumetric filmmaking tool or it's basically using the depth data from a connect And layering the image data from an SLR to create this 3d film And they created this for themselves because they were artists and filmmakers and they were using it in their own work They released it open source it Attracted a lot of attention and got a ton of traction Eminem even used it in a music video and they received a lot of inquiries from the visual effects industry and many people working in VR for a Professional version of this tool and these guys really Had an identity crisis in the program because they saw themselves as artists and all of a sudden They were exploring this idea of potentially starting a company And pursuing venture capital to develop this professional tool At the end of the first year they left thinking they were going to continue as artists Six months later they came back to us and they said you know what we're gonna do. We're gonna build a company We're gonna raise some funding. Can you connect us to some VCs and? They just closed a round of a million dollar funding A different example is a company called monograph Which is a platform that makes it easy for digital creators of all kinds to construct Licenses for the commercial use of their digital work. It's built using the blockchain So for those of you who attended Eric's keynote yesterday, it's that encryption technology and It was similarly created by an artist artist who's been working with digital media for almost 20 years His work is in the Whitney and the MoMA and the Guggenheim and he has been very frustrated at the fact that Collectors don't view digital work with the same kind of Seriousness that they view you know a painting or a sculpture or photograph something that's physical and tangible And you know he came up with this idea of using the blockchain chain to track the provenance and the Authentication of ownership of these digital works And the idea has evolved and expanded since then but the company has grown They were with us for two years and they're at I think 10 staff now And have moved out to another space Print all over me is another company that was with us for two years. It is a fashion platform It's essentially designed to democratize the creative act of designing your own clothes It's a platform where you can go and upload any image Whether it's one of your own design or something that you found on tumblr and create custom garments or accessories At the time I last checked they had eight million designs uploaded onto their site And growing they're really interesting. It's a brother and sister duo and they're incredibly creative They've gotten to a point with this company where it's kind of working You know pretty smoothly. They even own their own manufacturing and have relocated it from China to Georgia because they're very committed to sustainability But in their second year at New Inc They launched a second company because they're just overachievers And This company Cocoa is Essentially an easy tool to create 3d environments With the craze around VR and AR the barriers to entry are still quite high You need to learn how to 3d model you need to learn how to use Unity or even if you're doing 360 video you still need to stitch together six video streams from your GoPro Or use one of the new fangled Samsung cameras But in this start-up they essentially created the drag-and-drop Interface tool to create these 3d environments that you can view cross platform You can view it in your browser on your phone in an oculus rift or a Google Glass Or wait not Google Glass Google Cardboard VR is a trend at New Inc right now This is a different group, which is a content studio They're filmmakers they created a virtual reality film called giant which was a sensation at Sundance last year It's a story about a family that's stuck in the makeshift Bomb shelter in their basement and they can't leave they waited too long to leave And they're telling their young child the story of a giant stomping overhead as Bombs are exploding. It's a very emotional tale the director Grew up in Serbia and so it's a very personal story as well and Yeah, it's been one of the most kind of written about and and lauded virtual reality Pieces they're currently working on their second story, which was also just accepted to Sundance Rachel Rossin is a visual artist who's a painter but also works with virtual reality I believe it was Emily from from Curio Or not Curio, but who is showing the tilt brush video yesterday and Rachel is the artist in that video actually And her work is just pure art, you know She's experimenting with this new technology from a completely different left of center Perspective than what you typically see She's playing with themes like gravity and physics and time Really kind of investigating the boundaries of this new tool in ways that People that are I think are coming from the gaming or film world are not doing quite so much And I think this is one of the reasons why it's important to keep artists in the mix and spaces like this We have several studios that are exploring things like interactive sound and Exhibition design. This is one studio Dave and Gabe that has again been very successful They were awarded to can lions at can this past July Another company this one is called Artifon. It is a digital music instrument It's essentially an instrument that you can play like a guitar like a violin like a cello like a drum pad like a piano It's designed to make Music really accessible for beginners so you can pick it up and play something that's gonna sound fantastic But also it's going to scale with you as you grow So a professional musician can pick this up and use it to compose, you know on the road on the go and This year we have started incubating museums miniature museums This is a project called micro museums It is a mobile museum It's about six feet high by three feet wide about the size of say a vending machine and features 15 exhibitions or exhibits and They collaborated with 35 scientists on this first museum, so it's quite rigorous In its research and these are designed to go to say outer borough schools But also to places like the DMV or hospital waiting rooms That they have termed kind of dehumanized zones Education is a big theme this year as I mentioned this is an initiative called power plant Which is a digital art school an artist runs school that is located in Bushwick and Provides free digital art classes to teens They're a nonprofit. They're trying to understand how to be Sustainable how to work with a board and these are things that we can help them with because we are we have some expertise in that We also work with artists disability is a focus this year as well This is Alice Shepard. She is a wheelchair-based dancer and she is working on a new performance and building this system of ramps that she wants to disseminate open source into different spaces the project looks at the aesthetics of differently abled bodies Explores new forms of movement and at new Inc. She's working on the kind of administrative side of how to Develop a touring production how to fund finance this project and how to build a team around it You know all of these things that are kind of the invisible Aspects of producing work of this nature and also the the marketing and storytelling aspect of this is equally important because for her It is very much an advocacy project And the last project I'll show is a project called elia life technology Which is an initiative to redesign Braille and this is a major initiative They've received two million dollars in funding from the National Institute of Health and They're trying to design a more intuitive Braille That's based on the kind of visual design of the Roman alphabet because apparently The majority of visually impaired folks Actually can't read Braille It's very difficult to learn it's very difficult to differentiate between letter forms, especially when they're in a sentence and basing it on the letter form of the Roman alphabet makes it easier for people to Learn it because most people Used to be able to read at some point They no longer have literacy because of their visual impairment, but they can kind of more easily identify This the letter forms in this design because they have a reference point already So whereas typical Braille it might take someone 12 months to learn This one is about three months And they're currently working with industry partner hp to develop printers to start to put them into workplaces Classrooms and other spaces to disseminate this new form of Braille and Finally, I will just say I think our initiative is about Re-envisioning the incubator model to Foster cultural value not just capital value and to reimagine the museum as a space that helps Generate and support new ideas that I think benefit the cultural sector, but also Our cities more broadly And I'm excited to see how this idea gets Interpreted in different ways and site specific ways in other institutions as it has been here at Taipapa with the mohuki initiative Thank you so much for your time So I was just wondering I think we've got a few minutes where we can throw a few cash questions at If you're feeling so inclined before you run off too far Does anybody got any questions? I was a little bit bowled away there by the kind of endless stream of amazing things coming out of there It's fantastic. Has anybody got any questions from the audience you'd like to discuss? If so, I can't quite see to be honest. There's no hands going up Adrian down the front. Can we get a microphone down the front here? Thanks The idea of cultural value is obviously a really big thing. That's the you know the slide that really got me Um, how do you measure it? You know, it's something that we're grappling with now because we're trying to you know think about working in ways that Well, we have to um, I do start to measure some of these impacts But we're using models that are designed for startups and things like that which is primarily based on finance And so we're grappling with the various models that we could look at But do you have a model that you you pitch to the participants or are they coming up with their own or? To the participants, um, I don't know that we have a model that we pitch to participants but in terms of How do you measure cultural value? I mean, it's a really big tough question. I don't know that we've cracked it yet We you know, we do look at some of the typical Economic development factors like the jobs created the number of funding raised, but we're also looking at Kind of peer recognition, right? You know are the artists that are coming out of our program Getting great residencies and awards of distinction are some of the studios getting, um, you know, great portfolio clients and awards of distinction in their industry As far as the nonprofits go, you know, are they still around, you know, and I think time is really The main metric, you know, are these initiatives around in five years in ten years? And if they're not, um, that may be okay, too And where have the founders of these initiatives gone, you know, um, it's as much about creating leaders in the community as it is about creating, uh viable ventures and I think as far as cultural value goes a big metric for me personally is about relationships um between the various, uh Companies and and individuals at New Inc. Um, how do they? Build and sustain their relationships during their time here, but also after they leave And their relationship with the museum and with New Inc after that In our panel earlier Seb Mentioned the alumni effect and that's something that is I think really important for us as well to to create Ever-expanding Community around us as a museum and as this incubator program anyone else The microphone didn't have to go very far Kia ora, um, thank you for your presentation. I was interested in that You talked about the some of the new, uh Projects you're supporting. I'm having more of a social justice bench This this time and I I wondered I may have missed it, but to what extent does New Inc Set some themes or sets of priorities with which it It makes decisions about which which projects to support or not or do those themes just kind of come through naturally Sorry, can you Freeze that one more time to what extent does it is it conscious or is it? Yeah? Yeah, do you guys sort of set a program around certain themes? Yeah, or do they just sort of come through? Sort of naturally. Yeah, it's funny because When we were first writing the kind of objectives of the program and the values of the program Social impact was one of the terms that we put in there and we kind of take it out We really I think we were uh, you know, it's such a weighted term these days And we were like, oh, maybe we don't want to like put that out at first And so for us, it's very much been a process of discovery about what feels right and seeing the kind of initiatives that we feel like we can impact That we are proud to say we supported And thinking about what kind of impact they're going to have in the world after they leave our space And so it was interesting to kind of come back around to that in our third year in a much more Committed way as opposed to, you know, maybe Having to pull back from it if we felt like it wasn't the right focus, but ultimately I think We are excited about maintaining that as a continuous thread I don't think that it is a criteria For the program, but it is definitely something that we want to continue to develop and cultivate more of in the space. Yeah Yeah Good um The you talked a bit about um the location that you're in being incredibly important and you're also At a slightly wider level within a city that has an amazing density of creative people and creative money compared to other places What do you think best generalizes from your experiences to I guess the rest of us Mm-hmm. Yeah, um, we talked a little bit about this as well in our last panel. I wish I had that slide. Um So real estate, uh, is challenging in new york and uh being able to offer space Is one of the main I think points of attraction and the proximity to the museum is a main point of attraction, but I think um any museum, uh Acts as a credentializer. I think the new museum's reputation and what uh the affiliation With the museum means for these creative ventures is not to be overlooked and I would say in Some ways it's even more important than the physical space. Um I think when I mentioned that all of these initiatives should be site specific um, a big part of it is looking at what your Um, what type of community you want to serve how it relates to your institution and your institution's mission Um, as well as what that community needs What is the value add that only you can provide that is something that's missing from the local Uh ecosystem and for us, you know when I showed that slide about artist residencies and co-working spaces and tech incubators and media labs um, that sweet spot for us became apparent as an area that We felt like we could uniquely fill Based on some of the things that we saw were lacking And the people who felt like they didn't neatly fit or belong into these existing programs um, the other thing that you know from a funding perspective that I think is really interesting is that um This initiative has Uh allowed us to connect with different funders who may not be typical funders of the museum um, and uh, that has allowed us, uh, for instance, you know for um The some of the diversity scholarships that we do at new Inc. Um Kate spade and company foundation had a fund specifically to support women entrepreneurs and women creatives But women entrepreneurs and so they Underwrote 10 women fellows in our space and that's something that we wouldn't have Had access to with any of our existing programs One more. All right. Nope anyone. Okay. All right. Thank you