Verizon (NYSE: VZ) is hoping to convince startup businesses to establish or expand themselves in lower Manhattan by taking part in a new contest where the winner will get FiOS 300/65 Mbps Quantum service for free for one year.
This contest is being conducted in partnership with Take the HELM (Hire and Expand in Lower Manhattan), an initiative of the New York City Economic Development Corporation and the Lower Manhattan Development Corporation.
HELM said this competition will "provide to business startups and entrepreneurs recognition and awards for contributing to the evolution of lower Manhattan as a diverse hub of the creative economy."
As an area where the telco's copper network was severely damaged by Hurricane Sandy, Manhattan is a key point of FiOS expansion and future growth. In this part of New York City, the telco decided the best path was to replace the decades-old copper wires that were severely damaged by Hurricane Sandy with fiber.
Under this plan, the telco has been replacing damaged copper on New York City's Broad Street area and areas of New Jersey such as the Barrier Islands. The company said this would enable it to upsell customers a dual and even triple play set of data, voice and video services.
Verizon's CFO Fran Shammo said that, in addition to providing higher speeds and bundled revenues, converting what he calls "chronic" copper customers to fiber will help the company save money because it can cut down on maintenance costs. During the first quarter, Verizon transferred over 83,000 homes from copper to fiber, pushing it closer to its goal of 300,000.
For more:
- see the release
Related articles:
Report: Verizon's FiOS, wireless will drive up Q1 EPS by 11.8 percent
Report: AT&T, Verizon retain dominant spots in cloud market
Verizon FiOS lifts wireline consumer revenues to $14 billion in 2012
Verizon FiOS additions drove up consumer revenue 4.3% to $3.6 billion