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New York City has been the fastest-growing technology startup ecosystem in the United States. In fact, it is currently named as 2nd most innovative cities in the Country. The talented pool of innovators and entrepreneurs are contributing their creativity to everything from software development, game design, telecommunications, digital media, and financial technology. Those developments turn the City’s technology sector from playground to powerhouse.
While Silicon Valley remains the nirvana for startups and for some of the birthplace of some of the greatest tech startups and the so-called unicorns, it is quite limited with respect to the B2B industry. They are known to be great in terms of social, enterprise software, programmatic tech ecommerce. But if you consider fashion, real estate, design, publishing, media, education, health care, travel, and services-oriented ecommerce, New York City is the becoming the best spot to establish one. And yet, the most recent growth data shows that the New York City tech boom is living up to its own Silicon Alley hype.
During the launch of Digital.NYC, Mayor Bill de Blasio said that “Technology is driving innovation across New York City’s industries – from fashion to finance to manufacturing, making it more necessary than ever for the City’s digital community to have a central platform. As early as 2008, there’s already 40 percent growth of technology employment in New York City.” This growth of technology is exceeding Silicon Valley’s data yet the size of Silicon Valley’s workforce still remains significantly larger than New York.
Here is proof that the New York City’s tech sector is all grown up:
- At the moment, there is over 300,000 people employed in the city startups, surpassing the current data of the most established west-cost counterpart, Silicon Valley.
- New York financial tech sector is growing a lot faster than other cities
- The city government has been promoting startups in a big way
- VC investments in the city grew by 32% in less than five-year period (from 2007-2011). In this data, there is a possibility that west coast might be no longer the best when it comes to finding venture capital.
- New York tech sector now stretches across the entire city scape with concentrations cropping up everywhere from Chelsea to Brooklyn’s tech triangle and Roosevelt Island.
By these indicators that NYC tech is rocketing, many business owners and investors from the other cities gain a positive insight of expanding business in the city. One of them is the managing partner of Private Equity and Venture Capital Advisory firm – Samir Chreim, a Graduate of Columbia Business School. He believe that whether you’re just about to start a company or you’re hoping to expand, setting up shop in New York City may be the best logical step for you and your company. “We are a Cambridge-based, but we are carefully eying New York City as our next logical place to expand our footprint on the East Coast.”
New York City is on its way to having its own stable of so-called tech unicorns and this is likely to happen sooner than people think. Venture capital investments jumped 138 percent to $1.7 billion in the New York Metro region in the third quarter compared with a year ago. Investments in the metropolitan area startups are growing for good reason.