The tech industry in New York City is booming and there are many reasons why launching your startup in NYC is a good idea!
The tech industry in New York City is booming with Silicon Alley currently ranking at number 2 in the country behind Silicon Valley.
During 2016, a mere 421 New York-based tech companies managed to raise $9.5 billion in funding with many NYC startups becoming extremely successful. In terms of net dollars, Silicon Valley may still be ahead but the NYC tech ecosystem is actually expanding at a faster rate.
As far as the availability of investment sources are concerned, NYC enjoyed a 36% of the total US start-up funding in 2017 with an excess of 290 investors backing 1333 business initiatives.
If you are looking for a place for your tech startup NYC should, without a doubt, be on the top of your list for a myriad of reasons such as the following.
New York City has an energy unlike any other
There is no denying that, despite relatively high living-costs, NYC is simply a great place to work and live.
The vibe in and around NYC is unlike any other in the world, bursting with the possibility of everyone seeking to fulfill the American Dream. The city is home to a number of key industry players, something a tech start-up can only benefit from.
It is also easy to find good co-working spaces, such as those rented out by WeWork, which are ideal for entrepreneurs, startups and community groups alike.
Thanks to the advancements in cloud technology, most startups don’t require immediate server specialization, making working from a co-working space or even an internet café a completely viable option.
The tech ecosystem is exceedingly healthy
NYC is home to a large number of venture capitalists such as Erik H. Gordon (CEO of ErGo Ventures LLC), and many more who have strong ties to the city.
Angel investors and angel groups are also commonplace, as are the more than 30 start-up incubators and accelerators that will provide your company with funding, mentorship maintenance as well as invaluable access to possible investors and consumers.
Over recent years a number of tech start-ups, of which Zocdoc is a prime example, have flourished in the city. Zocdoc is an online platform that is dedicated to providing users with an improved all-around healthcare experience.
Currently valued at approximately $1.8 billion, Zocdoc makes use of technology to facilitate everything from diagnosis to treatments and payments – a concept that has made them one of the highest-ranked NYC tech startups ever.
The city boasts exceptional diversity in terms of talent
When compared to Silicon Valley-based companies, the NYC tech scene is far more diverse with up to 40% of the city’s tech employees being female and a fifth being individuals of color.
The general talent pool in New York is extremely diverse with engineers and economists casually rubbing shoulders with designers, medical technicians, and trendy creatives.
According to renowned US businessman Michael Bloomberg, New York’s engineering school is projected to produce up to 400 new companies in its first 30 years. He highlights the immense potential the diverse student population of NYC possesses.
While you are by no means limited to two choices (Silicon Valley vs Silicon Alley), when it comes to finding the right location for your tech startup, the benefits of picking NYC speaks for itself.
All you need is a great idea, a bit of ingenuity and a whole lot of determination to have as good a chance as any to make it in one of the most prolific cities of the world.
Guest Writer: Cindy Trillo
Photo Credit: Courtesy of Rob Bye and Taton Moise