Tech now takes a bite of the BIG APPLE!

New York City New York has always been a happening place and right now it appears to be the place to be if you are a techie. Zooming ahead of the Silicon Valley or Boston, New York has found pride of place with the fastest growing tech sector in the U.S. Though Silicon Valley still is the largest technology Hub, established firms such as Google, eBay, Microsoft, and Facebook have announced plans to increase their presence in the Big Apple, joining a flood of start ups in the tech sector that are finding a hospitable environment rich in venture capital and talent in the city.

A study conducted by The Center for an Urban Future has found that technology related jobs have increased by 28.7% from 41,100 to 52,900 in the past five years in NYC, and venture capital deals have increased by 32% from 2007. It studied 486 digital startups that have been formed in NYC since 2007, and about a dozen established firms that have moved to the city that have all received angel investments, venture capital or any other kind of outside funding.

There seem to be several reasons behind the emergence of New York City as a haven for technology. After the financial firms collapsed the city was left with a large number of smart, highly qualified software engineers who used to be employed by the financial firms and were now looking for a new job in a terrible market. Many of them decided to begin their own firms and surprisingly found that VC funding was available for people with good ideas and the city was a great place to test out new products or ideas. Technology is now focusing more and more on its application, interaction and marketing amongst people and New York is till the style capital of the country and the best place to do this.

Infrastructure within the city helped immensely as well, the public transportation systems make traveling easy, the presence of some really good colleges ensures a steady supply of highly trained talent and the vibrancy and density of the population within the city makes it easy for people to connect and communicate with each other, so ideas flow easily.

Leave a Reply


Switch to our mobile site