It would have never occurred to anyone a decade ago that New York would become the best tech city globally. Over the years, the Big Apple has seen rapid economic growth making New York City rise to challenge Silicon Valley, the top tech city worldwide. Recently, New York City ranked number one in the Savills Tech Cities index overtaking San Francisco. The Savills Tech Cities index ranks cities in terms of mobility, real estate costs, talent pool, city buzz and wellness, tech environment, and business environment. Below is an explanation of why New York City is the best tech city:
Conducive Business Environment for Start-Ups
Arguably, New York City receives very high venture capital funding because it hosts great entrepreneurs and companies. After New York City Economic Development Corporation’s conducted the Global Startup Ecosystems Report that ranked New York City as the second-highest performing ecosystem. According to the report, New York City boasts that its 7000 start-ups companies created 326 000 jobs. The total value of these start-ups is about $71 billion. Emsi, a labor research firm, reports that non-tech industries in New York City provide more jobs than tech companies.
Unmatched Local Talent Pool
If you are a tech company, you will agree that the most significant resource in the technology industry is intelligent people. Because of its smart people and giant tech companies in New York, the New York tech sector succeeds. Built-in NYC reports that the top 100 tech companies in New York City employ approximately 38000 people, and this number is increasing as these companies expand. The Savills survey report that the tech job vacancies in New York provide a fertile market for the local tech talents graduating from many world-renowned innovative digital training institutions and universities. Brain station is an example of organizations that produce motivated and skilled graduates.
Government Intervention
New York tech companies enjoy robust government support. New York City owes its success in the tech industries to the efforts of all levels of government. The government has shown great interest in emerging tech fields such as life sciences, healthcare, and cyber security. As a result, the government has funded 25 tech initiatives that will provide about 45000 jobs for the local talent pool. These initiatives aim at positioning New York City as a global hub for cyber security.
High Venture Capital
Although venture capital has risen across major US cities in recent years, the funding growth rate in New York City is unmatched.
Dil Bole Oberoi
