While NY trails Silicon Valley in startup funding, it is quickly closing the gap. The number of venture deals in the city grew by almost a third between 2007 to 2011, while falling 10% in the Valley, according to the Center for an Urban Future. The next step for NY in the tech competition is CornellNYC Tech to make the city a global technology leader. Leading personnel from tech companies such as Facebook, Twitter, Google, Amazon, and others will have a place on the campus as resident entrepreneurs and guest lecturers. A mentorship program will pair each student with an industry mentor.
Businesses are already picturing CornellNYC as a recruitment hotbed. Though Silicon Valley has always lead the way in terms of tech companies, the city has an edge in giving entrepreneurs access to the worlds of finance, fashion, advertising and retail, making NY fertile ground for startups that fill the needs of those industries.