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Saturday August 2, 2014

More Startups Choosing NY over Silicon Valley

Twilight over New York, NY

Twilight over New York, NY (Photo credit: Grufnik)

In the past few years, a growing number of startups have seen NY as a viable alternative to Silicon Valley. This increase is fueled by the rise of several prominent startups, including Foursquare and Kickstarter; the arrival of venture-backed accelerator programs to help young startups get off the ground; a pool of engineers who have come to or stayed in the city as companies like Facebook and Twitter built offices in NY; and moves by NY’s government to encourage tech innovation.

Though it is hard to know exactly how many startups exist in NY, an online map from Mayor Michael Bloomberg’s office lists nearly 1,000 that are hiring and New York Tech Meetup currently has 26,000 members.

Also, the amount of NY-based startups that received venture funding rose 34% between 2007 and 2011, while deals in Silicon Valley declined 7% and those for the country overall dropped 8%. So far this year, $942 million has been invested in 182 startups in NY.

Technology Review