Thursday June 21, 2018

NY Tech Scene has the Advantage of Chance

Downtown New York

Downtown New York (Photo credit: sreevishnu)

NY may be an even better place to start a tech company than Silicon Valley, according to Quartz. They claim that although a company started in the Valley is expected to have around 40 times greater value because it takes higher risks, startups in NY have the advantage of chance. There is a greater probability of more small win companies in NY than one large win company in Silicon Valley and many more companies can afford the smaller price tag. Quartz makes the point that a small win can put a company back in for a larger win next time, while no win takes them out of the game.

NY startups are currently more likely to produce more marketplaces and financial tools whereas in Silicon Valley, companies are more likely to build games, social networks, and infrastructure.  Quartz said the shift will take time, capital, education, and entrepreneurs, but that NY will be a game changer in the future.