Real-World Solutions To Real-World Challenges

NYC a progressively stronger magnet for tech enterprises

On Behalf of | Mar 9, 2018 | Business Formation & Planning |

A tech startup whiz was told by peers in California’s Silicon Valley a few years back that he was “a little bit crazy” when he decided to start a company in New York City.

They were wrong.

And so were legions of other naysayers concerning the high-tech business climate in so-called Silicon Valley East. New York City is now reportedly home to thousands of successful entrepreneurial enterprises. They thrive in the metro area due to readily available financing, a huge and conveniently concentrated customer base and an unparalleled global appeal.

Many commentators on the metro’s rapidly growing presence as a major tech hub point to the decision of colossal companies like Amazon and Google to put down stakes in New York in a major way as being a key factor.

Notwithstanding that Amazon is currently eyeing New York City (along with other locales) as a potential site for a second headquarters, it already has a sizable city presence.

And a recent article on high-tech companies’ presence and continuing expansion in NYC notes that Google “is reportedly close to reaching a $2.4 billion deal” to augment its already imposing presence in the city. That is the cited purchase price for the block-long Chelsea Market building in Manhattan, which is near Google’s current NYC headquarters.

The above article stresses that a big-player city presence instills confidence in principals of small and mid-sized companies seeking a metro foothold. It creates “a robust ecosystem” that draws high numbers of smart and energetic employees to the city, with many of those people eventually launching new startups.

Reportedly, the number of tech firms in New York City grew by about 23 percent between 2010 and 2016.