New York City is struggling in the tech industry. Now, that isn’t to say there isn’t a tech industry at all — there are thousands of jobs in web design and development. Our own office is based in New York! It’s just that the financial capital of the world is having trouble getting tech companies to do business here. This struggle is partly due to the tech boom in Silicon Valley. Another reason is that New York isn’t a proper startup environment.
What is the New York Tech Industry Doing?
So, what is New York doing to help curve the tech industry back to New York? There is a startup called Tech:NYC, which is a non-profit that is trying to get more tech companies to come to New York City. The company works as a lobbyist firm to help with laws, rents, and prices to keep tech companies here. The Executive Director of Tech:NYC, Julie Samuels, has helped work with companies to stay in the city. In addition to this, co-working spaces are cropping up which make it easier for startups to find their footing.
Is the Tech Industry Growing?
According to Inc. Magazine, New York City’s tech sector has grown by 29% in the past five years but still generates only 4% of the city’s total economic output. The problem is that the city struggles to keep startups, because startups are risky. Those companies aren’t sought out when venture capitalist firms are looking for clients. These firms look for a broad portfolio, not someone who is just getting started. But, the NYC tech industry is the best it’s ever been right now.
With New York companies like Buzzfeed, Tumblr, Etsy, and more making huge strides on the Internet it’s clear that the tech industry will continue to grow. Perhaps in the future we’ll get our own Google or Facebook, just like Silicon Valley has.