What is the tech scene in NYC like in 2017? originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.

Answer by Josh Kleyman, Trade Commissioner & Coordinator at Canadian Technology Accelerator, on Quora:

The tech scene in New York has changed a lot in recent years. A lot of the initial excitement has worn off and we've settled into a stable trend (read: avoided a bubble!) In both 2014 and 2015, a New York City tech company went public with a valuation of over $1B (OnDeck Capital and Etsy, respectively). But in 2016, there weren't any IPOs. That doesn't mean it was a quiet year. There was still $9.5B in funding for 421 new companies and 109 exits valued at over $5B.

These numbers show a lot though. The New York tech scene is starting to resemble the traditional New York economy. Companies and investors aren't looking to make thousands of bets on failed companies in hopes finding one mega-unicorn. Instead, we're seeing a shift towards cash cow companies that make money instead of noise.

The largest private tech company in New York is Infor (I haven't heard of them either), followed by a grocery store (Fresh Direct), office space (WeWork), and insurance company (Oscar). Not exactly as exciting as Apple, Snapchat, or Twitter.

There is also growing support for companies in New York. There is no shortage of accelerators, workspaces, business groups, events, and government initiatives. The New York City Economic Development Corporation offers dozens of services for businesses of all sizes and in all industries. They have programs to support entrepreneurs in everything from fashion to biotechnology, as well as international entrepreneurs, small businesses, and non-profits.

There is also an expansion happening, both in geographically and in industry focus. The tech industry, originally locked in the few blocks surrounding 23rd street (Silicon Alley), has expanded up north to Harlem and the Bronx, as well as out to Queens, and even to entirely new developments in Brooklyn. Each region has its focus. Silicon Alley is still filled with traditional tech companies (Fintech, AdTech, etc.), but now we're seeing Brooklyn attract more UrbanTech and CreativeTech companies, FoodTech and Biotechnology popping up in Queens and social good enterprises setting up in Harlem and the Bronx.

The most significant change in the tech ecosystem is that it's losing its independence. There is becoming a thinner line dividing "tech" and "traditional" industries. AdTech is just becoming the advertising industry, ConstructionTech is just becoming construction, and EntertainmentTech is just becoming entertainment. This change is showcasing the maturity, and most importantly, the success and stability of technology in New York.

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Published on: May 5, 2017