Could NYC actually beat Silicon Valley for tech startups? originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.
Could NYC actually beat Silicon Valley for tech startups? It depends by what you mean by beat. More IPOs? More private capital invested? Regardless, New York City has a great opportunity to be a top destination for technical talent because of the following reasons:
- Depth of corporations/traditional industries embracing technology: More than 65% of Fortune 500 companies have an investing arm. All companies across industries will have to become technology companies or face destruction. Many of our investors/backers are large real estate companies (SL Green) or institutional investors (Goldman Sachs); they recognize the transformation occurring in real estate and financial services. The same is happening in healthcare and other historically offline industries.
- Population density: In New York you can work on a startup and network easily, which is important to driving a start-up's momentum and growth. I can have 15-20 meetings a day without leaving a 2 mile radius and still attend startup events/meet-ups. Beyond the expansive human capital network, there is a unique depth to the financial capital base in NYC that provides entrepreneurs multiple opportunities and avenues to scale and grow their businesses.
- Industry diversity: New York offers more than just technology (media, fashion, finance, etc.) and thus there is a significantly deeper pool of industries to be transformed by technology (and opportunities to be created!)
Nonetheless, it is not a zero sum game. Silicon Valley offers an incredible network, culture, and spirit that is unmatched. New York offers a depth of industries waiting to be transformed, a dense population that "never sleeps", and a multi-dimensional set of industries.
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