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New York City

New York City is easily one of the most successful entrepreneurial hubs in the world. Home to successes like Etsy and Tumblr, the New York tech scene benefited from the recent recession by absorbing a wave of exceptionally talented former Wall Street employees. New York is home to more millionaires than anywhere else, which makes fertile ground for savvy startups. New York’s numerous accelerators and co-working spaces, as well as the promising construction of the Roosevelt Island technology campus – built to produce world-class engineering talent, have combined with deeply rooted PR, fashion, and media expertise to create enterprises at once innovative and stylish. New York’s lamentably high living costs, however, remain an impediment for startups. And while former Mayor Michael Bloomberg was a huge proponent of the local tech sector, current Mayor Bill De Blasio is an x-factor.

In This Market

These businesses offer industry expertise and are a source of startup talent and potential customers. They help fuel the local startup community.

Opportunities

  • Can-do attitude and 24/7 work ethic. The “Birthplace of the American Dream.” Traditionally, New York is a city of immigrants, entrepreneurs, and risk-takers.
  • Strong existing investment climate and close proximity to capital. The city is home to Wall Street, a variety of venture capital and private equity firms, as well as nearly 900,000 millionaires.
  • Great public transportation system. The ability to quickly and efficiently cross town speeds up business and increases access to different entrepreneurial pockets.
  • Home to hundreds of major companies’ headquarters that can act as potential partners, customers, or sources of experienced talent.
  • Robust startup ecosystem with experienced mentors, quality events, and more. These combine to rapidly grow and educate the local startup workforce.
  • Good university system and future home of Cornell / Technion’s major technology campus.
  • World-class cultural offerings to attract and retain talent.

Risk Factors

  • Extremely expensive. This increases the pressure on startups to raise money, and raise lots of it...burn rates in New York are astronomical.
  • Highly competitive. A company without a 'hustler' who knows how to work the NYC system may struggle to make things happen.
  • New Mayor is an x-factor for the tech community. While former Mayor Bloomberg laid a strong foundation for technology and innovation during his terms, Mayor de Blasio has suggested he’ll take the city in a different direction.
  • Quality of life is not for everyone. Most residents face a significant decrease in living space, apartment quality, and disposable income. Raising a family in New York is - suffice to say - difficult.
  • Competitive talent landscape; the city greatly needs more developers to meet demand.
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