NYC tech is booming. A new report finds 7,000 startups and $71 billion in the NYC ecosystem, providing more than 326,000 jobs in tech, something this city has never seen before. The report, initiated by Startup Genome, reviews more than 60 startup ecosystems in 24 countries, placing NYC second to only Silicon Valley in terms of startup performance. The report also points to a number of growing areas within NYC tech including real estate tech, robotics, enterprise software, health and life sciences. These are all areas that haven’t been traditionally associated with NYC.
The growth in innovation is fueled by a dramatic increase in venture capital investment, driven by largely by 3 elements: New VCs formed by successful entrepreneurs turned investors, Silicon Valley funds expanding their offices to NYC in the search of more quality deal flow, and international funds looking to expand their operation to NYC so they have a foot on the ground locally in the US. Read More.