For years, New York City has been touting itself as a tech hub poised to unseat Silicon Valley as the epicenter of technology innovation. Despite those proclamations, most people still associate California with tech. According to a recent survey by KPMG, however, New York’s claims are starting to bear real fruit. Nearly 60% of tech industry leaders believe that New York will overtake Silicon Valley very soon.
Long-Term Tech Investments Are Paying Off
Billions of investment dollars have flowed into New York over the last decade, decentralizing tech innovation. Not only that, but the East Coast is home to top universities that have also been investing in research-based programs that further feed New York’s tech economy.
While Harvard, MIT and Stanford have always been synonymous with tech innovators, it’s important to remember that in New York, universities like Cornell and Columbia drive the talent market. Those schools attract many local students who love the city, and by investing in the tech infrastructure, those schools help combat tech brain drain by giving talented grads plenty of local options. The growth of the startup market in New York has made it unnecessary for talented young people to pursue opportunities on the West Coast.
New York Is A Tech Destination
The city government has also made serious investments in the tech sector that are paying off in spades. They have offered incentive programs to help startups gain footing, they have invested in coding programs to cultivate non-university talent, they have ratcheted up public-private partnerships, and tech-friendly regulations have led to over $11 billion in venture capital investments over the last year.
Finally, New York has always been a destination city. For hundreds of years, people have come to The Big Apple in search of success whether in business, finance, media or entertainment, and tech is just a natural progression of that attraction. Young people want to be close to where things are happening, and in NYC, something is always happening.
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