How NYC is Edging Out Silicon Valley in Top Tech Niches
Silicon Valley is synonymous with tech culture but in recent years, New York City has been earning enough of a reputation to potentially unseat the Valley as the capital of tech. In fact, in several key niches, New York is actually outpacing Silicon Valley, making it a top destination for growing businesses and for tech talent, alike.
How NYC Has Emerged as a Tech Hub
New York’s tech stronghold did not happen by accident. Both the city and the state of New York made aggressive efforts to leverage its existing business infrastructure, destination-worthy reputation and its access to investment capital to make NYC a tech-friendly city. As a result, the city is now home to startups valued at over $70 billion and over $11 billion in venture capital has flowed into NYC over the last year.
As a result, New York now leads the market in key areas such as:
- Manufacturing and robotics: This sector has seen a near 200% increase in early-stage funding in NYC over the last five years.
- Agriculture, technology and new food: This emerging tech space has seen a 170% increase in funding in New York.
- Blockchain: A 163% boost over the last five years.
- AI, big data and analytics: Up over 75% over five years.
New York has supported much of this innovation and investment in the form of public-private partnerships. Manufacturing and robotics have been a key target of these initiatives, quickly becoming a hub for startups. For example, New Lab companies based in Brooklyn is home to over 100 emerging manufacturing and robotics companies alone.
The “public” portion of innovative incubators like these comes in the form of access to space and equipment, reducing the barriers of entry for many entrepreneurs. The Futureworks program is a branch of New York City’s Industrial Action Plan, which connects new business with affordable spaces with the aim of creating jobs in the city.
Are You Looking For Tech Talent in NYC?
It may surprise many to learn that New York City outpaces the San Francisco Bay area in artificial intelligence and machine learning jobs. New jobs in this sector grew by nearly 500% from 2012-2017, far outpacing Silicon Valley. NYC is also home to more than 100 cybersecurity companies with the specific aim of targeting hackers. Cyber crime is the fastest-growing crime in the world, and in the last year alone VCs have invested over $1billion in New York cybersecurity firms.
All of these open jobs head lead to high competition for top tech talent. If you are looking for ways to attract the best and brightest to your firm and to retain top performers over the long-term, contact the tech recruiting experts at Talon today.
