The Rise of the Startup Industry in New York

We are in the midst of the tech revolution. Startups. Innovation. Technologies. These are all buzzwords that you hear nowadays. With the rise of new technologies and changing attitudes about jobs and career paths, startup culture is becoming the new norm. Startups are coming up all around the country, but New York, the city where people have always gone to make it big, has quickly become the hub of startup activity. More and more startups are choosing to be “made in New York.”

Let’s follow the money. New York is ranked second in the amount of invested venture capital. Silicon Valley, as you probably expected, is the first.

In 2013, $2.6 billion dollars was invested in New York’s startups. That was four years ago. In 2016, that number was $6.81 billion, just in New York City alone.

Money’s not the only measure, but if we look at the tech sector we’d see a similar upward trend as well. Since 2007, New York’s tech-information center has grown by 11%. According to Bloomberg analysis service, the tech sector is the second largest force in the New York economy, providing over 262,000 jobs in the city. The tech industry is responsible for one-third of private sector job growth, so it’s certainly no small piece of the pie.

(See this infographic from TechCrunch)

Why New York? Well, there are several factors. In the past few years, New York has seen the rise of amazingly successful startups including Tumblr, Foursquare and Kickstarter. Venture-backed accelerators have funded young startups to help them get off the ground, and the city government of New York has taken steps to encourage tech innovation. New York is also the center for finance, media, fashion — all industries that startup founders can draw from.

Startups and the technology industry are changing the career path — it’s an exciting prospect. It’s not about working 9-to-5 or logging in years to match a retirement fund. Think of technology and the startup industry as equalizers. Anyone and everyone can jump in and prove their worth, as long as the concept is solid and foundation strong. This is only the beginning of the golden age of startups, and YOU are here for it.

Want to be part of the fast-growing startup world in New York City? We can help! Join Planted and we can help you find the perfect company to paint the town red with.

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