NYC: Beating San Francisco to Become the Best Tech City in the World
Tech companies in the United States are looking for the best cities where they can establish their headquarters. New York City and San Francisco are two of the leading tech cities in the country, but according to a recent study, New York City tops the list for the world’s best tech city. Amazon.com, headed by Jeff Bezos, stated that they wanted to establish a headquarters in Long Island, New York, and it could become a great investment because of the endless opportunities that the city offers to tech companies. Included in the plan unveiled by the company is creating a huge office in Long Island that will provide jobs to more than 25,000 people.
The company noted that New York City has a huge pool of real talents, and they wanted to invest in them. The management of the company also believes that hiring the best talent would be advantageous for the further development of Amazon.com to become the leader in the tech industry. Amazon.com is the largest online retail website in the world, and its founder was recently recognized as the richest person on the planet, with more than $100 billion in assets. Jeff Bezos’ wealth is a product of the growing influence of technology in every aspect of life, and the new tech entrepreneurs are now dominating the industry, overthrowing previous billionaires with their evolving business that relies on technology. The rise of the tech industry is also credited for turning Mark Zuckerberg and Bill Gates into the world’s top billionaires, with Bill Gates holding the title as the richest person on the planet before Jeff Bezos took over. After he established Microsoft as the world’s leading tech business, he started to experience earning a lot of profit, transforming his net worth drastically.
For other tech companies across the United States, choosing New York City as their next destination to expand their operations brings a lot of opportunities for growth. A third party real estate brokerage called the Savills PLC spearheaded the study, and they surveyed different firms and employees from 30 cities around the world. The result of the study showed the top 10 cities where tech companies have more chances of thriving, and New York City topped the list. There are many factors involved in the selection of the Big Apple as the most preferred city for tech entrepreneurs, but the study cemented the city’s reputation, and news about it is quickly reaching other tech business people who are now planning to make their next move.
Other cities made it to the list, like San Francisco which fell short in the second place, while London tails at the third place. New York City got the top rank as the best place for investing in tech companies because the city has a greater volume of capital cash — which is important in opening a business — and the city is home to millions of people who can be a potential talent. San Francisco has a huge volume of capital cash and talents too, but it does not compare to what New York City could offer.
Through the years, New York City served as the destination for immigrants who wanted to enter the United States. This migration pattern contributed to the growth of the city, and after decades of immigration, New York City’s population reached millions. Today, the city is home to more than 8.6 million people, and the surrounding areas are also seeing a sharp increase in population as living in the city center requires someone to have a lot of money. San Francisco, on the other hand, only has 10% of the total population of New York City — it is home to more than 800,000 people. The massive difference in the population of the two cities provides New York City an edge when it comes to looking for the people who have the talent and skill to run a tech business.
According to Paul Tostevin, one of the authors of the report which has described New York City as the leader when it comes to investing in tech businesses, the huge point is given to the Big Apple was due to their massive talent pool. It is important, especially when someone wanted to establish their presence in the industry. People are the ones who would be working to make thing done, and tech businesses are lured by the huge number of the talent pool in New York City. The people in the city also came from different places all over the world, with some having varying degrees of knowledge when it comes to the tech industry. Today, a lot of young talents are also dreaming of living in New York City, despite the issues with its expensive rent and higher cost of living. The younger generation looks into Big Apple as a place filled with opportunities, and as a place where they can make their dreams come true. San Francisco might be stereotyped as the city where tech businesses would prosper, but they really have a problem when it comes to the talents who could assist tech companies to succeed.
The Four Horsemen of Technology — a moniker given to the four largest tech firms in the industry — has expressed their interest in investing in the Big Apple. These companies are Amazon.com, stated earlier with their plans of opening a huge headquarters in Long Island; Facebook.com, which recently opened their New York City office and bagging last year’s award for the best workplace to work in; Google, which plans to open their multibillion headquarters in Long Island and their role in building New Manhattan; and Apple, which plans to expand their headquarters in Chelsea to provide additional needs especially for their patrons and clients. These companies have a huge role in transforming New York City, and they are now creating a ripple effect, inviting everyone who does business in the tech industry to try out the possibilities of succeeding in the Big Apple. The residents of New York City and its adjacent cities are delighted knowing that tons of tech companies are considering the Big Apple as the next place to be transformed due to the influx of tech businesses. This will create more opportunities for the people, as more jobs can be created because of the opening of new tech companies in the city.
The study that was released recently has six main categories — the city’s business environment, the city’s tech environment, the city’s wellness status, the number of talents available for the workforce, the costs of real estate, and the mobility or the availability of mass transport. New York City garnered a 15.910 score in the field of business environment or how the city welcomes new businesses to operate within its jurisdiction. On the other hand, the city got an 18.462 score for their tech environment, which scores how well a tech business would perform when they decided to establish their presence in the city. The Big Apple also received a 12.333 score for their livability or the presence of establishments which encourages the people to live healthier. The city has a 10.449 score for the number of talents who can work in a company, and they also have a 6.877 score for the costs of real estate within their territory.
Finally, the city got a 12.637 score when it comes to public transportation. On the other hand, San Francisco got a 13.624 score in the field of business environment. The city also got an 18.462 score for their tech environment and a 12.132 score for their livability and wellness. The city has an 11.142 score for the number of talents who can work in a company, and they also have a 6.991 score for the costs of real estate within their territory. Finally, the city got a 12.556 score when it comes to public transportation.
The two scores received by these cities were compared, and it was concluded that New York City is the best place to establish a tech business because their score totaled 76.668. San Francisco, on the other hand, received a score of 76.314, which is just a few decimal short of how much the Big Apple received. The city of San Francisco stated that they will continue to do their best in the field of investing in the tech industry so that they could beat New York City someday. Aside from New York and San Francisco, there are other cities around the world which were fighting for the top spot.
London, which is the capital of the United Kingdom, is the third best city to invest when it comes to tech businesses. The city of London is home to some of the most recognizable brands in the western hemisphere, and they have millions of young adults who will be willing to work for a great price. The city is now focusing on the establishment of tech businesses that caters to the huge percentage of the population who are teenagers and young adults. Tech companies in the city are given full support from the government, because of their role in transforming lives in the city. Many people in London have found their success after they invested in a tech company, and the number of tech businesses in the city is expected to rise as they received a 74.632 score on the same survey conducted by the Savills PLC.
Another European city made it to the fourth list — Amsterdam, Netherlands. Tech entrepreneurs have seen the potential of the Netherlands to become one of the most preferable places to invest in the world, and they were not mistaken as the city is now building new construction projects that would cater to the surge in the number of workers who will also contribute to the continued success of the tech companies in the city. Another drawing factor would be the lax rules and regulations about doing different kinds of stuff. Some things that are illegal in the United States could end up being legal in the Netherlands. Boston, another American city, made it to the list, and they are crediting the hard working millennial generation for keeping them on the top spot of the best places to invest in the tech industry.
The list also shows other cities like Singapore, Los Angeles, Austin, Stockholm, and Copenhagen as the best place to invest when it comes to the tech industry. These places received scores between 72.735 for Boston and 70.147 for Copenhagen, Denmark. It was a great day for the tech industry, as more people are becoming more interested in the course.