New York City’s tech growth outpaces Silicon Valley

NEW YORK CITY — New York City may not have the cache of Silicon Valley at the moment, but the Silicon Alley has recently experienced a period of monumental growth in the tech industry.

New York has driven much of its growth through “hyphen tech,” such as financial-tech, ad-tech, fashion-tech, retail-tech, art-tech and food-tech, and the city has become a desirable city to launch a startup due to New York being a multi-dimensional world capital for business.

During the period between 2009 and 2013, venture capital and private equity investment in New York City startups grew by approximately 200 percent, from $799 million to a mind-boggling $3 billion. In contrast, Silicon Valley reaped $11.4 billion in 2013, but grew only at a still staggering 110 percent.

With the influx of cash, jobs soon followed, with job growth of 33 percent, four times the average of other industries in the city. Currently, there are approximately 150,000 tech jobs available in the city’s “hyphen tech” fields.

Source: Built in NYC

 

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Noah Milligan

Noah Milligan works as a banker by day, specializing in financing commercial real estate and loan workouts on a national platform. By night, he has delusions of becoming the next Cormac McCarthy. His short fiction has appeared or is forthcoming in Empty Sink Publishing, Ridi...