What It’s Like To Have A Startup In New York?
Thinking of living the American Dream and having a Startup in New York?
Since the 1920’s New York has been synonymous with the successes of capitalism. Fitzgerald painted the Big Apple as the place in which your entrepreneurial dream can become a reality.
Flash forward to the early 2000’s and people are talking about San Francisco and Silicon Valley for startup building. But not for long. New York has witnessed an explosive growth with venture capital funding growing by 240% between 2003 and 2013.
Could it be that the Big Apple is making its big return?
The city has rapidly gone from having almost no high-tech startups to attracting $2.6Bn per year, 87% more than in Massachusetts. New York has become one of the largest truly urban centres in the world. Tech companies now deploy over 1% of the total workforce. In 2017 the Big Apple ranked #2 on the Top 20 Global Startup Ecosystems list.
What Benefits Does New York Bring To Startups?
Contrarily to most startup locations New York is characterised by an extremely diverse entrepreneurial workforce. Most tech founders are over the age of 30 and they are just as likely to have studies a non-technical subject that a technical one. Older, less, technical entrepreneurs are unusual to the stereotype.
2. Fast Growth
New York city’s tech sector creates hundreds of new startups annually. These are not small businesses but large sector scaling giants. In the last 10 years, the city has seen at least 27 companies exit over $500 million.
New York has one of the largest concentration of VC and Angel investment, these are critical in providing early-stage capital. The tech sector has seen more than 3,500 angel investments and over 860 of these investments have been made by New York City tech entrepreneurs themselves.
New York has 81 colleges and 600,000 students, more than any other city in the US. The city also attracts talent from its reputation as a magnet for growth and ambition. In fact, despite the concentration of students 90% of individuals went to college elsewhere.
New York is home to established startups such as Tumblr, Etsy, Kickstarter and Quirky. This concentration of successful businesses serves as building blocks to new entrepreneurs as they infuse cash and act as role models.
Historically, New York has the advantage that it was originally settled with a merchant mentality. Entrepreneurial Ideas and practices have had time to brew.
Startups To Watch In NY:
Divorcify wants to streamline divorce through technology and help prepare clients for a marriage’s end. This app aims to empower its clients and help people go through this period. The app connects you with professionals and has a general web page of sources to aid the process.
This digital service a mortgage broker platform. Here, users can compare house prices and access a range of services to facilitate the process of choosing a property. This is a first step not only to access a range of options but to increase transparency in the housing market.
This marketplace connects parents with teachers of cooperative homeschooling programs. The aim is to connect teachers, technology and parents who aim to personalise student education to achieve the children’s best potential.
Andela wants to provide training for African software developers, placing the top 1% of tech talent across Africa with U.S. In June of 2016, Andela $24 Million led by Facebook founder Mark Zuckerberg and his wife, Dr Priscilla Chan.
So, if this isn’t enough to convince you to move your startup the Big Apple we don’t know what is!
Need Legal Advice For Your Startup?
If you need legal advice make sure to book a call or get in contact with us today! We will provide tailor-made recommendations of our trusted, pre-vetted lawyers that will help you build and scale your business!