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Riding a wave of start-ups, New York has emerged a national leader in fields that
leverage the Internet and mobile technologies—a development that has provided a
key economic boost and left the city well positioned for future tech growth Ever since his initial year in office, Mayor
Bloomberg has been sounding the alarm that New York City
is overly dependent on Wall Street and needs to diversify its
economy. But finding that new engine of job growth has proved
difficult.
Until now.
In just a few short years, New York’s tech sector has emerged
as an increasingly powerful economic driver for the city. At
a time when few other industries were growing in New York,
more than a thousand new tech start-ups were formed in the
city. This burst of tech company formation has created thousands
of good paying jobs in the five boroughs, attracted large
amounts of capital from outside the city, pumped new life in the
city’s entrepreneurial economy, and lured some of the world’s
smartest and most innovative people to New York at a time
when the most competitive cities are the ones with the best human
capital and greatest capacity for innovation.
The flood of digital start-ups in recent years has also transformed
the city from a second-rate tech center to literally the
nation’s second leading hub for technology companies. And as
this report shows, there is ample evidence that what’s happening
in New York’s tech scene today is no flash in the pan. Though
a number of the recent Internet start-ups will ultimately fail,
New York appears to be building a sustainable tech sector—one
that is benefiting from a much stronger local tech ecosystem
than existed in the city’s first wave of tech growth in the 1990s
and taking advantage of several big technology trends that play
to New York’s natural strengths.