New York City has positioned itself as a major tech hub through initiatives like Cornell Tech and incentives for startups. Its industries attract innovative minds and financial backing, while hubs like Cornell Tech provide education and networking opportunities. Venture capital in NYC is growing much faster than in Silicon Valley, demonstrating the city's rise as a center for tech startups. Increased competition for funding will drive startups to sharpen their ideas and attract investors.

1. NEW YORK
STATE OF
TECHHow the Big Apple Boosts
Big Ideas in the Tech Industry

2. If there’s one thing most of us are aware of, it’s that
most businesses will fail!
It’s a flashing neon sign blinking in the dark and
offering fair warning to those ambitious souls who
have an idea.

3. Starting Up Tech
in New York City

4. Within the tech industry, success is as much driven by innovative, creative
thinking as it is venture capital. Money. New York City has positioned
itself as a major hub for the next wave of tech advances, laying the
groundwork of opportunity for new enterprises.
There have been numerous efforts made through the years to position
New York City as a major tech hub, including competitions, the
establishment of *Cornell Tech, a startup hub on Roosevelt Island, and an
environment that has no shortage of venture capitalists actively seeking
the next great idea to latch onto.
When you want to break into the tech niche or (even better) have an idea
that’s going to transform an industry or even the world, you’ll gravitate
toward the regions most supportive of your vision.
https://tech.cornell.edu/

5. New York City is one of the leaders for East Coast tech
startups.
In fact, the Big Apple has recently become known as the
Silicon Alley of the East and it’s living up to the hype.

6. Grounded on a
Bedrock of
Industries

7. New York City has long been known as the center of the financial world for
generations. Home to Wall Street, the Federal Reserve (one of the largest
active gold reserves in the world), and thousands of trading firms and
banks, it also attracts other industry leaders.

8. Some of those include fashion, media, sports, marketing, commerce, and
entertainment. With such a wealth of financial resources, the opportunities
for tech innovation abounds, and the assets to help startups grow is almost
endless.
It certainly doesn’t hurt that many of these key industries take advantage of
the latest technological innovations and ideas as soon as they gain traction.

9. For many years, starting with Mayor Michael Bloomberg’s lead, the City has
been pushing for favorable incentives to attract tech companies and
startups.
State and local tax breaks and other incentives were intended to bring
more companies to the region, nestling these tech startups right next to
power brokers from almost every major industry imaginable.
It has, in short, created a central gathering place for innovators, tech
experts, and innovative minds. These centers are often referred to as
‘hubs.’

10. Creating a Hub

11. The term ‘hub’ in the tech sphere has come to refer to a central area, a main
concourse, if you will. There are tech hubs sprouting up all over the world,
from Bangalore, India to Shenzhen, China to London, England and even
New York, there are no shortage of locations clamoring for innovation and
tech startups
In New York, Cornell University established Cornell Tech, an educational
and support campus for young entrepreneurs. It offers an opportunity for a
solid education, internships, and networking that becomes essential for
building a business over time.

12. By training the next generations of tech enthusiasts, this type of hub acts
like a magnet, drawing young, eager, innovative minds to where the
‘action is.’
For example, when a young athlete possesses the right drive, skills, and
early training and dreams of becoming a top-level pro someday, he’s going
to focus on the best college garnering the greatest media spotlight and
attention.
You’re not going to head to a Division III-A school no one’s heard about just
to dominate because, at the end of the day, you won’t be noticed. And
that’s not going to help you break into the Big Leagues.

13. A tech hub is a platform, the ‘A’ school, as it were, that
encourage young technologically savvy and innovative
entrepreneurs to focus on the best stages to conjure
ideas, develop them, learn how to make them grow, and
have a broad audience of business-minded people with
capital ready to invest in those ideas.

14. Go Where the
Money Is

15. When you have a brilliant idea, something that’s going to completely
revolutionize an industry or market, you need capital. Venture capital is the
primary funding source of tech startups and New York City is growing
stronger every year in this regard.
While Silicon Valley remains the dominant king of tech companies and
venture capital, New York is closing the gap. Quickly.
In fact, venture capital in Silicon Valley grew an impressive 20 percent over
one quarter where New York enjoyed a nearly 140 percent increase during
that same period. The numbers are jaw-dropping, too.

16. When $1.7 billion accounts for an increase in venture
capital being poured into tech startups in New York City,
it highlights just how significant the area is becoming.

17. Cornell won the competition Michael Bloomberg set forth to build this new
tech hub, which was worth $100 million (*PC Mag). On top of all that, tax
incentives to these startup tech firms are paying dividends, too, attracting
large and small firms to the region.
While there have been a few stumbling blocks along the way (think
Amazon’s HQ2 debacle), overall more companies are embracing
entrepreneurs and tech startups to the City, which means competition is
also intensifying.
https://www.pcmag.com/article/348849/roosevelt-island-new-york-citys-next-startup-hub

18. What Competition
Means for the Future

19. Increased competition can cause incredible frustration for some of the best
in any industry, but it also drives talent and the pursuit of new ideas. Look
no further than the sports industry to see this play out.
In the world of tennis, some of the greatest players never stand alone. They
may dominate for a few years, but soon a rival emerges and pushes them to
be better than ever. It was true with McEnroe and Connors, Evert and
Navratilova, Sampras and Agassi, the Williams sisters, and Federer and
Nadal.

20. When the competition is more intense, there’s a greater demand for better
ideas, sharper focus, and to work harder, longer, and smarter than your
competition. For tech startups, this means honing ideas and sharpening
them to attract much-needed venture capital.
Also, in the case of emerging tech startup firms and hubs throughout the
world, only the very best, brightest, and most determined actively want to
be surrounded by others who are just as capable.

21. Steve Jobs rose to prominence with Apple in the wake of Bill Gates. The
two innovators propelled one another to dig deeper into their respective
well of ideas and reserves and resources and the world was changed
forever.
New York City has certainly become a power player in the world of tech
startups and while tomorrow’s innovations are yet to be revealed or even
thought up, if you want to be involved and in a place where your tech ideas
will flourish, New York City is one of the top.

22. BREAKING THROUGH THE NOISE!