With this news, you’d think Bobby Valentine is now managing New England’s tech scene:
New York’s share of venture capital dollars has doubled over the last ten years while its rival, Silicon Valley, has grown at a much slower pace and New England has sputtered, a new study from the Center for an Urban Future shows.
Between the first quarter of 2003 to the first quarter of this year, the New York area’s share of VC investments surged to 11.4% from 5.3%.
Silicon Valley’s share rose to 31.7% from 28.6% over the same period while New England’s share fell to 10.2% from 14.8%.
Read more in NY Daily News. Go #NYCTech!
Chart: Center for an Urban Future report
Over the last few years, what we’ve seen over and over again is a commitment to make New York City a viable alternative to Silicon Valley and a place where true innovation occurs.
A new CBRE report shows a 22% increase in high-tech jobs over the last two years, putting the city second only to San Francisco among the top 20 tech heavy cities in the nation, powering rent gains. Beyond the job gains themselves, New York City offers great value to tech startups searching for space relative to other tech centers:
That prodigious growth has helped drive rents in midtown south, the neighborhood most techies want to call home, up 24% during that two year time period. That growth is seven percentage points above the average rent rise in the city in the period, the report noted. On the other hand the growth in rents logged in midtown south pales in comparison to those seen in the period in the tech-heavy cities of Mountain View, Calif., the San Francisco tech district and East Cambridge, Mass., where office rents soared by 83%, 59% and 28%, respectively.
Read more in Crain’s New York Business.
Photo credit: NYCEDC
For now, I miss the grit and grime of New York. It is real and raw, and the commotion of the city is contagious. Startup life is characterized by constant motion and tenacious tinkering, not hikes on Mt. Tam and brunch in the Mission, and the pace of life and breadth of humanity in New York is invigorating. I like to tell people: New York is like coffee. You know it’s not good for you, and you don’t really like the taste, but you just can’t get enough. The rush, the jitters, they’re addicting, as are startups.
Infor Comes to New York via Times Square
Take a look around Times Square today, and you’ll see a large video ad for Infor, a leading provider of business application software serving more than 70,000 customers.
The tech company announced in November that it will relocate its headquarters to New York City in the summer of 2012, another indicator that talent and high tech enterprises are thriving here in “Silicon Alley.”
Infor expects to have one of the largest software engineering teams in New York City and access the rich pool of technical talent in the region. The planned Cornell/Technion technology campus was also an attraction for the company, along with the city’s accessibility for Infor customers from around the world.
Photo credit: Joe Buglewicz/NYC & Company
Ray Valdes, analyst at Gartner, said the New York tech sector had reached a turning point. ‘New York has really accelerated over the last three years and successful entrepreneurs have moved to New York to participate in the ecosystem. In some cases people have moved from Silicon Valley,’ he said. ‘A threshold has been crossed. The volume of companies being created has been more pronounced over the last six to 12 months, and we expect that to continue.’
Economic diversification: Reimagining the future
Great article in The Economist on New York City’s high-tech momentum:
The plan to open an applied sciences university campus in New York City, reckons Seth Pinsky, who heads New York’s Economic Development Corporation, is an “Erie Canal moment”.
The city’s embrace of high-tech has already begun. Tech clusters have emerged in Manhattan’s Flatiron District and Brooklyn’s Dumbo, home to firms like STELLAService and Etsy. Venture-capital firms and angel investors have been looking at New York more seriously than they once did. Henry Blodget, of Business Insider, notes “the financing ecosystem has also gotten very well developed, from late-stage private equity right down to angel investing.” Some $1.2 billion was invested by venture-capital firms in New York in 2010. The Big Apple even overtook Massachusetts in venture-capital funding for internet and tech start-ups, making it second only to Silicon Valley. And in the third quarter of last year, it surpassed it in venture capital in all categories. Between 2005 and 2010 employment in New York’s high-tech sector grew by nearly 30%. Google alone has about 1,200 engineers in the city.
Look out, Silicon Valley, indeed. Read the full article.