New York is a leading international hub for a wide variety of industries, ranging from technology and IT to creative and media/entertainment. Rapid technological changes are re-shaping virtually all commercial industries. Within this shifting landscape in business, many small and medium-sized enterprises (SMEs) – including startups and scale-ups from Europe – are deciding to expand their business to New York.
Move towards the opportunity
New York City positions itself as a leader in tech. Finance, advertising, media, fashion, and retail are among the city’s most dominant sectors. Other sectors are rapidly emerging in New York, such as digital health and education technology. Its reputation as a leader in tech is maintained by the countless incubators for new ideas and ventures, the attractive destinations in tech for any existing industry, and a gateway for global investment. The city has a prolific network of professionals and thought leaders, the abundance of funding sources, and a world-class pool of creative and innovative talent. This makes New York City a thriving, international hub of commerce and innovation that fosters opportunities for companies and workers.
The economy of New York City is growing almost three times faster than the overall US economy. More specifically, the overall NYC tech ecosystem has grown by more than 18% in the last decade. It is estimated that employment within the tech sector will only continue to grow.Furthermore, the tech ecosystem has a $125 billion in total annual spending and over $5.6 billion in annual tax revenues (2014).
New York offers unique opportunities for startups and scale-ups that would like to expand and grow in New York. Whereas startup hub Silicon Valley generally only focuses on technology (hard- and software), technology in the New York economy is an integral partof the many sectors.