New York City : Transforming a City into a Tech Innovation Leader
New York city has become one of the largest and most vibrant tech startup ecosystems in the world. Today, the city is widely seen as a leading startup hub worldwide. However, this was not something one can have anticipated just ten years ago. The f...
| Main Authors: | , |
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| Format: | Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2016
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/859411480495127181/New-York-city-transforming-a-city-into-a-tech-innovation-leader http://hdl.handle.net/10986/25753 |
| Summary: | New York city has become one of the
largest and most vibrant tech startup ecosystems in the
world. Today, the city is widely seen as a leading startup
hub worldwide. However, this was not something one can have
anticipated just ten years ago. The financial crisis shocked
the city, providing the circumstances for the transformation
of the New York startup scene. By 2015, New York accounted
for nearly a 6 billion dollars venture capital investment in
startups and had over 14,500 startups. New York ecosystem
provides insights on how startups are impacting city
economies, generating new sources of jobs and helping
transforming the urban landscape. New York represents a new
model of startup ecosystems that is emerging in cities
worldwide. Different to silicon valley’s suburban ecosystem,
New York’s is urban in nature and well integrated into the
local economy and industry base. New York is the prime
example of the new urban startup ecosystem model. Although
New York remains distinguished in many ways as a city, many
of the challenges it faced when developing the tech
ecosystem are similar to those confronted by many other
cities. These include: (a) lack of technical talents, (b)
lack of available seed finance, (c) limited affordable space
for entrepreneurs, and (d) a small and decentralized
community. The policies to support the ecosystem from the
city provide valuable lessons to policymakers with similar
goals in their economies. |
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