Tech is booming in New York City.
New York City is a global business center that has continuously reinvented itself over time. From its role as a military port, to a manufacturing hub, to a financial epicenter, New York is now home to a flourishing technology sector that is a major engine for growth in the city and fuels over $70B in total startup valuations and exits each year.
The local tech sector is supported by a diverse ecosystem of investors, innovators, academics, and large corporates:
- Talent – Over the last 10 years, NYC’s tech workforce has grown nearly three times faster than the nation’s and now accounts for over 320,000 jobs, making it one of the largest metropolitan tech workforce in the country.1
- Academia – New York City is home to over 120 universities that graduate 4,500 computer science majors each year and are driving cutting-edge research across emerging technology sectors.2
- Diversity – The tech sector benefits from the immense diversity of New York City, which is home to 3.2 million immigrants from 150+ countries.3 Today, almost 50% of the tech workforce is foreign born and over 40% are people of color.4
- Access to capital – A strong investor community of 200+ angel and VC investors fuels the launch of new ventures with over $12B in total funding in 20175 and an average of ~$570K in early-stage capital invested per startup.6
- Anchor Industries – New York City is home to more Fortune 500 companies than any other city in the world7 and is a global leader in traditional “anchor” industries such as financial services, media, and fashion retail and manufacturing. Today, these sectors play a critical role in fueling the adoption of new innovations.
NYCEDC launched its first City-sponsored tech incubator in the early 2000s to build a nascent community of innovators during the dot-com boom. Since then, a network of over 120 incubators has emerged to support the thriving startup ecosystem. Today, NYCEDC is focused on maturing the tech ecosystem through strategic initiatives to jumpstart innovation in emerging sectors and to promote the adoption of technology-driven disruptions in traditional sectors.
We are working closely with stakeholders across industries to launch programs that will make a real impact on technology innovation in the city. Contact us with inquiries or ideas. We want to hear from you!
1 American Community Survey (2018) - Internal analysis
4 American Community Survey (2018) - Internal analysis
Fostering partnerships and building communities to promote innovation in technology sectors with high potential for impact.
- Media Lab: Connects companies seeking to advance new media technologies with academic institutions undertaking relevant research
- VR/AR Lab: The first city-funded VR/AR facility in the country
- Blockchain Resource Center (coming soon)
Supporting diverse entrepreneurs as they launch and scale new ventures, creating good jobs for New Yorkers.
- IN2NYC: Brings international entrepreneurs to university campuses across the five boroughs to build businesses and train the next generation of entrepreneurs
- Venture Fellows: Selective year-long fellowship program designed to help global entrepreneurs "make it" in New York City
- JamaicaFEASTS: A culinary pre-accelerator training program to help aspiring food entrepreneurs launch their businesses
- NYC BigApps: An annual competition that empowers technologists to solve New York City's toughest challenges
Incubators and Workspaces
Launching workspaces and facilities to accelerate experimentation with new business models and technologies.
- Media Center: A 20,000-square-foot collaborative workspace in DUMBO focused on supporting innovators and entrepreneurs in new media