Global Startup Ecosystem Report: NYC Home to Over 7,000 Startups, $71B Ecosystem
Report highlights strengths in advanced manufacturing and robotics, cybersecurity, and health and life sciences subsectors
GSER 2018 features strategic startup, investment, and policy insights from over 10,000 founders in 45 cities - including New York City
As highlighted in the report, New York City is the world's second highest performing ecosystem, with more than 7,000 startups and over $71 billion in Ecosystem Value. The ecosystem has grown rapidly in the past five years, going from $2.3 billion invested in tech startups in 2012 to approximately $13 billion invested in 2017. The city is now home to over 326,000 jobs in its tech ecosystem.
GSER provides a detailed look at the strength of several growing New York City subsectors: Advanced Manufacturing and Robotics, Cybersecurity, and Health and Life Sciences. Highlights include:
- Advanced Manufacturing and Robotics: New York City has the most 3D printing activity in the world, with a 2.7% market share. The City also launched Futureworks NYC, a series of networks and programs to increase access to advanced manufacturing technology, support startups, and help traditional manufacturing companies implement new technologies.
- Cybersecurity: New York City’s ecosystem has more than 100 Cybersecurity companies, a recent influx of top Israeli Cybersecurity startups opening NYC offices, and more than $1 billion in VC investment in the sub-sector for 2017.
- Health and Life Sciences: The ecosystem is supported by major local assets: nine academic medical centers, $1.6 billion in National Institutes of Health funding research in 2016, and 450,000 local jobs. The sub-sector is also being accelerated by the City’s 10-year, $500 million LifeSci NYC initiative.
“New York City’s vibrant tech industry is booming with record highs in companies, jobs, and investment,” said James Patchett, President and CEO, NYCEDC. “As the talent capital of the world, and an epicenter for diversity and culture, there’s never been a better time to expand or start a company in New York City.”
“New York is the center of culture and innovation,” said Julie Samuels, Executive Director, Tech:NYC. “We are lucky to have the confluence of existing markets and industries along with the creative culture to drive a truly diverse tech ecosystem. For that reason, and many others, we have no doubt that the future of tech will be centered here, in New York.”
“We’ve now entered the Third Wave of innovation — where our global startup community is disrupting industries by combining technology with deep industry expertise,” said Startup Genome CEO and co-founder JF Gauthier. “This is creating a potentially game-changing opportunity for smaller, less mature startup ecosystems that can now build out competitive advantage at a global level by focusing on their DNA and legacy strengths.”
“Research in the field is vital to shaping the interventions necessary to empower entrepreneurs around the world,” said Jonathan Ortmans, president of the Global Entrepreneurship Network. “As thousands of startup champions gather this week to explore innovative approaches, efforts such as the Global Startup Ecosystem Report help us become better informed about what is needed.”
Incorporating data from Crunchbase and Orb Intelligence, as well as the voices of over 10,000 founders from 24 countries worldwide and counting — including some of New York City’s top startups like Oscar, Shapeways, and WeWork — GSER 2018 presents an incisive look at over 60 ecosystems. Through an analysis of startup output and legacy traits, it identifies the industries where each ecosystem has the most potential to build the vibrant economy for which it is uniquely positioned.
This year, GSER the report takes a close look at key sub-sectors such as Advanced Manufacturing & Robotics, Agtech, A.I., Big Data & Analytics, Life Sciences and Cybersecurity, as well as new technologies in education, health, advertising and finance. The sub-sectors in focus point towards imminent entrepreneurial revolutions.
New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities. Find us on Facebook or follow us on Twitter, or visit our blog to learn more about NYCEDC projects and initiatives.
Tech:NYC is an engaged network of technology leaders working to foster a dynamic, diverse, and creative New York. The organization works with policymakers and business leaders to support a successful technology ecosystem, attract and retain talent, and celebrate New York and the companies that call it home. Tech:NYC represents more than 600 New York tech companies. Visit www.technyc.orgfor more and follow Tech:NYC on Twitter.
About Startup Genome
Startup Genome works to increase the success rate of startups and improve the performance of startup ecosystems globally. Fueled by the Voice of the Entrepreneur - the world’s largest primary research conducted with more than 10,000 startups annually - Startup Genome advises leaders of innovation ministries, agencies and organizations supporting startups. It brings data-driven, actionable insights, clarity and focus needed to produce more scale-ups, jobs and economic growth worldwide. Visit www.startupgenome.com for more and stay up to date on Twitter or Medium.
About The Global Entrepreneurship Network
The Global Entrepreneurship Network operates a platform of programs in 170 countries aimed at making it easier for anyone, anywhere to start and scale a business. By fostering deeper cross border collaboration and initiatives between entrepreneurs, investors, researchers, policymakers and entrepreneurial support organizations, GEN works to fuel healthier start and scale ecosystems that create more jobs, educate individuals, accelerate innovation and strengthen economic growth. For more, visit www.genglobal.org and Follow GEN on Twitter.