New York City #2
The resiliency of the NYC tech ecosystem throughout the pandemic — seen through blockbuster IPOs, record fundraising rounds, and hiring commitments — proves we can stand toe-to-toe with any tech hub in the world. This report is reason to be optimistic that the entrepreneurial culture New York City is known for is stronger than ever.
New York trails only Silicon Valley in the number of venture deals completed in 2020 with the city raking in a total of between $12 and $20 billion. Combine the huge range of companies closing impressive deals with the city’s traditional position as a hub for finance, fashion, media, and the arts, and it’s clear New York City is one of the world’s premier startup ecosystems. Key to New York’s success is ensuring investment is shared beyond what is seen as traditional venture opportunities. Women.nyc offers a comprehensive set of business services to women entrepreneurs from underserved communities. This year, New York City also became the largest US city to recognize LGBTQ-owned companies as minority-owned businesses, making them eligible for billions in city contracts and business support services. Additional programs to support entrepreneurs include the Entrepreneurs Roundtable Accelerator which offers seed capital, mentoring, and co-working space, and Techstars NYC which connects founders with world-class resources to help them grow and scale. NY-based companies have investor support from Primary Venture Partners, a venture capital firm focused on transformative startups that has raised $404 million across six funds to date to invest in early- and late-stage NY-based startups, and Starta, which funds early-stage tech talent. New York City Economic Development Corporation’s $1 billion LifeSci NYC program builds on the city’s strong foundation across life sciences and aims to solidify New York as the public health capital of the world. New Energy Nexus New York is a not-for-profit accelerator focused specifically on clean energy companies looking to scale in New York.
Ecosystem by the numbers
AI, Big Data & Analytics
New York City Economic Development Corporation’s (NYCEDC) $100 million Cyber NYC initiative aims to transform New York into a global hub of cybersecurity innovation. As part of the initiative, NYCEDC partnered with Israeli VC firm Jerusalem Venture Partners (JVP) to launch the JVP accelerator program with the goal of connecting entrepreneurs to investors and other major cybersecurity players. Industrial cybersecurity company Claroty raised a $140 million Series D round in June 2021.
Reasons to move your startup to New York City
Ease of Doing Business
New York City Economic Development Corporation
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