While Silicon Valley has for many years been the preferred choice of location for business development and operation, it seems that New York City is now being propelled as a great alternative. According to a recent article in Business Insider by Zoë Bernard, here are some of the reasons why:
- One of the world centers for fashion and finance
- Fantastic pool of talent
- Venture capital environment with the likes of Hercules Capital, Insight Venture Partners and BetaWorks.
- Startup scene there has a real sense of community spirit with mentorship programs such as Oceans.
- Female founders have traditionally done well in NYC.
- Quite simply, because it is anywhere but Silicon Valley and that alone gives it an edge.
In addition, just looking at real estate transactions in the area over the last few years one can see the improvement in living and working conditions in NYC. For example, a decade ago, it was not at all easy to get financing for mortgages due to the fiscal crisis. But now, according to 3 World Trade Center developer Larry Silverstein, that has all changed. With 40 percent occupancy already, he pointed out that “these buildings never stay empty for long.” And corporations will want to go there since they “need technology and you can only get technology in brand-new buildings.”
Furthermore, as Alexandros Washburn said, every time there’s a crisis with New York, it bounces back, concluding that: “Every time it’s comes back with a better balance, more richness in the types of buildings that are here, the types of open spaces.”