According to Crain’s, New York now has 7,500 tech companies fueled by $38.4 billion of investments supported by accelerators, incubators, meet-ups, and universities – a trend we experience from the front lines here in our coworking space. The tech sector has grown 60% over the past decade, now employing 120,000 people, and the number continues to grow steadily.
The time is ripe for New York’s tech boom. A few key factors make New York’s tech eco-system particularly special.
- Experienced executives understand mounting challenges facing legacy companies, and are branching out on their own to fix these holes. (Jon Steinberg formally of BuzzFeed founded Cheddar, Arianna Huffington former editor and chief of Huffington Post founded Thrive Global, Marcela Sapone and Jessica Beck over-scheduled Finance execs founded Hello Alfred, and the list keeps going.)
- Startup founders tend to be second generation entrepreneurs, which equates to fostering an effective, professional, culture of success in the companies they found.
- Silicon Valley entrepreneurs are coming home, creating a powerful Silicon Alley. Our friends over at Grand Central Tech summarized the migration back east by highlighting NYC’s diverse industries and culture: ” ‘In San Francisco, tech is the only conversation,’ said Matt Harrigan, who runs a no-equity accelerator called Grand Central Tech. ‘The richness and vibrancy of New York is calling to people.’ “
- New York entrepreneurs scale together, it’s a shared experience and tight-knit community where everyone’s value is appreciated. “Venture capitalists, founders and employees describe the New York tech culture as inclusive and tight-knit, perhaps because tech feels like the underdog twice over…They value me here.”
- The focus is on building great products, rather than worrying about IPOs and garnering media attention. Many experienced executives and second generation entrepreneurs know the pitfalls of focusing on Wall Street and shareholders rather than focusing on what really matters, what drives the bottom line: great product plus staying ahead of customer needs. “ ‘Some people say IPOs are not as important for New York tech companies. Because they pioneer new ways of doing business, they say, they will eventually be acquired by legacy companies at sky-high prices. [For example] Earlier this month pharmaceutical giant Roche paid $1.9 billion for complete ownership of Flatiron Health, whose technology could transform how doctors treat cancer. The total value of the agreement was $2.1 billion.’ ”
Our coworking space is part of this tech eco-system, home to experienced executives and second generation entrepreneurs. We scale with our members in what we term “shared growth”, which is the same philosophy as the NY tech scene. As our growth stage startups expand quickly, we have the agility to expand with them – building larger offices, installing servers plus additional networking for them, helping onboard their new hires, and so on.
Similar to our talented members who are committed to developing the best of their industry (rather than focusing on media attention, short-term shareholder goals, and so on), we are steadfastly committed to ensuring each and every member has a productive, happy experience. Workville is in the unique situation in which our partners own the building. So, while we do receive outside offers for buyouts, expansion locations, and so on, we never let this hoopla deter us from our mission. Workville is building a special and productive shared office experience for NYC’s tech leaders.
Contact us to learn how Workville is a coworking space that supports your growth stage needs, and about the talented community, you will be working alongside. Email firstname.lastname@example.org or call us at 646-982-0080.