Entrepreneurs are leaving Silicon Valley and heading to New York City, where in 2018, startups in New York received a record-breaking $13.3 billion in funding. While Silicon Valley still dominates venture capital, bringing in $45.5 billion last year, New York increased 4.3 billion since 2013. The proximity to customers in finance, healthcare and retail, and affordable office space are some of the benefits to moving east.
Eleni Vokas agrees with this move. “New York City is a big startup and tech hub and ranks second to the Bay Area in attracting venture capital. Startup communities such as Techstars, The Fund, WeWork Labs, Company, and Civic Hall are vital pillars for the ecosystem to flourish and grow. Some communities actively invest in their startups and other focus on other vital aspects of supporting business such as mentorship, community, startup education and office space. Based on your startup’s needs, there is something for everyone,” she shared in her article: The Value of Startup Communities, Beyond Just Venture Capital.
Many people agree with this eastern move and recently shared their thoughts about this news on social media.
“I lived in SF for 10 years, and was lucky enough to move back to NYC right before the tech boom changed the Bay Area forever (and not entirely for the better). New York, meanwhile, gets knocked down again and again, and always gets back on its feet. It’s not for everyone, of course, but for those of us who love the culture and the energy of big, vibrant cities (LA, Chicago, etc.) Gotham is still an amazing place to live and work. No wonder talent and investors keep flooding in,” shared Benedict Cosgrove.
“The Bay Area doesn’t challenge you to be so real [meaning: developing your business model] early on, you can be a bit more about fantasy,” said Andras Forgacs, co-founder of Modern Meadow. “The beating heart of NY is business.”