New York’s Economic Recovery Lies Within Tech & Startups?
Maybe it’s because spring is in the air or because three of our interns have received full-time employment at other PR firms over the past two months, but I can’t help but feel like the economy is on the mend. This has been the worst recession since the Great Depression, and while the U.S.’s federal deficit and committments abroad are still very much issues, is it possible that we’ve made it through the worst? If those indicators weren’t enough to convince me, a truly thought provoking piece in this weekend’s NY Times was. Entitled, “New York Isn’t Silicon Valley. That’s Why They Like I,” the piece felt eerily relevant to my day-to-day digital communications and social media activities, and suggested that NYC is starting to show signs of life again, particularly throughout its tech and start-up industries.
“Book publishing, advertising, media and even the fashion industry are all located in New York. These are the main industries that are being reshaped and redefined by technology and the Internet,” says AnnaLee Saxenian, a professor at the University of California, Berkeley, who studies regional economics and technology entrepreneurship.
To be sure, New York is not unseating its West Coast counterpart, notes Ms. Saxenian. “Silicon Valley is always leading the cluster, but it goes through booms and busts like everywhere else.” Nevertheless, she adds, “this is a moment where New York really has the chance to shine.”
Ron Conway, a San Francisco financier who was one of the earliest investors in Google, Twitter, Facebook and Zappos added, “New York has become a hotbed of innovation. Many start-ups there have as much promise as the best start-ups here in Silicon Valley. And the ecosystem of entrepreneurs, engineers, investors and other players is growing at a pace similar to Silicon Valley when it first got started.”
I strongly encourage everyone reading this post (especially those of you working in our business) to read the article in full because every once in awhile it’s nice to feel part of something that’s bigger than you. While the piece’s author, Jenna Wortham points out that New York still ranks third behind Silicon Valley and Boston in the number of deals and overall investment rates, there’s still so much happening right here in our own backyard.
And for those of you who are looking to take it all offline and to meet some of the key players driving this surge, be sure to check out next months’s New York Tech Meet-Up (held the 1st Tuesday each month at 7PM; 6 people get 5 minutes each to demo something cool to New York’s tech community of geeks, investors, entrepreneurs, and hackers). Some of us Quinnlings are going to do our best to make it!
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