How are startups in New York doing? The latest statistics indicate that there are approximately 70,000 active startups in the state of New York, with 25,000 of them being in New York City. This figure amounts to roughly 20% of all active startups in the United States.
While this number has remained relatively stable over the past two years, there are still plenty of reasons why people are starting businesses here in New York rather than moving to other parts of the country or world.
1) NYC is home to more than 1.4 million small businesses
It’s not hard to find a business idea that will get you excited. NYC is home to more than 1.4 million small businesses, making it one of America’s most dynamic startup ecosystems.
Whether you’re developing a new app or e-commerce platform or dreaming up an entirely new kind of company altogether, New York offers a wealth of opportunities for entrepreneurs.
A few growing industries that are poised to help entrepreneurs expand to include fashion and retail; finance; and technology and media (including social media).
NYC is also rich with investors who can fund startups. It may seem intimidating at first, but there are plenty of ways to familiarize yourself with what’s going on and grow your connections as well as your business idea.
2) Some reasons why you should consider moving your startup there
There’s no shortage of reasons why New York City is a great place for NYC startup companies, particularly if you’re just getting started.
The cost of living is relatively low compared to major startup hubs like San Francisco and Boston, but unlike those other cities, where it can be hard to find funding, investors seem eager to help new businesses succeed.
Plus, even though New Yorkers are said to move at a fast pace, they still take time out of their busy day—on average about 11 minutes—to talk on their cell phones while walking down city streets. That means there’s less chance you’ll get run over by an entrepreneur who has too much on his or her plate.
3) How startups are transforming NYC
New York has become a hotbed of activity and innovation, and we’re always excited to see what new technology and innovative ideas come out of our fair city. (New Yorkers sure know how to make an entrance!)
Right now, there are more than 875 startups operating within NYC, employing over 24,000 people and raising more than $3 billion in funding. So what’s driving all of that growth? First of all, there is no denying that New York is one of (if not THE) most innovative cities on earth — we’ve got talent coming out our ears!
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Between universities like Columbia University and New York University to startup-focused events like TechCrunch Disrupt – NYC brings together entrepreneurs from across industries to support each other and exchange valuable knowledge.