The New York tech scene has gone through a lot of changes in the past few years. The trend has started to stabilize as the excitement has worn off. In 2014 and 2015 a tech company in New York went public and their valuation exceeded $1 billion. By the year 2016 all of the IPO’s were gone although the year was not quiet. There were 421 new businesses with $9.5 billion in funding and 109 existing with a value well over $5 billion.
The numbers show similarities between the tech scene and traditional economy of New York. The investors and companies are not trying to make thousands by betting on companies that fail. They have turned to companies referred to as cash cows who make money not noise. The biggest private tech company currently in New York is Infor followed by a grocery store called Fresh Direct, the office space business WeWork and the insurance firm of Oscar. For more details on the new York tech scene please visit https://www.forbes.com/sites/quora/2017/05/05/how-the-tech-scene-is-evolving-in-new-york-city/#d54e09a6ffa5.
The workspaces, accelerators, events, business groups and government initiatives available in New York are supporting the companies. There are programs available to support entrepreneurs, international entrepreneurs, non-profit organizations and small businesses in industries from biotechnology to fashion. New York’s tech industry was originally located in Silicon Alley but has begun to expand north towards the Bronx and Harlem. The industry is expected to reach Queens and Brooklyn with all new developments.
Every tech region has a different focus. Silicon Alley consists of traditional tech companies including AdTech and Fintech. Brooklyn has been attracting companies such as CreativeTech and Urbantech while Queens has established Biotechnology businesses like FoodTech. Even the Bronx and Harlem are seeing good social enterprises. The biggest change is the loss of the tech companies’ independence. The line between traditional and tech businesses is becoming thinner.