In 2014, Endeavor Insight worked alongside the Partnership for New York City to publish a report called “The Power of Entrepreneur Networks: How New York City Became the Role Model for Other Urban Tech Hubs.” The study conducted was an in-depth look at the rapid expansion of New York City’s tech sector, and more specifically, as a growing entrepreneurial ecosystem.
The results of the study demonstrated the influx of tech startups to Silicon Alley, and the potential power the urban hub has for creating economic growth. Over the course of a decade, the study proved that New York City’s tech sector grew twice as fast as Silicon Valley, and saw a 240% increase in venture capital funding from 2003 to 2013. In 2013 alone, the tech hub saw more than $3.1 billion in funding invested into the tech community. So, what impact does this rapid expansion of the NY tech sector mean for other startups and trades in the industry?