When it comes to building a company, choosing the appropriate location to launch is an important decision, but also a daunting one. While entrepreneurs have traditionally swarmed to Silicon Valley to kick off their companies, more and more founders are thinking beyond California’s borders .
Among their top choices is New York, where the city is leading the way when in terms of both venture capital spending and female entrepreneurship.
If you’re considering launching a company, here are the top 6 reasons why you should consider launching in the Big Apple:
1. You’ll have access to top talent. HBO
“New York is now at a point where we’ve had multiple rounds of successful startups exit,” said Ma. “We’ve built up a critical mass of tech startup talent across engineering, product design, et cetera,” she said.
There’s a compelling financial incentive in building a company in New York as well: It’s often cheaper to employ tech talent in the Big Apple. Employers in Silicon Valley typically pay more for the average engineering position than in New York. Glassdoor estimates that entry-level software engineering jobs in Silicon Valley typically command around $10,000 more than their New York City counterparts.
2. If you’re building a company that has anything to do with finance or fashion, starting up in New York just makes sense. Pascal Le Segretain/Getty
New York isn’t considered the world capital of finance and fashion for nothing.
In the past few years, several finance and fashion-focused companies have taken root in the city. Among them are health insurance company Oscar Health, Shan-Lyn Ma’s own wedding-centered startup Zola, and popular low-cost online glasses store Warby Parker.
According to Ma: “If you’re in fashion, if you’re in the financial services, or you need access to financial services partners, or any industry that happens to thrive in New York, then you want to be here, because it’s a 10-minute ride to anyone you would ever want to meet, and you could set up a meeting that morning and meet them that afternoon.”
3. There’s lots of venture capital. Scott Barbour/Getty Images
While Silicon Valley might be renowned for blue-chip firms like Andreessen-Horowitz, Kleiner Perkins Caufield and Byers, and Sequoia Capital, there’s a number of New York-based firms that are equally important.
Firms like Union Square Ventures, Lux Capital, and Greycroft are all known for their smart investments and high-profile portfolio companies.
Additionally, New York is quickly becoming a top contender when it comes to investing in new companies: Last year, the city beat out the San Francisco Bay Area for the amount of venture capital deployed by around $50 million.
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