10 Cities That Could Be The Next Silicon Valley
3 New York City, NY
When WeWork Companies scored a $355 million funding at the end of 2014, pushing its evaluation past $5 billion, New York City proved that it was a huge player in the burgeoning tech industry. WeWork, a provider of shared office space, believes it can be as transformational to its industry as upstarts like Airbnb and Uber Technologies.
Tech players and investors have been drawn into New York’s hallmark industries: finance, fashion, media, marketing, and commerce. New York also has the added benefit of city and state policies focused on favoring and attracting tech companies with tax breaks and incentives. Mayor Bill de Blasio launched Digital.NYC last year, a hub of tech services intended to make the digital economy accessible to all New Yorkers.
Buzzfeed was granted a $4 million tax credit for its new 194,000 sq.ft. headquarters, as an encouragement for them to stay in the city. Etsy, meanwhile, was given a $5 million tax break for their own 200,000 sq.ft. headquarters in Brooklyn. The tech region of NYC, known as Silicon Alley, has grown 40% in employment since 2008, faster than Silicon Valley, and venture capital has jumped 138% to $1.7 billion in the New York Metro area in Q3 2014.
With digital media growth, incentivized tax breaks, and growing venture capital funding, New York City is on the verge of having the next huge tech boom in the US.