Data from the Global Startup Ecosystem Report (GSER) of 2020 indicates that New York City is ranked second after Silicon Valley to provide a conducive environment for thriving startups. Further, the report says that New York has the highest amount of seed money ($850,000) mobilized for startups compared to any other city in the world. Hence Tech startups in New York have the best odds of thriving than anywhere else in the world.
Actually, since New York boasts of having the highest number of tech startups in the country, this is thanks to the innovation culture currently thriving in the city. Big tech firms such as Google, Apple, and Amazon, are fueling this development. For instance, Google last year offered a grant to the tune of $250,000 to five startup founders in New York. Funding like this provides incentives for many people to move their operations to New York in the hope of securing seed money for their investments. In recent years, cybersecurity has become a rapidly growing sector, which is most revealing regarding the number of startups and industries in New York. There are currently over one hundred companies within the city working in the cybersecurity space.
Further, these companies employ thousands- over six thousand people. Cybersecurity has become critical as the world continues to get digitized in many ways. There's no doubt that the acceleration of startup development in cybersecurity is due to the Global Cyber Center, an ecosystem for cybersecurity solutions startups in New York City.
Artificial Intelligence (AI) is another sector whose development in recent years has been spectacular. The number of startups deploying AI innovatively for their businesses has been rising, mostly in the city. For instance, CTRL Labs is a company that uses AI to enable humans to control computers using their brains. Facebook recently acquired CTRL labs for close to $1 billion, showing how much potential AI holds. Further, New York has the highest number of people employed in the AI sub-sector; indeed, digital learning opportunities in this segment have limitless possibilities, ranging from robotics to cancer research. It has enormous potential, and many startups in New York are cashing in on this modern-day technological golden egg.
Also, the academic scene in New York is not left far behind since many startups have sprouted to venture into research and development. With over 100 research foundations in New York, many startups have received funding to venture into the enterprise. For instance, Kallyope is a biotech research startup in New York whose primary focus is finding therapeutic options involving the brain-gut axis. In a recent venture capital mobilization, Kallyope was able to receive a 112 million-dollar financing. Clearly, academic research startups, especially in biotechnology, will have better odds of securing funding since many companies are steadily investing in the biotech space.
The Startup scene in New York is also developing because of the supportive community in the city. Generally, business startups in New York support each other as they continuously exchange ideas, and inter-startup collaborations regularly feature. Moreover, mentorship programs in New York are numerous, enabling many startups to thrive and grow. For instance, former tech founders and executives started the Oceans' mentorship program to provide mentorship for young and upcoming business entrepreneurs in New York. Initiatives like these promote the success and development of many startups in the city. A new startup will easily be able to get a blueprint for success, and this is thanks to the mentorship and support from other startups in multiple niches.
In recent years, the New York startup ecosystem has continued to develop, and experts predict this will soon surpass Silicon Valley. As more and more startups continue to relocate to New York, these success stories are poised to continue well into the future. Of course, the world is continually evolving, and technology is a massive driver of this development. Tech startups will continue to play an essential role in this evolution as global interconnectivity becomes the order of the day.
Overall, the field of Biotech has the most promising future, as many companies are securing venture capital to produce cures and vaccines. The Pfizer COVID vaccine deployment, for instance, will primarily involve the tech startup community in ensuring success. In the US and within the nation's largest city, this vaccine is delivered using drones; yes, you guessed right, tech startups in New York City are making this happen.