So irresistible in fact, that giants like Google and Facebook are making their presence felt in the neighborhood. Note the former’s much publicized purchase of a Chelsea building to house its employees. On the other hand, Facebook just bought two startups (Hot Potato and Drop.io) and is competing (somewhat ferociously) with the hottest kid on the block at the moment, Foursquare. Additionally, beneath the machinations of the big names in tech is a quiet exodus of programming talent from Silicon Valley and other places to New York, where startups are sprouting like mushrooms.
Benjamin Rohe (pictured at left) says that despite the rash of speculation about a potential bubble, the numbers so far are very encouraging. Five years ago New York tech raked in $61 million in venture funding, today that amount has more than doubled, up to $138 million has been poured into startups. While it’s still rather short of Silicon Valley’s $205 million, the sudden spike is confirms an ongoing trend and gives a positive indication of things to come. Simply put, New York is where the action is. Whether it’s the 1,000 Google engineers who work here at the Big Apple or the mere presence of co-working spaces and incubators, a veritable ecosystem is now in place that makes New York the perfect breeding ground for the next big thing.
Let former Drop.io business development head and tech veteran Steve Greenwood sum it up nicely: “This is the epicenter of the next Internet revolution!”
Via: Make A Startup blog