NYC is world’s second highest performing ecosystem with more than 326,000 jobs in tech
Report highlights strengths in advanced manufacturing and robotics, cybersecurity, and health and life sciences subsectors
GSER 2018 features strategic startup, investment, and policy insights from over 10,000 founders in 45 cities - including New York City
NEW YORK, NY—New York City Economic Development Corporation (NYCEDC) and Tech:NYC today announced the release of the Global Startup Ecosystems Report (GSER) 2018, an analysis of over 60 startup ecosystems in 24 countries produced by Startup Genome and the Global Entrepreneurship Network (GEN). The GSER 2018 launched today at the Global Entrepreneurship Congress in Istanbul.
As highlighted in the report, New York City is the world's second highest performing ecosystem, with more than 7,000 startups and over $71 billion in Ecosystem Value. The ecosystem has grown rapidly in the past five years, going from $2.3 billion invested in tech startups in 2012 to approximately $13 billion invested in 2017. The city is now home to over 326,000 jobs in its tech ecosystem.
GSER provides a detailed look at the strength of several growing New York City subsectors: Advanced Manufacturing and Robotics, Cybersecurity, and Health and Life Sciences. Highlights include:
- Advanced Manufacturing and Robotics: New York City has the most 3D printing activity in the world, with a 2.7% market share. The City also launched Futureworks NYC, a series of networks and programs to increase access to advanced manufacturing technology, support startups, and help traditional manufacturing companies implement new technologies.
- Cybersecurity: New York City’s ecosystem has more than 100 Cybersecurity companies, a recent influx of top Israeli Cybersecurity startups opening NYC offices, and more than $1 billion in VC investment in the sub-sector for 2017.
- Health and Life Sciences: The ecosystem is supported by major local assets: nine academic medical centers, $1.6 billion in National Institutes of Health funding research in 2016, and 450,000 local jobs. The sub-sector is also being accelerated by the City’s 10-year, $500 million LifeSci NYC initiative.
These three subsectors are all focuses of Mayor Bill de Blasio’s New York Works plan to create 100,000 good jobs over the next ten years. As part of the plan, the City launched Cyber NYC, a $30 million initiative to fuel growth in New York City cybersecurity industry. The de Blasio Administration is also making big investments in City assets like the Brooklyn Army Terminal to support the growth of advanced manufacturing companies.
“New York City’s vibrant tech industry is booming with record highs in companies, jobs, and investment,” said James Patchett, President and CEO, NYCEDC. “As the talent capital of the world, and an epicenter for diversity and culture, there’s never been a better time to expand or start a company in New York City.”
“New York is the center of culture and innovation,” said Julie Samuels, Executive Director, Tech:NYC. “We are lucky to have the confluence of existing markets and industries along with the creative culture to drive a truly diverse tech ecosystem. For that reason, and many others, we have no doubt that the future of tech will be centered here, in New York.”
“We’ve now entered the Third Wave of innovation — where our global startup community is disrupting industries by combining technology with deep industry expertise,” said Startup Genome CEO and co-founder JF Gauthier. “This is creating a potentially game-changing opportunity for smaller, less mature startup ecosystems that can now build out competitive advantage at a global level by focusing on their DNA and legacy strengths.”
“Research in the field is vital to shaping the interventions necessary to empower entrepreneurs around the world,” said Jonathan Ortmans, president of the Global Entrepreneurship Network. “As thousands of startup champions gather this week to explore innovative approaches, efforts such as the Global Startup Ecosystem Report help us become better informed about what is needed.”
Incorporating data from Crunchbase and Orb Intelligence, as well as the voices of over 10,000 founders from 24 countries worldwide and counting — including some of New York City’s top startups like Oscar, Shapeways, and WeWork — GSER 2018 presents an incisive look at over 60 ecosystems. Through an analysis of startup output and legacy traits, it identifies the industries where each ecosystem has the most potential to build the vibrant economy for which it is uniquely positioned.
This year, GSER the report takes a close look at key sub-sectors such as Advanced Manufacturing & Robotics, Agtech, A.I., Big Data & Analytics, Life Sciences and Cybersecurity, as well as new technologies in education, health, advertising and finance. The sub-sectors in focus point towards imminent entrepreneurial revolutions.
Download the full report here: www.startupgenome.com/report2018.
New York City Economic Development Corporation creates shared prosperity across New York City’s five boroughs by strengthening neighborhoods and creating good jobs. NYCEDC works with and for communities to provide them with the resources they need to thrive, and we invest in projects that increase sustainability, support job growth, develop talent, and spark innovation to strengthen the City’s competitive advantage. To learn more about our work and initiatives, please visit us on Facebook, Twitter, or Instagram.