Being a center of business and development, New York City is recognized as a huge contributor to the growth of the US economy.
Entrepreneur lists NYC as one of the ten best cities to open a business for good reason— here’s why the Big Apple is still a major hub for startups today:
It’s a melting pot of cultures
NYC remains to be one of the most diverse cities in the US. If you believe in the impact of diversity in business, there’s no better place in the country to start your new venture. WE Forum shows that diversity does pay, with inclusive workplaces outperforming those without a mix of innovative ideas and cultural talent.
There’s a large pool of creative and tech talent
NYC has attracted a great number of talent, especially those in the creative and technology sectors. In 2017, NYC employed some 300,000 creatives and 130,000 tech professionals. Successful businesses are often founded on the talent and expertise of the people behind them, so anyone looking to achieve success with a skilled team will do well in the city.
It’s full of venture capitalists
There are more opportunities for external funding in the city. For entrepreneurs planning on opening a business in NYC, you’re in luck, as it is one of the top areas along with Silicon Valley when it comes to venture capital funding. As these investors fund businesses with potential for growth, be ready for the pitch of your lifetime.
The entrepreneurial network is vibrant and supportive
The state of New York has very supportive policies for new businesses. Entrepreneurs looking to start a limited liability company in New York can gain business training, assistance, and resources, as well as tax credits through the Employee Training Incentive Program.
Innovation is also a key focus, and NYC businesses are encouraged to collaborate with local universities for knowledge and technological resources. Industry experts also offer support through mentorship programs for business owners.
An example of this is Oceans, a group of former big tech company employees who mentor new businesses on digital solutions to jumpstart their companies. Groups like these form a very stable foundation for the success of businesses in the city.
With its lively culture and the tremendous amount of support from government and private communities, it undeniably rings true that New York City is one great place for anyone who dreams of starting a business.