Recently, VentureBeat published a report about “New York City’s overhyped startup scene,” an article that used Yext’s then-impending IPO to make a case that a lack of flashy IPOs and exits somehow indicated New York’s tech and startup environment has not thrived. That couldn’t be further from the truth.
While New York may lack a blockbuster IPO, it’s ridiculous to base an entire city’s startup culture and success on IPOs. Other factors to take into account include the success of startups that stayed private while growing significantly, venture capital activity, companies that are ripe for IPOs, job growth, and companies interested in more than just turning a profit.
In fact, New York is ranked number two overall in the world for startups after Silicon Valley when it comes to measuring performance, funding, market reach, talent, and startup experience, according to the Global Startup Ecosystem Report 2017 by Startup Genome. Specifically, the report estimates New York now has more than 6,300 startups and an ecosystem value of $74 billion. It also says New York has the fastest average time to hire an engineer of all U.S. cities, at just 24 days, which is astounding.
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