With 8.5 million inhabitants, New York City is one of the most populated and diverse cities on the planet. It has the most Fortune 500 companies than any other city in the world and as the city that never sleeps, NYC offers great business opportunities across all industries.
Why New York?
New York is now the second largest startup ecosystem in the world according to our latest USA report. With more than 7,500 active tech startups, New York is becoming the leader in information technology and consumer technology trends. Although, in the tech scene, New York has been playing catch up to Silicon Valley for a while now, the situation is rapidly changing as New York is grabbing the bull by its horns and taking advantage of the diverse talent it is known for. During the recent years, New York has proven to be a great competitor against the big tech hubs as its financial services centers have realized the importance of investing in fintech. To stay on top of their game, banks are now more focused on technology innovation than ever before. This is, in fact, where New York’s strength over Silicon Valley lies - its close proximity to one of the biggest financial hubs in the world. Back in 2014, in the midst of the boom of fintech, Partnership Fund for New York City wrote about the rise of fintech in NYC and how the new innovations can benefit both parties. “By partnering with innovative startups, financial services companies can strengthen their competitive position and cut the time needed to develop new products and bring them to market.” In the meantime, the startups gain visibility, funding and an opportunity to grow their business. It truly is a win-win situation.
For new start-ups, the Big Apple’s fast-growing technology markets and emerging industries provide an ideal platform to get started with a new business. New York might be known for its Fortune 500 companies but its newly found excitement for the startup industry is slowly taking over. NYC is no longer relying on one company to carry the weight of the whole city. Instead, more value has been put on the whole ecosystem. Since the demand for new innovations is larger than ever, the mentality of the New York startup scene has experience an enormous change. “There is truly a cohort of strong startups coming of age in the city, and that gives the ecosystem much more vitality than it has ever seen before.” TechCrunch’s recent report states. Another factor that has given startups a boost is the demand for services near by - New Yorkers want to have all of the services available in close proximity. “With customers increasingly engaged, proximity has become a major boom for startups in NYC. “In the early days before you are ready to scale, it is all about relationships in the enterprise”, says Lehr of Work-Bench. There is no doubt that the Big Apple is still facing some challenges but with an increase in investments in tech startups, it is going to the right direction.
B-Hive & FinTech
With its headquarters in Brussels, B-Hive New York is looking to build a bridge between the United States and Europe. Brussels offers the perfect gateway to Europe with its centralized location and diverse population. In New York, B-Hive has made significant progress in creating a financial ecosystem that benefits all of the parties. As mentioned, New York offers a great platform for fintech startups to grow through the countless amounts of networking opportunities. New York is one of the leading cities in financial services and as more banks and investors are looking to invest in new innovations, the chances of being a successful startup have increased significantly. If these fintechs are ready to take on the challenge, there is no stopping them. We keep our search for collaborations with the most innovative startups going and hope to lead the way as an ecosystem where all innovations, new technologies, experiences and knowledge can be shared.
B-Hive. (2018, June 27). NEW-YORK, USA: General Overview & Fintech Landscape. Retrieved from https://b-hive.eu/news-full/2018/6/18/new-york-usa-general-overview-fintech-landscape
Crichton, D. (2018, April 21). Special Report: New York’s Enterprise Infrastructure Ecosystem. Retrieved from https://techcrunch.com/2018/04/21/new-yorks-enterprise-infrastructure-ecosystem/?guccounter=1
Gach, R., & Gotsch, M. (n.d.). The Rise of FinTech - New York’s Opportunity for Tech Leadership. Accenture.