Why New York City is the Best Place for Startups
You have the idea, you have the team, now you just need the place. With so many factors to your decision making process, location can be one of the most complicated and important components in developing your startup. With Silicon Valley at full saturation, it’s time to consider New York City where influential companies like Meetup, Wallstrip, Foursquare, Tumblr, and Buzzfeed all got their start. So here’s a list of all the best reasons to start your business in The Big Apple.
New York is a famous ethnic melting pot and it’s easy to expound upon why diverse employees can benefit a startup, but also consider the diversity of industry. New York City is a hub of fashion, technology, new media, entertainment, art, and design. While San Francisco was thought of as the go-to spot for startups for many years, Silicon Valley is deeply homogenized – when everyone works in the same industry, it’s hard to learn anything. New York mixes ethnic and industrial multiplicity to create an ideal environment for new ideas and innovation.
A History of Startups
New York City has been a center of business and commerce for decades and the old guard of startups is turning over and giving way to new institutions. This means the entrepreneurs who now have successful businesses are ready, willing, and able to help new businesses get what they need – be it money, space, or connections. If you have a good idea, an angel investor can help it off the ground and reach its full potential.
Location, Location, Location
If you want the small startup based out of your apartment to sound professional and accessible, having a New York City address is key. Not only is New York City known worldwide as a global marketplace, but other cities with big startup communities, like San Francisco, Los Angeles, Boston, Paris, and London are only a short flight away.
Breaks for Small Business
Small businesses make up 98% of all businesses in New York, so it’s easy to see NYC loves its startups. Despite high sales, property, and income taxes, the government is making it easier for you to launch your startup by providing a multitude of state-funded resources to take advantage of. Assets like Small Business Revolving Loan Fund, Empire State Development, and Business Mentor NY provide everything from grants and tax credits to benefits for new businesses willing to go green. Through Startup NY, a small business can even qualify for ten years of tax-free operation.
Whether you’re launching the next big mobile game, designing the newest software, or building the next big social media site, you need a place to do it. New York is fun, youthful, diverse, and has a burgeoning startup community that has everything you need to bring your startup to the next level.
Besides, Silicon Valley is so 20th century.