While it has seen some competition on a national and global level, New York remains one of, if not the biggest, hubs in the world for entrepreneurs and startups. New York’s startup ecosystem is huge and it has been estimated that the city is now home to over 7000 growing startups. New York has tons to offer to entrepreneurs trying to start a business, or professionals who would like to work in one. Let’s take a look at why New York is one of the best places in the world to be an entrepreneur.
Options, Options, Options
New York’s vibrancy is something you won’t find anywhere else in the world. It’s no nonsense, straight talk, fast talking business environment is what makes it such a dynamic place to start a business and one of the reasons why so many entrepreneurs from around the world decide to set up shop there. New York has it all; plenty of incubators and financing options, a multicultural workforce, and a top of the line technical infrastructure that rivals other major business hubs like Seoul or London.
Great Talent Pool
Another great thing about New York is that it attracts the best of the best in any sector. The employee pool is full of highly qualified and motivated workers who want to be part of something big. The nature of the New York worker is different than anywhere else, and you need that sort of drive in your company.
New York Makes it Easy to Settle
When relocating, corporate travelers need the process to be as easy and stress free as possible. The real estate scene in New York City is very diverse, so there is undoubtedly something for everyone. Hotels are the common choice for quick trips and short stays. However, furnished apartments and equipped accommodations are taking over, as they provide all the comforts of home. When it comes to choosing between serviced apartments or hotels, apartments have proven to be cheaper than hotels of a similar quality. Companies like Blueground have tons of great furnished units in and around Manhattan. Blueground’s fully furnished apartments will make you feel right at home as soon as you step foot inside. With tasteful decor and easy access to amenities, your home will quickly become a haven.
Another thing that makes it easy for businesses to either relocate or set up shop there is the tons of shared office spaces all around the city. Finding office space is often a big challenge for new entrepreneurs, but there is so much competition when it comes to shared office spaces in the city that any startup can get office space for a reasonable price. Not having to worry about having to look for space will take a lot of weight off your shoulders and give you one less thing to worry about. And what’s even better about shared office spaces is that they often house professionals that might be related to your actual field, which gives you an additional opportunity for networking and filling talent gaps.
Venture Capital Opportunities
New York also attracts venture capitalists from around the world looking for the next big thing. As an entrepreneur, you’ll get easier access to venture capital here than pretty much anywhere else on the globe. Some of the big venture capital firms based in the city include Union Square Ventures, Lux Capital, and Greycroft, which are known to invest in high impact startups. And New York just recently surpassed San Francisco for the total amount of venture capital funding awarded to startups, which makes New York an even more attractive destination for budding entrepreneurs.
New York’s ecosystem is one that pushes innovation at every level. Local legislation encourages innovation and entrepreneurship and makes things easier for startups. New York is also becoming a hub for green initiatives and has a pro renewable energy attitude that attracts businesses in that sector. It’s about more than just a few companies, it’s about the whole environment working together. The talent, the legislature at a local and state level, the capital, and the customers are what makes New York such a great place for entrepreneurship.
Great Community of Professionals
In New York City, you’ll never have issues finding professionals that will help you with any aspect of your business. Professionals in the city are always open to new ways of thinking and working. New York is a great place for networking as well and the perfect place to build solid connections. Not only that, but professionals in the city are available 24/7 and you’ll always have someone to answer your call if you need anything. And you’ll soon find that New York’s energy is contagious and will kick your efforts into high gear.
New York is and will probably continue to be one of the world’s and the country’s biggest magnets for entrepreneurs. If you were thinking of setting up shop there, we suggest that you look more in detail into what the city has to offer and see if it could be the best place to start or move your business.