Tech firms looking to incorporate in New York City are beginning to rival the entrepreneurial culture of Silicon Valley, as the success of new web startups such as Tumblr, foursquare, Etsy and GroupMe seem to be shifting the country's hub of entrepreneurship to the Big Apple.
"Silicon Alley," as many have called it, has generated such a storm in recent years that it has even caught the attention of several West Coast luminaries like Google and Facebook. Recently, Google purchased a massive $2 billion high-tech building in Chelsea, while Facebook has upped its recruitment of New York engineers and programmers.
"We've been lucky in New York to build such a great team, but we don't have it easy because there's a lot of competition between different startups and the big guys like Google and big finance," Dennis Crowley, founder and CEO of Foursquare, told Wired magazine.
As the abundance of startup activity in the Big Apple continues to grow, others are wondering if the city will be able to maintain adequate incentives for these tech firms to stay.
It's a question self-made billionaire Mayor Michael Bloomberg is fully aware of, as his administration has begun adopting a system of measures that strike a balance between fiscal responsibility and smarter regulations - policies the mayor has claimed have contributed to the creation of 55,000 private sector jobs in New York since October.
Tags : ca, incorporation, ny, small business management
Posted: Dec 15th, 2010