Push for technology sector is NYC’s second “Erie Canal moment”

New York /
Jan.January 05, 2012 03:00 PM

New York City’s emphasis on the technology sector is an “Erie Canal moment,” according to Seth Pinsky, head of New York’s Economic Development Corporation, the Economist magazine wrote. Just 15 years after the Erie Canal opened, New York City was transformed, outpacing Baltimore, Boston and New Orleans in terms of trade. Creating an “eco-system” for technology start-ups — a network of companies and investors — will have the same effect, the magazine argued.

The growing technology world in New York City is also in so small part due to help from City Hall. Since 2002, the city has set up more than 40 projects to help the bio-tech sector and pledged $22 million in funds. It also contributed $100 million in real estate and construction loans to the tech campus on Roosevelt Island, which it was recently announced Cornell University will helm, in a partnership with Technion-Israel Institute of Technology.

Bloomberg’s dedication of funds for tech amounts to a challenge: “Look out, Silicon Valley,” the Economist said. Over the next 30 years the new campus will generate more than $7.5 billion in economic activity, helping to grow 600 companies and 30,000 jobs, according to figures from the city. [Economist]


Related Articles

arrow_forward_ios
Eric Gordon

Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world

Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Big Tech locations in NYC

MAP: Here’s a look at all the Big Tech locations in NYC

MAP: Here’s a look at all the Big Tech locations in NYC
What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?
From left: LX Collection's Justin Kitrosser, Terry Villani and Jared Seeger (Photos via LX Collection)

New platform aims to be “Neiman Marcus” of luxury listings

New platform aims to be “Neiman Marcus” of luxury listings
NestEgg nabs $7M to pay your rent

NestEgg nabs $7M to pay your rent

NestEgg nabs $7M to pay your rent
Funnel's Tyler Christiansen and Caren Maio

Funnel raises $14.1M as demand surges for online leasing

Funnel raises $14.1M as demand surges for online leasing
Jennifer Berrent (Getty)

Chief legal officer Jennifer Berrent to leave WeWork

Chief legal officer Jennifer Berrent to leave WeWork
CBRE CEO Robert Sulentic (Getty, iStock)

CBRE latest real estate firm to hop on SPAC bandwagon

CBRE latest real estate firm to hop on SPAC bandwagon
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...