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?
Airbnb CEO Brian Chesky. (Airbnb, Getty)
Airbnb’s losing spree continues with $1B loss in Q1
Airbnb’s losing spree continues with $1B loss in Q1
Chief People Officer Carolyn Patterson (Getty, Yelp)
Yelp to experiment with return-to-work plans
Yelp to experiment with return-to-work plans
Better.com CEO Vishal Garg (Better.com, iStock)
Mortgage lender Better to go public via SPAC merger
Mortgage lender Better to go public via SPAC merger
Douglas Elliman's Scott Durkin and Connie Mui-Reilly (Douglas Elliman, iStock)
Elliman launches portal to streamline agent resources
Elliman launches portal to streamline agent resources
The Real Deal's Hiten Samtani and Urban Green Council CEO John Mandyck
Watch: Urban Green Council’s John Mandyck on tackling climate change in NY
Watch: Urban Green Council’s John Mandyck on tackling climate change in NY
arrow_forward_ios

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

Loading...