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

TRD 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

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?

From left: Amy Brandt and Dennis Gilmore

First American to buy Docutech for $350M

NestApple head broker Nicole Fishman, Localize.city president Stephen Kalifowitz, RentHop founder Lee Lin and RoomZoom founder Elien Becque

Broker-fee ban could boost some startups, doom others

House Canary CEO & co-founder Jeremy Sicklick (Credit: iStock)

Home-valuation startup closes $65M funding round

City Council Speaker Corey Johnson (Credit: Getty Images, iStock)

City Council wants more oversight of “ghost kitchens”

Kitopi CEO Mohamad Ballout (Credit: Kitopi and iStock)

“Smart” kitchen and delivery startup raises $60M for US expansion

arrow_forward_ios
Loading...