New York City has rapidly been emerging as a hub of tech innovation. But a major, if overlooked, part of that growth has been due to startups founded internationally making NYC their home.
According to a Sept. 30 report released by the Bloomberg Technology Summit, the tech-information sector is now the second largest engine of the NYC economy, responsible for a whopping 262,000 jobs in the city. The growth of the tech sector has driven NYC’s share of the nation’s private sector employment to its highest level since 1992.
Interestingly, a growing number of foreign countries are making NYC the tech innovation center it’s come to be.
From Startup Nation to Startup City
Increasingly, startups founded in foreign countries are putting this booming city on the map. Israel, which has been dubbed the “Startup Nation,” is among those nations churning out big startups and moving them to the Big Apple. The nation is already home to more than 5,000 startups, 70 venture capital firms, 24 accelerators and 250 global R&D centers.
It’s estimated that New York’s startup community consists of at least 200 active startups founded by Israelis alone, including Conduit, Taboola, Kaltura and Fiverr. The majority of these Israeli-founded startups have raised at least $10 million in funding each: Conduit raised $110 million, Taboola raked in $40 million, Kaltura $68 million and Fiverr counts$20 million under its belt. With Israel on the fast track to revolutionizing the tech landscape, in the next decade we can expect to see even more cash flowing into Israeli startups – and importantly, their counterparts in NYC.