The tech ecosystem in Brooklyn is thriving. Even with the COVID-19 pandemic disrupting many businesses, Brooklyn remains resilient and also remains a hub of innovative technology solutions. Read more to know the reasons why this part of NY is a prosperous place!
Brooklyn has become a vital part of the tech ecosystem in New York City, with increasing numbers of startups and tech companies choosing to establish themselves there. Over the past decade, Brooklyn has emerged as an attractive spot for tech entrepreneurs looking for cost-effective office space, access to larger talent pools, and proximity to Manhattan's major venture capital firms. You can hear many success stories related to this place. This growth has helped make Brooklyn one of the most dynamic neighborhoods in the city and a hub for innovative businesses.
Several factors fuel the Brooklyn tech scene. First, the borough's relatively low cost of living compared to other parts of NYC allows new businesses more leeway regarding startup costs; this creates an attractive environment for existing companies and startups looking to establish a presence in the city.
The borough has become a hub for innovative startups, creative professionals, and tech-savvy entrepreneurs. In recent years, significant VCs have poured money into Brooklyn's tech scene to capitalize on its potential for growth. As a result, investments in the Brooklyn tech scene have grown from $59 million in 2017 to over $1 billion in 2020.
Some of the most notable investments include venture funding rounds from Union Square Ventures, Thrive Capital, and Insight Venture Partners. These financing rounds have been pivotal for many of Brooklyn's leading startups, such as Gusto, Felix Gray Eyewear, Zola Wedding Registry, and Quartet Health.
4. Opportunities for Talents
Additionally, Brooklyn's growing talent pool of tech professionals gives startups access to highly skilled personnel who can help take their businesses to the next level. They cooperate with various companies like mlsdev.com software development services company, creating a powerful network. With major universities and colleges such as NYU, Cooper Union, and Columbia nearby, Brooklyn is well-positioned to continue attracting top talent.
According to research conducted by the Center for an Urban Future (CUF) in 2019, there were over 28,500 jobs at startups and tech companies in Brooklyn as of that year — a 7 percent increase from 2018.
Moreover, Brooklyn's proximity to Manhattan makes it an ideal location for companies looking to be near venture capital firms – something vital for obtaining funding and scaling up operations quickly. That has been incredibly beneficial to early-stage startups that need investment capital but don't yet have the resources or revenue potential that more prominent investors require.
6. Governmental support
Finally, the borough also benefits from strong government support. In recent years, the city has made significant investments in tech infrastructure and job-training programs, which have helped create an encouraging environment for new businesses.
Talent Pipeline initiative, for example, ensures businesses have access to the talent and skills necessary for success. This initiative includes a series of programs to connect students with internships in the tech industry and provide job training and career counseling. They also launched a series of initiatives to support the creation of new tech startups, such as tax incentives, grants, and investment funds.
It has allowed Brooklyn to become a destination for entrepreneurs worldwide looking to launch their businesses.
Brooklyn has become a significant player in the NYC tech ecosystem, and its future is bright. With access to a deep talent pool, affordable office space, strong government support, and proximity to venture capital firms, it's no wonder many startups are turning to Brooklyn as their go-to spot. As the city continues to invest in its tech infrastructure and foster innovation through initiatives such as StartupNYC, there's no telling what heights the borough can reach shortly.
Author’s bio: Anastasiia Lastovetska is a technology writer at MLSDev, a software development company that builds web & mobile app solutions from scratch. She researches the area of technology to create great content about app development, UX/UI design, tech & business consulting.