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4 Reasons Why New York is Great for European Tech Companies

If you can make it there, you can make it anywhere: People from all walks of life call New York City home, and so do around 600 tech companies and startups, who collectively raised $11.5 billion in venture capital in 2017. But why set up your first U.S. office in the Big Apple and not the Bay Area? Here are 4 reasons why.

Of course Silicon Valley is miles ahead, but New York has been catching up these last years. [image via theatlas.com]

1. Supportive Environment

From coworking spaces like WeWork, The Yard or Spring Place, to enthusiastic meetup groups like NY Tech Meetup to the plethora of accelerator programs like NYFTL or VentureOut, New York offers a true sense of community where startups appear to be more supportive of one another. It’s a great environment in which to flourish and grow, so it’s no wonder that the number of tech jobs have scaled 30% in the last ten years – twice the rate of overall economic growth in the city – and that tech giants like Google, Amazon, Pinterest have hubs there.

2. Gender, cultural and racial diversity

Compared to Silicon Valley, NYC is much more diverse in terms of gender, race and culture. There’s a reason it’s considered America’s melting pot, with minorities making up over 50% of the population. The city is especially ahead in terms of fostering women entrepreneurs. Accelerators like New York Fashion Tech Lab, for instance, make it a point to highlight women in tech and support their efforts by connecting them with brand advisors. This year they’ve included innovative companies like Narrativ, EON and EverThread, and yours truly, FASHWELL, also made the cut.

3. Industry diversity

Whereas Silicon Valley is often criticized for its one-track-mindedness, New York is home to a variety of cultures and, just as importantly, a diversity of industries. FinTech, BioTech, AdTech and more converge here, making it a well-rounded startup scene with the advantage of having access to rich entrepreneurs and easy funding that are just a subway ride away. It might not be the birthplace of unicorns, but considering that huge companies like Etsy, Casper, Betterment and Warby Parker call New York home, it’s clear that you can do great things without always having to reinvent the wheel.

New York hosts a variety of markets, making it both industrially and culturally diverse. [image via Venrock/techcrunch.com]

4. Ease of access

Last but certainly not least, NYC is quite easy to travel to from any place in Europe. We haven’t paid more than $600 for a flight between NYC airports and our Zurich HQ in the last year, and every trip feels like a breeze. Not to mention there’s something wonderful to be said about having at least four overlapping working hours between timezones – there’s no chance of that on the west coast – which played a huge part in our decision to have an office in New York. This way we can keep the team connected for daily standups, weekly sprint meetings and joint calls.

All four of these factors played into why we at FASHWELL decided to open a New York office. Not to mention that, next to its flourishing tech scene, it’s the fashion hub of the U.S. So come find us at:

6 St Johns Lane
New York, NY 10013
USA

Or get in touch (caitlin@fashwell.com) to learn more about FASHWELL.

This post originally appeared on Caitlin’s LinkedIn blog.

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