In 2008, New York City experienced a severe economic downturn. Many people were left unemployed. After a few years, the startup community started to grow in this city. Over the last five years, about 450 startups were launched in the New York City. Looking at the statistics, NY seems to be a great place to start your own business. Here are the main reasons for it.
1. It is a business city
New York has been the international business hub of U.S. for many years. Ther right infrastructure is present for start small businesses. There is enormous investment capital.
2. It has an appropriate ecosystem
New York offers the right environment for your business to go from the conception stage to the launching stage. You need capital to do business. New York has a huge capitalist environment. They provide funding at all levels.
3. The Government of NY is helpful
There were always government initiatives to help startups and small businesses to grow. Various programs were introduced, and non-profit offerings were made across different industries.
4. Influence of the Wall Street
After the collapse of the Wall Street, many professionals were out of job. They started to have their startups. They used their network to offer solutions for small businesses.
5. Positive living condition
You need good people to help you in your business. New York offers everything for a person to read. The city attracts more people to live here. Thousands of people have already shifted to their new address.
The startup scene in New York is very promising. With the right opportunities, people will be able to have successful startups in New York.