Innovation Indicators all-member email

View this email in your browser

This week, Tech:NYC is excited to launch Innovation Indicators, an ambitious multi-year research initiative to measure the economic impact of NYC’s tech sector. We hosted a kickoff event to celebrate the launch with Mayor Eric Adams, plus a panel of founders and other industry leaders, and we’re as excited about the future of our ecosystem as ever before.

The project is a first-of-its-kind data hub for the most up-to-date metrics on ecosystem growth, funding, job growth and hiring trends, education and skills training, and workforce diversity.

The new research — published for the first time in New York’s New Jobs Engine, a groundbreaking new report produced by the Center for an Urban Future and Tech:NYC — demonstrates there’s much to celebrate. The NYC tech sector added 114,000 new jobs since 2010 and accounted for 17% of the city’s entire job growth in the past decade.

Among other new findings:

• 25,452: NYC is home to more than 25,000 startups, an increase of 145% from a decade ago (10,349 in 2011).

• $371 billion: The total ecosystem value in 2022, more than double the value in 2021 ($189 billion) and five times the value in 2018 ($71 billion).

• 1,790: The number of active VC firms and investors located in NYC (compared to 621 in 2010).

• 142%: Growth of NYC’s tech sector since 2010, a rate 17 times faster than finance and insurance (8.4%), five times faster than advertising (29.7%), and three times faster than healthcare (46.1%).

• 15.6%: New York’s share of all jobs nationally in internet-related tech companies, nearly double its share from a decade ago (8.9%).

• 8.7%: The tech sector has been one of the few bright spots since the start of the pandemic, with employment growing by 8.7% since February 2020. During the same period, private sector employment in the city declined by 5.3%.

Along with these findings and more, the report shares a list of recommendations on how policymakers and other city leaders can ensure NYC remains an attractive magnet for the next generation of entrepreneurs.

We want young talent and established founders alike to think of NYC first. We want the strength of the tech sector to also be the strength of the city more broadly.

Now that we have this data all compiled in one place, we’re really excited to work with our member companies (you all!) to continue developing these indicators as they evolve over time — and put them to work. If you have ideas, we’d love to hear from you.Jason Myles ClarkExecutive Director, Tech:NYC