Tech:NYC Digest: July 18

Tech:NYC Digest: July 18

July 18, 2022 • Estimated Reading Time: 8 minutes

Monday, July 18, 2022 

In today’s digest, new Tech:NYC initiative alert! Innovation Indicators — plus a groundbreaking new report of new insights — goes live as the hub for measuring the economic impact of NYC’s tech sector.

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By the numbers:  

  • New positive cases statewide: 4,976  

    • New positive cases, NYC: 2,889

  • NYC Positivity Rate (Daily): 9.6%

    • NYC Positivity Rate (7-Day Average): 8.9%

In today’s latest: 

  • NYC remains the epicenter of the country’s monkeypox outbreak, and its leaders call on the federal government to bring more doses to New Yorkers. (Politico) 

    • As of Friday, New York City reported 461 cases of monkeypox, more than 30 percent of the CDC’s recorded cases.

    • New York state this week is slated to receive more than 32,000 additional doses of the monkeypox vaccine. (Spectrum News)

  • A new bill signed into law by Gov. Hochul will soon require new drivers in New York to learn about pedestrian and bicyclist safety before getting their license. (Gothamist)

  • And NYC Restaurant Week is officially underway! More than 600 restaurants in more than 80 neighborhoods are participating this year, offering discounted meals for lunch and dinner. (CBS News)

In other reading:

After months of deep work, today Tech:NYC is excited to launch Innovation Indicators, an ambitious multi-year research initiative to measure the economic impact of NYC’s tech sector. Explore Innovation Indicators here.

  • Innovation Indicators is a first-of-its-kind dashboard serving as the online home for the most up-to-date data on ecosystem growth, funding, jobs and hiring trends, education and skills training, and workforce diversity.

We just wrapped our kickoff event with Mayor Eric Adams, plus a panel of our industry peers, and we’re as excited about the future of our ecosystem as ever before.

  • The new research — published today 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 in New York tech. 

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.

What’s next:

Now that we have this data all compiled in one place, we’re really excited to work with our member companies and city partners (and you all!) to continue developing these indicators as they evolve over time — and to put them to work.

If you had ideas on that, we’d love to hear from you.

  • Nucleus Genomics, a NYC-based DTC genetic testing startup, raised $14 million in seed funding. Seven Seven Six led the round and was joined by Shrug Capital and Founders Fund. (TechCrunch)

  • Particle Health, a NYC-based API platform for healthcare data exchange, raised $25 million in Series B funding. Canvas Ventures led the round and was joined by Menlo Ventures, Story Ventures, and Pruven Capital. (Axios)

  • Stationhead, a NYC-based social music platform for artists and fans, raised $12 million in Series A funding. Buttonwood Group Advisors led the round. (Newswire)

  • Super Mojo, a NYC-based NFT financing platform, raised $6 million in seed funding. The round was co-led by BH Digital, DRW VC, Intersection Growth Partners, and Neuberger Berman. (Businesswire)

  • July 19: In-person: Bloomberg Crypto Summit, with FTX founder and CEO Sam Bankman-Fried, Uniswap Labs COO Mary-Catherine Lader, Grayscale chief legal officer Craig Salm, and others. Hosted by Bloomberg. Register here.

  • July 20: In-person: The City’s Path to Becoming the World’s Crypto Capital, with New York State Dept. of Financial Services Superintendent Adrienne A. Harris, eToro US CEO Lule Demmissie, Genesis CEO Michael Moro, and others. Hosted by Crain’s New York Business. Register here.

  • July 26: Virtual: Mock Term Sheet Negotiation, with Dollaride founder and CEO Su Sanni, Spotify head of innovation and market intelligence Mauhan Zonoozy, Goodwin partner Peter Fusco, and others. Hosted by NYU Data Future Lab. Register here.

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