Tech:NYC Digest: July 19

Tech:NYC Digest: July 19

July 19, 2022 • Estimated Reading Time: 8 minutes

Tuesday, July 19, 2022 

In today’s digest, we’re finally “learning to live with” COVID, the heat is (literally) on, and there are now more tech jobs than Wall Street jobs in NYC.

Was this digest forwarded to you? Subscribe here.

By the numbers:  

  • New positive cases statewide: 5,420   

    • New positive cases, NYC: 3,172

  • NYC Positivity Rate (Daily): 11.2%

    • NYC Positivity Rate (7-Day Average): 8.8%

In today’s latest: 

  • Nearly eight in ten Americans think we won't be rid of COVID-19 in our lifetimes, according to the latest Axios/Ipsos poll. (Axios)

    • 46% think they've had, or suspected they had, COVID at some point during the pandemic, which is actually a far larger percentage than Centers for Disease Control and Prevention estimates.

  • An expert CDC panel today unanimously recommended the Novavax COVID-19 for adults. The Novavax uses different protein technology, whereas Pfizer and Moderna uses mRNA technology, and officials hope the alternative will convince the remaining 23% of US adults who are still unvaccinated to finally get the shot. (CNBC) 

  • Gov. Hochul today announced the launch of a statewide workplace harassment hotline for New Yorkers experiencing sexual harassment at work to receive free and confidential legal advice. (Spectrum News)

  • The long list of candidates vying to represent the newly-outlined tenth Congressional district got a bit shorter today: former mayor Bill de Blasio announced he would end his campaign for the seat. (Gothamist)

  • You may have seen the headlines that the UK logged its hottest day ever today. But if you’re feeling any FOMO, don’t worry: NYC has an entire week of heat waves ahead of it.

In other reading:

ICYMI: we launched our new Innovation Indicators project yesterday. It kicks off a new, multi-year effort to measure the economic impact of NYC’s tech sector over time.

Following last night’s launch event, here are some of the insights being taken from the dataset:

Tech put NYC’s job market on its shoulders during the pandemic. (Commercial Observer)

  • The NYC tech sector grew faster than any other industry in the last decade, and notably, has continued to outpace all other major industries during the pandemic. Employment in the sector has increased by 8.7% since February 2020, a period when overall private sector employment in the city declined by 5.3 percent. 

  • In 35 of the 37 verticals we analyzed, the number of startups in each grew over the last five years — especially AI, e-learning and edtech, and women’s and family health.

There are now more tech jobs than Wall Street jobs in NYC. (Crain’s New York Business)

  • Tech isn’t yet the city’s largest industry — that title still belongs to healthcare — but it has experienced the most growth. 114,000 tech jobs were added between 2012 and 2021.

  • That translates to an incredible 142% growth rate, compared to an 8.4% growth rate in the finance industry during the same time.

  • Tech also represents far more new jobs than the combined total of jobs created by hospitals (3,800 jobs), the construction industry (28,600), the film & television sector (18,600), the securities industry (17,000), and law firms (3,000).

These are impressive numbers, but here’s what the data tells us: Key to New York tech growth is New York.

  • The first in a list of recommendations we make in response to the data is to prioritize city infrastructure. Investments in parks, transit, art and culture, and public and affordability measures will be key to retaining talent and ensuring our continued strength as a place where tech workers want to live and work.

In other reading:

  • AppViewX, a NYC-based automated machine identity management platform, raised $20 million in Series B funding. Brighton Park Capital led the round. (Businesswire)

  • Hearth Display, a Brooklyn-based digital touchscreen board company, raised $3 million in seed funding. Participating investors include Female Founders Fund, Stellation VC, Precursor Ventures, and a group of angels. (TechCrunch)

  • HireArt, a NYC-based contract worker hiring and onboarding company, raised $26 million in Series B funding. Three Fish Capital led the round and was joined by a group of angels. (TechCrunch)

  • Meow, a NYC-based crypto corporate treasury company, raised $22 million in Series A funding.  Tiger Global led the round and was joined by QED Investors, FTX, and others. (Pitchbook)

  • 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. Use code “FCRYPTO” for discounted tickets. 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.

Any feedback or suggestions of things to add? Get in touch here. Was this digest forwarded to you? Sign up to receive it directly here.