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New York City Technology and Business Initiatives

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In a city like New York, a constant round of business planning and development is the rule, rather than the exception. New York City is comprised of five boroughs, each of which competes for market share of technology business initiatives to increase employment, as well as to create a solid business base.

The Boom in New York City Tech Initiatives

One of former Mayor Bloomberg’s major initiatives was to create greater competition with Silicon Valley by providing funding for hi tech industries in New York City. Mayor di Blasio has continued this trend to New York City’s advantage. New York City has continued to extend tax breaks to attract technology companies, with Buzzfeed being granted a four million dollar tax credit at the end of Decemeber, 2014, ¬†for its new 194, 000 sq/ft headquarters. Another company to benefit from a tax break was Etsy, with a five million dollar tax break and 200, 000 sq/ft of office space in Brooklyn.

More than $1.7 billion has been acquired through venture capital investments, according to PricewaterhouseCoopers and the National Venture Capital Association, a rise of 138 percent. Evidently, tech initiatives and media disciplines are aiming to help New York City achieve goals competitive with the rest of the world.

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