Advantages to starting your company in NYC as opposed to Silicon Valley?


0

What are some benefits for startups to be in New York City? What things does the city offer that are unique or gives it an upper-hand over Silicon Valley?

California Silicon Valley New York

asked Mar 22 '14 at 11:56
Blank
Rosa Marty
15 points
  • A lot of financial expertise, especially with quantitative analysis. – Starrychloe S. 5 years ago

1 Answer


1

I've lived in both the bay area and NYC, but my answer might be biased since NYC is home. Here are the key benefits over Silicon Valley:

  • 10 years tax free for startups. No income tax, business, corporate, state or local taxes, sales and property taxes, or franchise fees.
  • Access to a lot more markets than just tech (finance, advertising, fashion, food)
  • Fastest growing ecosystem for startups
  • You can have a social life in NYC completely separate from work, and have friends that work in other industries.
  • There is no need to have a car in New York.

The biggest downside: You have to be self-motivated to survive in New York. Since you're not constantly surrounded by people doing what you're doing. The bay area has the upper hand in that aspect.

answered Mar 22 '14 at 12:42
Blank
Nishank Khanna
4,265 points
  • Tax free is an initiative of NY state, not NYC and is for "tax-free sites", e.g. certain locations. I just paid an outrageous NYC tax for profits in 2013 :-( – Webbie 5 years ago
  • Agree on diversity of industry and people around, which allow for a social life you want. – Webbie 5 years ago
  • The "tax-free sites" are indeed one of the most complex requirements of the program. I saw CUNY colleges at the bottom of the list so thought it applies to the ones in NYC: http://startup.ny.gov/find-space/eligible-spaces/Nishank Khanna 5 years ago
  • It's almost like the parking signs in NYC -- you need a PhD to decipher them :) – Nishank Khanna 5 years ago
  • Everything in NYC is complicated, life including :-) – Webbie 5 years ago

Your Answer

  • Bold
  • Italic
  • • Bullets
  • 1. Numbers
  • Quote
Not the answer you're looking for? Ask your own question or browse other questions in these topics:

California Silicon Valley New York