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NYC Startups Celebrate City’s Tech Cred by Ringing NYSE Bell

Nikitha Sattiraju
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NYC Startups Celebrate City’s Tech Cred by Ringing NYSE Bell

(Bloomberg) -- A handful of local technology startups gathered to ring the opening bell at the New York Stock Exchange Thursday, celebrating the city’s evolution as an international tech hub in recent years.

“Ten years ago, tech in New York was people who would meet in Central Park and play soccer and now tech in New York is ringing the bell in the stock exchange,” said Serkan Piantino, co-founder and chief executive officer of Spell, an artificial intelligence company in New York.

New York’s tech industry accounted for 333,000 jobs as of 2019, and counts more than 9,000 startups, according to Tech:NYC’s annual report. In addition to home-grown companies, the giants of Silicon Valley are increasingly expanding in the Big Apple. Alphabet Inc.’s Google, which already has more than 8,000 employees in New York could surpass 14,000 by 2028, while Facebook Inc. intends to double its headcount in the city. Many of the biggest tech companies are gobbling up real estate in Manhattan, seeking to tap the city’s highly skilled and diverse workforce.

@TechNYC celebrates tech startups in NYC https://t.co/CBrUHdTsaJ

— NYSE (@NYSE) January 23, 2020

Companies find that they can recruit people in New York for many different disciplines that are becoming fundamental to the industry, such as artificial intelligence, data science, and computer vision, said Ro Gupta, CEO of Carmera Inc., which makes real-time maps for autonomous driving.

It’s that kind of growth and opportunity that has made the tech industry in New York “incredibly bullish” about its future, said Julie Samuels, executive director of Tech:NYC, a network of more than 800 tech companies in the city. However, it’s becoming harder to hire mid-level and senior employees in the industry, according to a 2019 survey by Tech:NYC and Accenture Plc.

Tech has become a part of the city’s identity, said Aaron Block, co-founder of MetaProp NYC LLC, a venture capital firm focused on real estate technology. “It’s great to see New York embrace this in a way that is going to continue to fuel the growth of the industry locally,” Block said.

To contact the reporter on this story: Nikitha Sattiraju in New York at nsattiraju@bloomberg.net

To contact the editor responsible for this story: Molly Schuetz at mschuetz9@bloomberg.net

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