“ The international community is vital to the growth of the city ’ s tech ecosystem ”
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INTERNATIONAL DAY
Tech and the City
An interview with Gianluca Galletto , Director of International Affairs , NYCEDC
Why does tech matter in the city ?
Technology is disrupting every traditional sector across the world---from manufacturing to media , fashion , and education . In New York City , we ’ re working to make sure that every part of our economy can benefit from that disruption .
After the recession , we asked what we can do to diversify the city ’ s economy away from its reliance on the finance and insurance industries .
So we developed the Applied Sciences Initiative , a series of university partnerships that will encourage business ecosystems related to urban innovation , data sciences , integrated media , bio-technology , and digital technology . The Applied Sciences Initiative will double the number of engineering grads in the city and create more than 48,000 jobs , with an economic impact of $ 33 billion in less than a generation .
What ’ s the outlook for tech in the city ?
The Applied Sciences Initiative , or AppSci , served as an anchor institution to New York ’ s tech scene and demonstrated the City ’ s commitment to the industry . The talent and innovation have followed . We have become the fastest growing tech ecosystem in the entire world . Nearly 300,000 New Yorkers work in the tech economy , with employment growing faster---7.6 % per year---than any other sector . We ’ ve seen over 4 billion dollars of venture capital flowing into the New York City area over the last year alone , contributing to what ’ s already a $ 156 billion tech economy .
Where are the gaps in the NYC tech industry ?
There are two major challenges we face in New York ’ s tech ecosystem .
The first challenge is to make sure that all sectors of the economy are strengthened by technology---to make New York City the capital of “ hyphen-tech ”: media-tech , health-tech , finance-tech , and so forth . One example is manufacturing . Throughout Europe and North America , manufacturing jobs have seen a major decline because of technology . But with growing public sector support , New York City is seeing a renaissance of advanced manufacturing techniques , bolstered by a new generation of technologies like 3D printing and the use of networks and sensors for production . As one European entrepreneur said , New York City is becoming the “ hardware capital of the world .” But we need to make sure that tech de-
“ The international community is vital to the growth of the city ’ s tech ecosystem ”
livers on its full promise in every sector .
The second , and maybe more important piece is to make sure that tech is reaching all New Yorkers in all five boroughs , regardless of their background or skill level . Tech is particularly promising in this space , since anyone with an internet connection can theoretically teach themselves to code and innovate . But we are working to make sure that all New Yorkers , particularly those from underserved communities , are prepared for 21st century jobs and have access to the resources and career pipelines that get them there .
How can international companies fill these gaps , and what do they have to offer NYC ?
The international community is vital to the growth of the city ’ s tech ecosystem . First off , the Applied Sciences Initiative is anchored by the Cornell-Technion Campus at Roosevelt Island , which is itself a global partnership between Cornell University and Tel Aviv ’ s Technion Institute of Technology .
But as we look to diversify into new areas of tech-enabled innovation , business partnerships with international companies will be how New York City ’ s tech ecosystem- --and tech innovation worldwide---will
9 / 15 @ 1:45 pm : Cities and Investment
Gianluca Galletto joins other city leaders in a panel discussion on “ Promoting Innovation and Ensuring an Equal Playing Field : The Search for the Right Balance in the Sharing Economy .”
grow . We have advanced manufacturing companies from Holland setting up shop in Brooklyn , Danish companies developing resiliency tech in the Urban Future Lab . And the more of those collaborations that we nurture , where international companies set up shop throughout the five boroughs , cross-pollinate their ideas in one of the most innovative markets in the world , and hire talented New Yorkers of all backgrounds in career-building jobs , the closer we come to filling those gaps .
How does NYC position itself internationally within the global tech ecosystem ?
There are many reasons that New York City is called the capital of the world , and tech is one more .
First , NYC is international friendly : New York is truly a city of immigrants , expats , and internationals , with 43 % of our workforce having been born outside of the United States and almost 800 languages spoken on our streets .
Second , we ’ ve got large markets : The city provides a ready market of 8 million customers in the city limits , and more than 25 million in the metro area . Industries such as advertising , fashion , financial services , and media are centered in NYC , which come with other new opportunities for business expansion . And from here , we ’ re a gateway to the world , serving as a launching pad to make your business truly global .
Third , the vast amount of City resources available : New York City has a whole suite of programs and resources to help you to grow and thrive here – we encourage you to reach out to us if there ’ s any way for us to be helpful to you as your companies plan their expansion into the city .
But the most important thing about being here in NYC is that , at the end of the day , when you ’ re done coding and tinkering , you ’ re in New York City , the most hip and happening part of the world . With access to people in different fields from all over the globe that can challenge you to think in new ways , New York City comfortably facilitates the kind of interactions that are at the heart of innovation .
Gianluca Galletto is Director of International Affairs at the New York City Economic Development Corporation . @ ggalletto
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