Advantages to starting your company in NYC as opposed to Silicon Valley?
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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
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A lot of financial expertise, especially with quantitative analysis. – Starrychloe S. 10 years ago
1 Answer
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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.
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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 10 years ago
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Agree on diversity of industry and people around, which allow for a social life you want. – Webbie 10 years ago
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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 10 years ago
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It's almost like the parking signs in NYC -- you need a PhD to decipher them :) – Nishank Khanna 10 years ago
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Everything in NYC is complicated, life including :-) – Webbie 10 years ago
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