What’s New This Quarter
How cool is Brooklyn? When Etsy, the online marketplace for handmade crafts and hipsterish vintage goods, goes public later this year, its market cap may exceed $2 billion, making it Brooklyn’s most successful tech company (and one of New York City’s biggest tech IPOs yet). It will be a big boost for the local startup scene after other local retail tech players such as Fab and Gilt Groupe have failed to launch.
New York’s online media is also seeing a growth spurt. Both Mashable and Business Insider announced significant VC investments ($17 million for Mashable and $25 million for Business Insider). Those announcements come at a time when good old AOL is struggling to keep its traffic up: Earlier this year, the Internet pioneer laid off around 150 people, with the majority in sales, and consolidated several of its sites. (Like most media ventures, AOL is moving toward programmatic advertising, which means computers, rather than humans, handle most of the ad sales.)
AOL happens to share its 770 Broadway headquarters building with Facebook, which recently expanded its office space as it attempts to become more of a media player in the city. The social network has continued to hire experts in sales, marketing, and mobile development.
Mayor Bill de Blasio’s $10 million NYC Tech Talent Pipeline initiative continues to support the growth of the city’s tech ecosystem and prepare New Yorkers for 21st century jobs. Through the program, industry partners offer tech skills, training programs, scholarships, critical research, and funding support. “We have a responsibility to ensure all New Yorkers have equal access to the technology education, training and job opportunities that are essential in the 21st century economy,” de Blasio wrote in a statement about the program earlier this year. “We see real opportunities to deliver for our businesses and our people and have come together with leaders across all sectors to realize this vision.”
Statewide, New York’s tech industry added 5,700 jobs between 2013 and 2014, for a total of 346,500 jobs. It’s the state with the third most tech workers in the nation, according to CompTIA’s “Cyberstates” 2015 report. The growth was led by such industry sectors as the IT services sub-sector of computer systems design and R&D.
According to the “Cyberstates” report, New York tech industry workers earned an average wage of $102,000 (ranked seventh among all states), 59 percent more than New York’s average private sector wage.
According to the 2015 Dice Salary Survey, the average salary for a New York City-based IT professional is $95,586, up just 1.8 percent over the previous year and six percent above the national average of $89,450.
- Financial Services
- Telecom (specifically in New Jersey)
Local Employment and Research Resources
- New York Observer Innovation
- New York Magazine/Business
- New York Technology Council
- NY Tech Meetup