The New York Tech Sector Pulse

Withum, in collaboration with the
New York Technology Council (NYTECH), recently asked Tech Company executives about the pulse of the tech space in our region. Here’s what we discovered…
  • Our analysis gathered the responses from CEOs, presidents, founders, co-founders, CFOs and others in top management positions in technology companies throughout our region.
  • The inquiry reached deep into the technology verticals to include: fintech, adtech, social and e-commerce to name a few.
  • The analysis was focused on true small-tech businesses, with over 50% of those responding from companies that employ ten or fewer individuals.
  • Nearly 36% of those asked started their businesses in the last five years, with a surprising 13% in business a year or less –a true testament to the vibrant activity flourishing in the regional tech sector.
  • Nearly 70% of the respondents indicated that they experienced an increase in revenues over the prior year with an astonishing 13% growing 50% or more! When it comes to future growth expectations, nearly 80% believe that they’ll continue to experience revenue growth with over 50% forecasting revenue growth in excess of 10%.
  • When it comes to employment in the tech sector, although one-third indicated that their headcount remained the same over the prior year, 10% of respondents indicated that they grew their workforce by over 50%!
  • As for employment predictions for next year, over 98% of those that responded indicated that their workforce will either remain the same or increase. Great news for individuals contemplating a career path that takes them into the region’s tech sector.
  • Hands-down, social networking technologies have had the largest impact on the industry with LinkedIn, Twitter, Facebook and Google+ garnering the top four slots.
  • Outside of revenue and employment trends, those queried are also upbeat about available funding opportunities (50%), opportunities for acquisition and exit plan realization (56%) and the continued availability of affordable space in our region focused on or for the tech sector (53%).
  • When it comes to tapping into foreign talents, over 45% of respondents indicated that immigration reform was either very or extremely important.
  • With a positive feeling on revenue and employment growth and availability of capital, over 38% of respondents felt the number one issue with growth will be in the area of cybersecurity, with Big Data and Digital Health garnering the other top two slots.

Overall, there is a very positive feeling about the current and projected state of technology in our region with a number of those responding vocally upbeat about silicon alley’s importance and visibility in driving technology growth in our country.

For more insight into our analysis or to discuss how WithumSmith+Brown can partner with your tech company to meet and exceed its goals, contact our Technology Services Practice Leader, Jim Bourke – [email protected].

NY-TECH_SURVEY-2015

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