The New York Tech Sector Pulse
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].