For decades, New York City was considered as the financial hub of the country. While startups were more common in Boston and Silicon Valley, the times are now changing. The scenario for startups is changing rapidly in NYC, where activity has successfully surpassed that in Boston in the current year. The city is growing out of its financial-capital status, fast becoming a hub for some major technology startups in recent years, such as Foursquare and Etsy.
According to a study conducted by Startup Genome, a research company based in San Francisco, New York ranked as the fourth city with the most startup activities in the world this year, followed by Boston, which was considered to be the primary hub of entrepreneurs in the East Coast. While NYC cannot compete with the Silicon Valley when it comes to tech startups, the growth rate is still quite staggering.