New Delhi [India], October 3 (ANI/Mediawire): When it comes to business, the east-coast and its 'Silicon Alley' is the abode of the well-heeled Fortune 500 organisations, a powerful banking system and the New York stock exchange. Four of the top-ten metropolitan hubs call east-coast their home making this region a fertile ground for successful businesses. New York city, Boston, Newark, Washington DC, Atlanta, and Miami fare as the prominent metropolitan avenues. According to recent statistics the New York metropolitan area is expected to grow to $2.3 trillion by 2023. 73 of the world's Fortune 500 companies representing two-thirds of America's GDP as of 2019 are headquartered in New York.
While compliance and taxation policies are concerning for small and medium business, the doubling of NYC's FinTech sector compared to Silicon Valley's should be construed as positive. With over 8.5 million residents, NYC has a strong presence across a variety of industries, focusing predominately on finance, artificial intelligence (AI), big data and analytics, cybersecurity, design and creative industries, and is bustling with start-ups. NYC is the world's second leading tech ecosystem, attracting top talent and entrepreneurs. Along with Atlanta, the city of New York, acts as a vital cog of the banking and financial services sector. As of 2019, an industry report estimates Atlanta as the 'transaction alley' with a 70 per cent share in America's card- payment transaction.
While policies empowering start-up ideas on the east-coast are very similar to the ones in the west-coast, the latter offers an unparalleled access to talent, skilled labour, and research and development. Sectors such as life sciences, FinTech, agriculture, cybersecurity and a host of creative
sciences ride on the back of myriad technologies. The availability to knowledgeable talent-pool and universities is what sets apart this geography. Both New York and Boston are renowned for their access to education. For Boston as an AI hub, its universities are the ecosystem drivers. The Massachusetts Institute of Technology (MIT) is a pioneering research house and a birthplace of several start-ups. So are other institutes such as the Harvard University for artificial intelligence and Northeastern University.
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As the capital of the US, Washington, DC has a political environment comprised of many governmental authorities, think tanks, and large global organisations. DC has a strong cybersecurity ecosystem, and the city benefits from the presence of government agencies for sectors such as life sciences and health and the defence industry. And accordingly, its ecosystem is a large receiver of federal (R&D) funding. The Southeast of the US is characterised as a vibrant and diversified economy with the robust FinTech ecosystem combines Fortune 500 companies, a group of dedicated venture capital investors, top ranked universities, and available talent.
With 150 unicorns, US east-coast is a commercial avenue for start-ups and venture-capitalists who may have had a liking to the Silicon Valley. While Silicon Valley offered a peppy start-up culture, the commercial scenario on the east-coast holds the allure of ease to connect with the political eco-system, established businesses, and a rich talent pool. Coupled with factors such as excellent transport connectivity via I-95 corridor; ease of travel on business trips during weekends; lifestyle affordability; soaring per-capita earning enables the east-coast with a better return on investment for start-ups.
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