A Report by Manhattan Borough President Scott M. Stringer
As perhaps the entrepreneurial capital of the world— from finance and fashion to marketing and media— New York City has staked out a significant presence in this new entrepreneurial economy. Tech-rich entrepreneurial businesses offer a gateway to the middle class for thousands of New Yorkers. Unlike other growth areas of the economy, an entry-level coding job at a start-up tech firm can pay as much as $65,000 a year.
However, as Start-up City notes, the benefits of this economic boom have been concentrated among those few New Yorkers with the resources and skills— both technical and entrepreneurial—to take advantage of new opportunities. The City can do more to ensure that jobs in these industries are truly accessible to all, while also supporting the expansion of existing entrepreneurial businesses.
Start-up City focuses on five major challenges, all of them developed in consultation with experts on the ground:
To confront these many challenges, we make roughly a dozen central recommendations, again developed in consultation with key stakeholders.
Some of the recommendations require Congressional action, including comprehensive immigration reform and enhancing the U.S. Small Business Administration’s Microloan program. However, the majority of the programs designed to boost the entrepreneurial economy of New York can be developed right here in the Empire State.