Silicon Valley may be the big dog when it comes to tech startups but it’s at The Big Apple where the American dream is truly realized. The tech startups and small businesses in San Jose City, the epicenter of tech disruptors in Silicon Valley, could only muster up an annual revenue average of $748,529 versus New York City’s small businesses who average yearly earnings of up to $1,016,446 according to Biz2Credit’s yearly study.
New York City has been taking the cake as the best place for small businesses for two years straight now which is a surprising streak because the boom of tech startups and the small businesses that cater to them have concentrated largely on Silicon Valley. According to the study, The Big Apple’s success is because of the diverse industry base and dynamism. Silicon Valley’s focus on tech has left out some industries thus hurting their overall economic impact.
Furthermore, the imbalance of earnings has driven rents up putting businesses not involved in tech at a huge disadvantage.
The diverse industries already in place in New York City inspires a stable economic growth that is inclusive for all stakeholders.
In addition to this growth, the city’s mayor, Bill De Blasio, is pushing to make the city competitive for tech startups as well as other small businesses. It’s also focusing on biotech by earmarking $500,000 for biotech companies who want to set up shop in the city. All of these efforts help most industries to flourish. This inclusivity brings more economic diversity to the city as it attracts other industries such as urban farming.
According to CNBC, these are the top 25 cities to start a business in. (last year’s ranking are in parentheses)
- New York City (No. 1)
- San Jose, California (No. 4)
- Miami-Fort Lauderdale (No. 2)
- San Francisco (No. 8)
- Los Angeles(No. 5)
- Riverside-San Bernardino, California (No. 10)
- Washington, D.C. (No. 16)
- Austin, Texas (No. 3)
- San Diego (No. 14)
- Sacramento, California (No. 18)
- Phoenix (No. 7)
- Chicago (No. 19)
- Dallas-Fort Worth (No. 13)
- Seattle (No. 6)
- Atlanta (No. 20)
- Baltimore (No. 12)
- Denver (No. 17)
- Las Vegas (No. 23)
- San Antonio (No. 21)
- Detroit (No. 15)
- Houston (No. 11)
- Philadelphia (No. 24)
- Portland, Oregon (No. 11)
- Charlotte, North Carolina (No. 22)
- Kansas City, Missouri
