New York City Show Promising Sign to Becoming The Next Silicon Valley

Tech Giants Google and Facebook have shown their presences in New York in recent years. Some big-name newcomers are headquartered here. Plans for an elite technology graduate school, attracted with city money, are getting enough attention that a federal patent officer is being stationed on campus in a first-of-its-kind arrangement.

Entrepreneurs say New York also faces particular challenges, including problematic broadband access in a few areas and a limited tech talent base, though the city is trying to address the concerns. New York solid ground so to speak in financial technology and online publishing, but the growth of social media and digital marketing opens new prospects for a city known for communications, design and advertising. Some prominent start ups  include Foursquare, Tumblr, Kickstarter and Gilt Groupe. They were established in New York in the past five years.

The city’s biggest  move was : offering 12 acres of land and up to $100 million in improvements for a tech-focused graduate school. Cornell University and Technion-Israel Institute of Technology won a competition to run the school, set to start with a handful of students in January. It will be the first institution in the country to boast about an on-campus patent officer, acting U.S. Commerce Secretary Rebecca Blank announced this month. Columbia University and New York University were also offered $15 million apiece in incentives to create new technology programs.