New York now ranks fourth in the world in the number of software start-up companies, according to a recent study by Startup Genome, a San Francisco company that conducts research on start-up businesses.
In New York, it found, a growing number of tech companies are making money faster, creating jobs quickly and establishing the East Coast as the premier locale for young digital entrepreneurs.
However, a recent report by Manhattan Borough President Scott Stringer also showed that blacks, Latinos and women were grossly underrepresented in New York City’s startup businesses, reported the New York Daily News.
The report, entitled, “Start-Up City: Growing the Entrepreneurial Ecosystem for All,” points to the lack of talent available to fill the city’s desirable tech positions, which have starting salaries of as much as $65,000.
While 54 percent of employed white New Yorkers work in management, business, science and the arts, only 29 percent of employed blacks and 20 percent of employed Latinos work in those fields, and just one in five of the city’s startups is founded by a woman, the report says
Stringer said he wants the city to launch a city-state financial aid program for students who promise to work locally for at least five years and to create a talent pool so that people who are unemployed today will be employed in the future, reported the paper.
As far as other cities experiencing fast growth, Silicon Valley – home to Facebook Inc. and Apple Inc. – came in first in the study. Israel’s Tel Aviv nabbed the number two spot and Los Angeles came just behind in third.