The city's booming tech industry is reshaping the Big Apple's economy and is setting an example for the entire world, according to a report released Monday.
The study conducted by Endeavor Insight, a business research group, and the Partnership for New York City found that between 2003 and 2013 there were 2,206 new tech companies in New York and they helped create $14.2 billion in investment. Kathryn Wylde, the partnership's CEO and president, said that those tech leaders are reinvesting that money and helping their employees work on their own startups, creating an ever growing cycle.
"Because of the 'pay it forward' attitude of tech entrepreneurs, the business culture of our city has been transformed and tech has emerged as the fastest growing sector of our economy," she said in a statement.
The report as found that between 2003 and 2013, the city's tech sector grew twice as fast Silicon Valley's in terms of dollars invested.The partnership and Endeavor surveyed 2,500 companies and found that several myths about startups were untrue. For example, the average age of a city tech founder is 31 and not recent graduates.
The report said that other cities are closely watching New York's success and are trying to emulate its practices.