NYC Diversifies With Tech Sector

"Look out, Silicon Valley"-- A decades-long effort to bring technology-based firms to New York City is beginning to see a payoff, according to this piece from The Economist.

"Tech clusters have emerged in Manhattan's Flatiron District and Brooklyn's Dumbo, home to firms like STELLAService and Etsy. Venture-capital firms and angel investors have been looking at New York more seriously than they once did. Henry Blodget, of Business Insider, notes "the financing ecosystem has also gotten very well developed, from late-stage private equity right down to angel investing." Some $1.2 billion was invested by venture-capital firms in New York in 2010. The Big Apple even overtook Massachusetts in venture-capital funding for internet and tech start-ups, making it second only to Silicon Valley."

Thanks to Michael Snidal

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