USV partner: Technology is the growth sector of this century, and emerging fields like AI and web3 will power economies across many regions globally
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USV partner: Technology is the growth sector of this century, and emerging fields like AI and web3 will power economies across many regions globally
An article published by The New York Times suggested that the technology industry might no longer serve as the primary growth engine for New York City and its surrounding metropolitan area, as it has been over the past two decades. In response to this view, Fred Wilson, a partner at U.S. venture capital firm USV (Union Square Ventures), shared his perspective. First, office leasing by tech companies has declined, indicating that the tech industry has embraced remote and hybrid work models, thereby reducing demand for traditional office space. Second, the number of average technical workers in New York City has remained roughly stable—although many workers have left the New York metropolitan area, an equivalent number of tech workers have arrived from elsewhere, creating a trend of personnel turnover. Third, since the pandemic, New York City has seen a significant increase in top-tier tech talent. With skilled professionals now able to work from anywhere and no longer confined to the Bay Area, the city’s appeal has grown. Today, USV has more portfolio company leaders based in New York City than before the pandemic. Just the other day, I saw a headline stating that more than half of the top 50 artificial intelligence companies are located in the Bay Area, another 10% in New York City, and nowhere else comes close. Therefore, in many ways, the center of gravity in the tech industry hasn’t shifted dramatically. Technology remains the growth sector of this century, and emerging fields such as artificial intelligence, renewable energy, and web3 will drive economies across many regions globally. New York City will continue to be a major beneficiary of this movement, just as it has been over the past twenty years. The notion that the tech industry will no longer be a growth engine for New York City is misguided.
Navigating Web3 tides with focused insightsTechFlow news — An article published by The New York Times suggests that the technology industry may no longer serve as the primary growth engine for New York City and its surrounding metropolitan area, as it has been over the past two decades. In response to this viewpoint, Fred Wilson, a partner at U.S. venture capital firm USV (Union Square Ventures), shared his perspective.
First, office leasing by tech companies has declined, indicating that the tech industry has embraced remote and hybrid work models, thereby reducing demand for traditional office spaces.
Second, the number of average technical workers in New York City has remained roughly stable. Although many workers have left the New York metropolitan area, an equivalent number of tech professionals have arrived from elsewhere, creating a trend of workforce mobility.
Third, since the pandemic, New York City has seen a significant increase in top-tier tech talent. As individuals with in-demand skills can now work from anywhere and are no longer confined to the Bay Area, the city’s appeal has strengthened. Today, there are far more leaders of USV portfolio companies based in New York City than before the pandemic.
The other day I saw a headline stating that more than half of the top 50 artificial intelligence companies are located in the Bay Area, another 10% in New York City, and nowhere else comes close. Thus, in many ways, the center of gravity in the tech industry hasn’t shifted significantly.
Technology is the growth sector of this century, and emerging fields such as artificial intelligence, renewable energy, and web3 will power economies across many regions globally. New York City will be a major beneficiary of this movement, just as it was during the past two decades.
The idea that the tech industry will no longer be a growth engine for New York City is absurd. But that won’t stop people from making such claims.
