New York tech is no longer the equivalent of an NCAA Tournament No. 16 seed just happy to be on the court against Silicon Valley, San Francisco and Seattle.
In fact, the Empire State is becoming a streak-shooting contender with some notable victories.
New York has banking cornered via Wall Street; now its technology businesses are flexing their strength via initial public offerings.
Market-watchers already were aware of Big Apple IPOs such as Etsy, MongoDB, Datadog and Peloton, but there are many, many more coming soon.
- DigitalOcean, a provider of data center and cloud technology.
- Buffalo-based auto marketplace ACV Auctions.
- Real estate brokerage Compass is on file to go public.
- UiPath’s prospectus is expected to land soon.
The timing is right. The volume of IPOs more than doubled last year to 494, according to FactSet.
The uptick over the past few months has extended the IPO crush of 2020.
A CNBC story reports that businesses such as Snowflake, Airbnb and DoorDash each raised more than $3 billion.
The pandemic also sped up the opportunity for tech businesses based in health care, finance and real estate.
Overall, New York is engaged and prepared to increase its share.
“This has been a long time coming for New York tech,” said Mitch Wainer, co-founder of data center operator DigitalOcean, in the CNBC story.
Wainer, who left DigitalOcean in 2018 to begin work with other start-ups, said it’s no mirage.
“There’s been a lot of money, venture capital invested in New York tech over the years,” he said.
The state’s success is driven by those leaders already successful in tech who reinvest in New York and clear the way for talent recruitment, and it doesn’t hurt to have prominent venture capitalists such as Union Square Ventures and Insight Partners.