Research Innovation

New York’s Innovation Economy

June 2016


New York is unique as a global headquarters city for multiple industries—financial and professional services, health and life sciences, media and entertainment, design, retail and fashion, and, of course, technology. The technology revolution is disrupting traditional businesses in every sector. In New York City, industry leaders have embraced change and are partnering with innovators, rather than protecting the status quo.

To inform the work of the Innovation Council, the Partnership worked with Doblin, Deloitte’s innovation consultancy, to examine the current innovation ecosystem, and identify public and private sector-led opportunities to create an environment where innovative companies can scale up and thrive. The Partnership for New York City’s Innovation Council was launched in 2015 to mobilize the resources and influence of business leaders in support of the city’s fast-growing innovation economy.


New York City's GCP was $704 billion in 2015.


New York City firms employ 208,000 jobs in tech firms and tech jobs in other industries.

Report Highlights

Tech startups in the city are not inhibited by the same issues that concern established companies, such as complex regulation and higher costs. Instead, the hurdles facing high-tech startups are not the conventional ones. For example, while there is a strong perception among startups that government regulation is a hurdle that comes later in the process, if at all, when they are going to market or highly profitable.

Key Takeaways

This report identifies opportunities where collaboration and action can accelerate innovation in New York City.

Clarifying the Ambition
Attract high-growth companies by promoting New York City’s core industries as attractive for tech.

Cultivating an Innovative Business Climate
Create a robust public-private partnership to ensure government leaders are equipped with the knowledge to make decisions around innovation

Aligning Talent
Create partnerships between educational institutions and companies to help facilitate hiring.