Not the center, but it still claims capital

Jill Barshay Sep 11, 2007

TEXT OF STORY

Scott Jagow: Silicon Valley is the country’s technology capital, right? Well, depends on how you look at it. A new government study says New York has more high-tech workers than Silicon Valley. But where do investors put their money? That’s another question. Here’s Jill Barshay.


Jill Barshay: You might think that would make the Big Apple fertile ground for venture capitalists, but Matthew Howard of Norwest Venture Partners says investors plow far more money into start-ups on the West Coast.

Matthew Howard: Here in Silicon Valley, we’re in the munitions sector of information technology. We’re building the weapons and tools, the picks and axes that are used for companies, largely for the IT workers in New York City.

Howard says New York’s techies tend to work for big companies, like investment banks. There aren’t many start-ups in the city.

Silicon Valley may have fewer workers. but it’s still a far bigger magnet for entrepreneurs and their financiers. Howard doesn’t expect that to change any time soon.

In New York, I’m Jill Barshay for Marketplace.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.