If there were a weekly competition for attention in the tech world, New York City would be a clear winner this week. Members of the city’s tech scene are still celebrating the announcement that Yahoo will buy the New York City-based blogging service Tumblr.
Andrew Rasiej, chairman of NY Tech Meetup, says the $1.1 billion purchase has a lot of people in the city’s start-up community feeling vindicated that Tumblr chose New York as its home, as opposed to Silicon Valley.
“Any city that has high-quality human capital is able to take advantage of technology in new ways,” Rasiej says. “Frankly, New York has the highest concentration of human capital in the world.”
“[It] shows the momentum of tech growth in New York City, especially with younger demographics and mobile,” Haot says. “This is happening in a platform that was grown and cultivated here in New York City.”
It’s a nice moment in the sun. But the so-called Silicon Alley still has a long way to go before it commands the kind of cash that Silicon Valley does.
As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.
Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.
Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.