The official blog of Abacus Group — a place to share our knowledge and thoughts on trends in recruiting

February 13, 2018

The Growth of NYC’s Tech Sector

Earlier this month, John Foley, the CEO of the fitness company Peloton, wrote an op-ed piece for Crain’s on the growth of the tech sector in New York. Peloton, a fitness company that sells high-end indoor fitness equipment with touchscreens to which studio classes are streamed, utilizes the most advanced technology with well-designed fitness equipment and structured workouts. According to Foley, “Unlike Silicon Valley, New York has embraced businesses that marry technology and consumer goods. [Peloton] could not have been born anywhere else.”

Being the financial capital of the world, it is no wonder New York City poses as the birthplace of fintech. The City easily attracted and continues to attract, fintech investors who have the utmost confidence in the pool of financial talent that is so readily available. At Abacus, we have certainly seen the growth of the tech sector in the City. Adam Haworth, Partner, “Over the last 2-3 years, we have experienced a noticeable increase in young technology-focused companies entering the New York market.  This has significantly impacted the need for professionals with industry experience; with a particular focus on accounting professionals with technical expertise, to support new revenue recognition standards.”

Just as New York media outlets such as The New York Times and The Wall Street Journal push to adapt themselves to a growing technological landscape that is shifting from print business, New York financial agencies are too forced to evolve in order to stay relevant. Goldman Sachs recognized the influence of technology on the finance sector and thus invested in several fintech startups and continues to incubate web teams, designers, and product managers. It has truly become an ‘adapt for survival’ situation but these hundred-year-old financial institutions know what needs to be done in order to see another hundred more. This melting pot of multigenerational establishments consisting of multigenerational cohorts, contribute to New York City being home to one of the most complex fintech ecosystems in the world.
Scott Pollack, Associate, Information Technology Staffing, “Over the past 8 years since I have been working in tech, I have seen the New York City market grow exponentially. The most interesting part of the growth, in my opinion, is that it’s across all types of industries. Typically, when we think of New York City we think finance and capital markets. I have seen retail, internet/social media, and real estate companies grow their technology environment way beyond most people’s expectations. With that being said, I am excited to see this continued growth that will push NYC to become the predominant location for technology in the United States.”

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