NYC, France Partner on Tech Expansion Initiative
French companies have invested more than $7.2 billion and created in excess of 21,000 jobs in the city over the last 15 years. At present there are 180 French startups in New York City engaged in such sectors as advertising tech, artificial intelligence and retail.
NEW YORK CITY—New York City and France have announced they are partnering to foster the expansion of tech and innovation firms across the Atlantic.
The partnership between the respective French and New York City economic development organizations—La French Tech NYC and the New York City Economic Development Corp.—along with the Consultate General France will offer support and guidance for business expansions and create a pipeline of data and information sharing on local economic trends. NYCEDC and La French Tech NYC say they have identified points of contacts that can support startups in their expansion plans and provide them with referrals to government-supported co-working/incubator spaces in the city.
Other facets of the initiative include staging events and communication campaigns about their respective services and ecosystems. NYCEDC will also work closely with La French Tech NYC to identify new opportunities, government programing and resources to encourage expansions and investments.
City officials estimate that 30 new French firms engaged in such sectors as cybersecurity, edtech, and e-commerce are contemplating expansion plans in New York City this year.
French companies have invested more than $7.2 billion and created in excess of 21,000 jobs in the city over the last 15 years. At present there are 180 French startups in New York City engaged in such sectors as advertising tech, artificial intelligence and retail. French officials touted international accelerator programs, such as ImpactUSA run by Business France, as helping French star-ups in the U.S. raise more than $169 million and successfully expand their operations to New York City and San Francisco.
The new partnership agreement is the result of both French and New York City initiatives. NYCEDC’s partnerships team, which was announced as part of Mayor Bill de Blasio’s New York Works plan, developed the deal on behalf of the city as part of their work to drive new business expansions. The Consulate General of France developed the partnership with New York City as a result of France’s efforts to increasingly support French tech firms domestically and abroad.
“The only way New York will continue to thrive and raise the bar for cities around the world is if we maintain our reputation as a bastion of diversity,” said James Patchett, NYCEDC president and CEO. “The partnership signed today reaffirms our commitment to immigrant entrepreneurs and our longstanding relationship with France. We look forward to welcoming more French companies to our great city.”
“New York is one of the most dynamic tech hubs and has become the first destination in North America for French entrepreneurs, added Consul General of France Anne-Claire Legendre. “This agreement with New York City has been established to help those entrepreneurs develop their startups, including having better access to local incubation programs, co-working space, work visas and public procurement.”
The strength of New York City as a haven for start-ups was bolstered by the Global Startup Ecosystems Report 2018 released last week that touted the city as the world’s second highest performing ecosystem, with more than 7,000 startups and more than $71 billion in ecosystem value. The sector has grown rapidly in the past five years, going from $2.3 billion invested in tech startups in 2012 to approximately $13 billion invested in 2017. The city is now home to more than 326,000 jobs in its tech sector, according to the report.