- published: 03 Oct 2012
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Silicon Alley, centered in Manhattan, has evolved into a metonym for the sphere encompassing the New York City metropolitan region's high tech industries including, the Internet, new media, telecommunications, digital media, software development, biotechnology, game design, financial technology (fintech), and other fields within information technology that are supported by the area's entrepreneurship ecosystem and venture capital investments. As of 2014, New York City hosted 300,000 employees in the tech sector.
The term Silicon Alley was derived from the long established Silicon Valley in California. It was originally centered in the Flatiron District, in the vicinity of the Flatiron Building, located on Fifth Avenue near Broadway and 23rd Street, straddling Midtown and Lower Manhattan. Silicon Alley had initially also been a term used to extend to Dumbo, a neighborhood in Brooklyn. Companies that reside in Dumbo range from Web Liquid, a digital marketing agency, to Amplify Education, an education technology company. However, Silicon Alley was always a name more than a place, and as entrepreneurship spread outward to other locations across Manhattan, New York City, and the New York metro area, and evolved beyond Internet and new media ventures, the scope of the term has also expanded to be metonymous for a broad spectrum of entrepreneurial activity throughout the New York City metropolitan region.
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