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Some Startup Founders Leave Silicon Valley 'Bubble' and Head East

By The Wall Street Journal

April 3, 2019

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Some Silicon Valley technology entrepreneurs are relocating to New York City, lured by increased availability of venture capital, skilled professionals, and affordable office space.

New York City Economic Development Corp. president James Patchett cites the growth of venture capital funding as the biggest benefit for New York's technology industry. 

Patchett also said worries about a dearth of skilled computer programmers and engineers outside of Silicon Valley have subsided in recent years.

Will Sealy, whose online startup Summer helps student-loan borrowers find more affordable repayment options, said he opted to remain on the East Coast following graduation from Yale University partly because Boston and New York City's office space is more affordable than the Bay Area's.

Seally also said a key selling point has been the "exceptional" quality of engineers on the East Coast.

From The Wall Street Journal
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