Tourism is the fastest growing industry in the world, leading to job creation and investment. When it comes to the Empire States is not an exception. According to the Division of Research and Statistics of NY city labor department, with eleven geographically diverse regions, the New York State generate an economic impact of $114 Billion with a record arrival of 252.7 million visitors in 2018. The department also acknowledges that Tourism is the third-largest employer.
New York State is one of the most competitive states in the US; to attract new startups, the local government offers grants to eligible companies and organizations that strengthen tourism and attract visitors to the city. The city also provides matching funds to help local regions reach new market areas and expand programs that generate overnight stays. The city support startups and business growth through a variety of funds, loan, grants, and Financial Incentives. Innovate NY Fund is designed to provide investment capital to seed-stage businesses supporting innovation, job creation, and high-growth entrepreneurship throughout New York State. According to the New York labor department, since the program’s launch in December 2012, the local government has made investments in 81 NYS companies. The Fund’s capital was matched with over $323 million in private sector investment funding, yielding more than $277 million in investment capital for these startup and seed-stage companies. It led to the retention and creation of 2,250 job opportunities for NYS.
Travel tech companies like Alice, Skift, away, or Rolling Globe are taking great advantage of this fast-growing market. From food service to recreation service, tourism and travel companies like Sandeman New Europe, Nowaday, Contiki are trying to position themselves every day to get their share of the market. The city received nearly $65 billion in direct traveler spending in 2016, according to Tourism economics. Thinking about diversifying your investment and business portfolio, NY is the place to start.