In the heyday of the Internet Boom, the talk of the town was Silicon Valley, and rightfully so. Investors were pouring in oodles of money to fund startups that ranged from companies that procured goods for you through e-commerce to online diaper subscription services. It was the hot area of a hot market. The Internet Bust normalized Silicon Valley, however. Jobless rates skyrocketed and many businesses closed, an obvious side effect of unchecked growth.
As of late, Silicon Valley has been on the rebound. This is a plus for the area, but it still doesn’t erase its rise and fall history, nor the sour taste left in the mouths of entrepreneurs and investors alike. Moreover, there are certain side-effects that make Silicon Valley and many parts of California undesirable in terms of business environment, one of them being cost of living. In the land of $1 million mobile-homes and haut-couture clothing galore and horrible traffic problems, it is very unfeasible to use it as a first-choice homebase for a startup software development company unless you have something in particular keeping you there (like you really, really like the area). If someone is searching for a place to startup, however, Silicon Valley may not be their first or best bet. Where should you go then? Tech Valley of course.
Tech Valley is the name given to the Capital Region (the area surrounding New York’s capital, Albany), an area burgeoning with technological growth in fields ranging from nanotechnology to software development. Tech Valley has many advantages when it comes to promoting and fostering business growth. From the cost of living standpoint, Salary.com’s cost of living calculator shows that moving from Albany, NY to Silicon Valley (San Diego, CA) roughly amounts to a $14,000 drop in disposable income, including any expected increases in pay for equivalent jobs. Many people will point to the fact that Silicon Valley is in California and that the weather is nice, and I can’t argue with that, but life isn’t just about weather. There are many things to factor in, and that’s why Albany is the place to be for those interested in tech and science jobs. There have been many things happening in the Capital Region as of late, most of which point to a very positive growth pattern for the Capital Region’s economy and well-being, and those that live here are bound to benefit from it. Just to summarize, some of the more notable achievements and facts for the area include:
- Rensselaer Polytechnic Institute (RPI) and the State University of New York (SUNY) at Albany have some of the most respected facilities for nanotechnology research in the country. (Yes that’s only one source, but trust me, go browsing)
- Another technology park is being opened in Tech Valley named Luther Forest. It will house companies working in everything from nanotechnology to alternative fuels.
- RPI is considered one of the most connected campuses in the nation and is a highly regarded engineering institution with one of the oldest incubators in the country
- Albany is the site of a $200 million convention center that aims at attracting some of the countries largest conventions
- The Milken Institute ranked Albany as one of the smartest areas in the U.S. outranking even San Francisco in some ratings.
- Delmar, NY (part of Albany) was ranked the 22nd best place to live in the U.S. by CNN Money
- Crime data shows that Colonie, NY (part of Albany) is one of the safest towns in the United States.
- Tech Valley High will be one of the nation’s only high school’s geared toward immersing students in new and emerging technologies
- Albany was ranked 15th best place to relocate a business.
- Considered an IT hotspot by eWeek magazine.
- Sperling’s BestPlaces ranks Albany as the least stressful metro area in the country.
In addition to this, the quality of students in technology related fields that come out of area universities is very high, making the area an excellent source of human capital. When looked it as a whole, it seems quite reasonable that starting a technology firm in the Capital Region will benefit greatly from area growth. But what do all the technologists do on their spare time? Plenty. The area is home to beautiful lakes (Lake George, Lake Champlain, Lake Sacandaga), top rated ski resorts (Killington, Hinter, Gore), and attractions (Pepsi Arena, Six Flags Great Escape, The Palace Theater), not to mention the popular Saratoga Race Track (yes, horses). This is definitely a formula for growth. Ask yourself this, why do Venture Capitalists invent in small companies and not in Microsoft stock? Because it gives them high yields. Granted, there is a risk to everything, but that’s part of the game.
