When hundreds of thousands of immigrants made their way to New York City, they sought the American Dream. Their goal was to start a business that could help them go from rags to riches. Many achieved this goal, helping New York grow into the massive and diverse city it is today.
New York City is still an ideal place for starting a business. The economy is strong, and there are millions of residents in this metropolitan area. There’s also a strong tourism economy, thanks to the many things to do and see in the big city. This brings new companies and jobs from all over the world.
Right now, there are thousands of startups in the Big Apple aiming to rise above the competition. It’s a dog-eat-dog world, but many are finding success that both budding and experienced entrepreneurs can learn from.
Here are some of the most exciting startups for 2017.
1. Thrive Global
Arianna Huffington, former editor-in-chief and co-founder of the Huffington Post, left her role with the major online publication to start a corporate wellness business. Thrive Global is essentially a set of programs, workshops, seminars, and e-courses that teach corporations about wellness in the workplace. They also sell a variety of products like scented candles and pillow cases.
So far, Thrive Global has raised over $7 million in Series A funding. They have the support of Blue Plue, Greycroft Partners, and more. The idea is innovative, and they have the funding to make it work. This consulting and ecommerce startup is likely to set a new standard for wellness that extends beyond New York City.
2. Ellevest
This online financial advising software was founded by Sallie Krawcheck, who was once a major financial guru for Citigroup and Bank of America. Ellevest caters to women with personalized advice and consulting for the best ways to invest their money.
Their gender-specific business model sets them apart from others in the industry. Krawcheck argues that there are vast behavioral differences between men and women, which makes it important to differentiate investment advice. It might seem a little odd at first, but it’s working for this rapidly growing investment firm.
3. Cadre
Cadre is a tech startup that’s all about the real estate investment world. Its founders come from major tech companies like Facebook, Square, and Google, and they bring intimate knowledge of those companies with them.
Here’s how it works: Investors can purchase a small share of a commercial property. They make money from the profits, and Cadre charges them a small annual fee as well as a percentage of the additional profits.
Their business model is smart because everyone wins. New investors have a way to get their foot in the door, and Cadre makes a profit too. Since New York City is the investment capital of the nation, it’s no surprise that they’re doing well in this space.
4. WeWork
One of the biggest challenges for those who work from home is finding the motivation and desire to work. WeWork picked up on that and offered a solution. For a subscription fee, they provide a network of 98 co-working spaces that expand beyond the big city. They’re in 32 cities across the nation with more than 74,000 paying members worldwide.
WeWork has already raised nearly $700 million, and their company is valued at $17 billion. This is an impressive jump for a young startup. Nasdaq speculates that the company will go public sometime within the next year.
5. Lemonade
Arising about the same time that Beyonce’s famous song was released, Lemonade is a peer-to-peer insurance group designed to bring more efficient and affordable insurance to homeowners and renters. Right now, Lemonade’s prices are between two and four times less expensive than the industry average.
Lemonade, which has grown rapidly with subscribers, recognized a strong need for fewer mainstream insurance options. Though they first marketed to those living in their home state of New York, they’ve now become a nationwide business; they started a revolution in the home insurance industry.
There Are Sure to Be More to Come
These are just a few of the many businesses that got their start in the buzzing city of New York. The economy in New York City is booming, and it’s a great place to venture out and try your own business idea.