Which city will be the next Silicon Valley—New York or Los Angeles?
In this week’s Tech Debate, Fortune digital editor Andrew Nusca and tech writer Erin Griffith debate the budding New York City versus Los Angeles tech scenes.
New York has been the number two city for tech startups and thrived with venture capital firms for the past five to six years, says Griffith. Recently, there has not been a big tech IPO from New York. But there still are lots of one to five billion dollar companies that are about to go public. Unicorns like WeWork and Blue Apron are examples. Griffith points out that the city needs its tech startups to stay there and go public instead of being sold to Silicon Valley companies.
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Nusca argues that New York tech scene has had a lot of promises that didn’t happen, mentioning Gilt Group, Fab, and Rent the Runway. Snapchat’s upcoming IPO and other valuable L.A.-based companies such as Oculus and Cornerstone OnDemand, a cloud-based talent management company, show that L.A. is ready to be the next great tech scene.
Check out the video above for the full debate.