For decades, the San Francisco Bay Area has been the “holy land” for software-as-a-service (SaaS) startups. The region’s deep infrastructure of tech investors supported the cloud-based industry’s fast growth. Recently, New York City has started to close the gap in the race for attracting tech companies to the East Coast. Between 2009-2014, the growth of money invested into NYC SaaS companies was twice that of the Bay Area.
New York City offers a critical advantage: Major players for a variety of industries like real estate, finance, and fashion call New York home. As a result, enterprise SaaS companies can take advantage of revenue opportunities by investing in “boots on the ground.”
Here are 3 more reasons why now is the time for enterprise salespeople to consider a NYC-based career opportunity:
A Rapid Shift to Vertical SaaS
The earliest SaaS companies designed solutions to appeal horizontally across industries. However, today’s disruptors are paving the way for vertical-specific companies to thrive. For example, the finance industry relies on cloud-based services for security, stability, and scaling processes. FinTech companies with remote East Coast offices now have critical access to major financial industry decision makers in New York.
Even industry titans like California-based Salesforce adapted to the ever-changing tech landscape. Salesforce innovated from their horizontal solution to offer vertical-specific products for major industries like financial services and healthcare. They solidified their remote expansion by having the Salesforce Tower New York regional headquarters join the Manhattan skyline.
The Benefits of Remote Employees
Many companies hire remote employees to be their “boots on the ground” in new markets. Having a physical New York presence can help Silicon Valley companies save money on cross-country travel and earn new business faster with knowledge sales reps.
For example, I’ve helped fast-growing companies like Gainsight hire remote employees in New York. They needed experienced culture fits who could successfully generate revenue in new markets. As a result, these reps had untapped East Coast industries to explore and increase their earning potential.
East Coast Market Gold Mine
Joining a startup that’s new to the East Coast is a huge financial opportunity. You have easy access to the Boston, Philadelphia, and Washington, DC markets with major industries like government and pharmaceutical. In addition, the entrepreneurial ecosystems of Chattanooga, Tennessee and Atlanta, Georgia are a quick plane ride away. Collectively, these advantages help enterprise reps nurture high-quality relationships outside of the traditional Silicon Valley marketplace.
The enterprise SaaS industry has tremendous potential for success in NYC’s booming startup ecosystem. Venture capitalists and startup accelerators are investing in promising companies every month. This is a great time for experienced enterprise sales reps to make strategic career moves and increase their earning potential.