section_path: Economy/Tech and biotech
section_name: Tech and biotech
paragraph_text: Tech and biotech
  
  New York is a top-tier global technology hub. Silicon Alley, once a metonym for the sphere encompassing the metropolitan region's high technology industries, is no longer a relevant moniker as the city's tech environment has expanded dramatically both in location and in scope since at least 2003, when tech business appeared in more places in Manhattan and in other boroughs, and not much silicon was involved. New York City's current tech sphere encompasses the array of applications involving universal applications of artificial intelligence (AI), broadband internet, new media, financial technology (fintech) and cryptocurrency, biotechnology, game design, and other fields within information technology that are supported by its entrepreneurship ecosystem and venture capital investments. Technology -driven startup companies and entrepreneurial employment are growing in New York City and the region. The technology sector has been claiming a greater share of New York City's economy since 2010. Tech:NYC, founded in 2016, is a non-profit organization which represents New York City's technology industry with government, civic institutions, in business, and in the media, and whose primary goals are to further augment New York's substantial tech talent base and to advocate for policies that will nurture tech companies to grow in the city.
  
  New York City's AI sector raised US$483.6 million in venture capital investment in 2022. In 2023, New York unveiled the first comprehensive initiative to create both a framework of rules and a chatbot to regulate the use of AI within the sphere of city government.
  
  The biotechnology sector is growing in New York City, based on the city's strength in academic scientific research and public and commercial financial support. On December 19, 2011, Mayor Michael R. Bloomberg announced his choice of Cornell University and Technion-Israel Institute of Technology to build a $2 billion graduate school of applied sciences called Cornell Tech on Roosevelt Island with the goal of transforming New York City into the world's premier technology capital.