<p>I think the Cornell+Technion partnership will do a good job of spurring tech growth in NYC. But in terms of competing with (much less overcoming) Silicon Valley, they likely won’t be successful, for two reasons. One, they have to attract significant VC funding, since companies can’t start without some kind of funding (and most VC firms prefer to be in close proximity to the companies they’re funding). Two, they have to overcome the “network effect” of SV. For this same reason, the financial sector is unlikely to shift away from NYC: the draw of a locus of industry in a specific area will alone promote the success of the area. Many cities and countries have tried to create a “tech valley” that will surpass or at least compete with SV; none so far have succeeded. NYC probably stands the best chance, but they still need to figure out a way to keep the VC-funded companies nearby, a feat that’s significantly difficult without land/buildings dedicated to tech companies and startups. It’s important for NYC and many other cities to at least build a viable tech scene, as the US can’t rely on a single area like SV to be its main source of tech innovation.</p>