Information Technology (IT)

IT Industry Market on the Westcoast

 

The U.S. Software and IT Services Industry accounts for about 23% of global IT spending, more than 55 percent of global ICT research is done in the United States. According to a recent report by market research firm IDC, total spending on hardware, software and general IT services is expected to increase 6 percent to reach roughly $474 billion in 2013. [1] Despite a slow recovery of the overall U.S. economy, decision-makers in the private sector have discovered the need to stay technologically competitive and have redirected funds towards the replacement of outdated technology. The results are specifically noticeable when looking at spending for big data analytics as well as cloud computing and mobility solutions. Another industry segment that has gained significant importance over the years is data security. A recent study by international security organization ASIS and the Institute of Finance & Management (IOFM) estimates the IT-related security market to be worth about $80 billion in 2013. [2]

There are more than 100,000 IT services companies in the U.S., more than 99 percent are small and medium-sized firms with less than 500 employees. These companies can draw on a highly educated and skilled workforce of nearly 2 million people, a number which is still growing. [3]

 

[1] US IT spending to grow 8 percent in 2013
[2] ASIS International – Advancing Security Worldwide

 

Start-up Companies in the U.S.

Legal Considerations for Start-ups 
International companies appreciate the US market for its strong intellectual property right laws and enforcement. However, in response to the fast-paced and every-changing nature of the IT industry, the Obama administration signed the America Invents Act into law in September 2011. This major change to the American patent system assimilates the US legal framework to the European system and makes it easier for innovative entrepreneurs to rightfully monetize their ideas.

Financing your Start-up
In the US, IT start-ups mainly partner with venture capitalists or “angel investors” who provide the necessary financial backing. Venture capitalists will accept entrepreneurial projects based on their potential to revolutionize existing industries or give birth to new ones. Located in close vicinity to (and well- connected with) globally renowned tech clusters such as the Silicon Valley, CA and Seattle, WA, the GACC Office of the Western United States offers ideal opportunities for market newcomers and investors to meet like-minded business partners. 

IT Branches


"High Tech Cluster" on the West Coast