Fremont:  There has never been a better time to be an entrepreneur. But it is time to decide where to start your new venture. Previously, Silicon Valley was not doubt the answer to this question. However, in recent times, Silicon Alley, the nick name for New York, is making headlines in the news. This makes it crucial for every wanna-be entrepreneur to decide on the final destination for your venture.

According to CB Insight, a venture capital database service in New York, 48 percent of the total VC funding in the third quarter of 2011 was grabbed by California. However, the battle was between New York and Boston. While New York got 10 percent of the total VC investment, Boston was able to grab only 9 percent of the total VC funding in the same quarter.

On the other hand, New York City Mayor Michael Bloomberg had announced his roadmap to make New York City one of the premier digital city by increasing New Yorkers’ access to new technologies, continuing to make government services more transparent and promoting the tech industry.

With an overall industry-wide explosion in tech startups, New York City has become the second most active tech market in the U.S. after the Bay Area. However, the rate of acceleration is much faster than the Valley. The decreasing cost of entry for tech companies has lessened the risk before real traction is being realized and that makes it the more robust industry. This had led Twitter and Facebook to open offices in Silicon Alley. Google also had its second largest office based out of New York.

For the first time, New York is developing the supporting ecosystem that the Valley has long had. This has not only attracted the startup companies to open offices there, but most of the VC firms have also opened their offices, including Accel Partner and Canaan Partners. The Alley has become the startup leader in advertising, new media, financial technologies thus providing most of the startup companies with a strong social bent, such as Foursquare, Etsy and Meetup.

There is no shortage of debates in the blogosphere as to whether one coast has the advantage over the other; the fact is that the city serves as a hub to several different industries, making for one great innovation. The strong alumni networks act as talent feeders from some of the best universities and graduate programs. It is now up to you to decide the next destination to start business in.