With the correct amount of tax incentives and other incentives the State of New York could attract many start up technology firms to New York to directly compete with Silicon Valley, New York has the advantage of hosting the worlds busiest city and one of the most talented pool of period nearby.
New york is becoming very competitive in the IT field. The state still lacks much of the manufacturing locations, but there is plenty of land up-state. New York would be an ideal place for electronics research and manufacturing because of the temperature. It is easier to keep a facility cold in a place that is statistically colder than silicon valley.
New York is the most important city in the world. If it wants to compete with any other industry and any other field in any city, it can. New York City even passed Paris as the cuisine capital of the world. New York City can definitely do anything it wants.
The technology industry may be centralized now in Silicon Valley, but other locations are quickly picking up steam in their efforts to be centers of this industry. Portland, Seattle, Chicago - many cities lay claim to being the next "Silicon" something. There is no reason to believe that New York - which already hosts a great deal of technology businesses - could not someday become equal to Silicon Valley in terms of its strength in this field.
New York City has an amazing amount of hubris since information giants such as Tumblr, Etsy, BuzzFeed, or Warby Parker have headquartered there. However, the Silicon Valley isn't an information center of the technological hub, but rather a place where hardware is born. It is a constantly evolving and growing entity -- complete with the history to fuel new minds and thinkers who actually create the hardware that communication technologists take advantage of. New York's giants are application based.