New York City's Startup-Friendly Agenda

Oct 13, 2011

New York 1There is no shortage of venture capital in the state of New York. Mayor Bloomberg recently boasted about beating Boston in startup investment numbers. In the third quarter, New York firms brought in $831 million from 86 venture capital arrangements, while in the state of Massachusetts, firms brought in $710 million from 83 investment deals. The numbers were determined by a survey from CB Insights, which shows that California is still the venture capital leader in the United States. Mayor Bloomberg has pushed a startup friendly agenda, revealing an initiative to create a council on technology and innovation as well as a series of forums on immigration law to leverage the city’s culturally diverse communities for startup talent.

An article from Portfolio reports:

One of the advantages he [Michael Hussey from PeekYou] believes those starting businesses in the Big Apple have over their Silicon Valley and New England brethren is the lack of tech experience among their investors. “Speaking strictly from anecdotal evidence, I sense that since many NYC-based angel investors are less experienced with technology, they place more energy focusing on the bottom line—a message every startup entrepreneur needs to hear and think about every day,” he wrote in an e-mail interview with Portfolio.com.

And, Husssey wrote, it may actually be easier to attract tech talent to startups in New York for an odd reason: He argues that New York may be a cheaper place to live than Boston or San Francisco, for young engineers bent on creating the next big thing.

Continue reading the article here.

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