Disruptive Technologists in NYC hosted a panel event on October 27, 2014 at NYIT, entitled, “NYC Social Infrastructure and Tech Ecosystem: Are We at an Inflection Point?” The panel discussed technology start-ups in NYC and factors impacting the community’s growth. A short overview of the recently launched web site Digital.NYC was also given; it is a resource for New York City technologists and entrepreneurs hosted by the City of New York.
The panel “NYC Social Infrastructure and Tech Ecosystem” consisted of angel investor and serial entrepreneur David Rose, Chaz Mee, a brand innovation strategist and entrepreneur, and Bruce Bachenheimer, a Professor and Director at the Pace University Entrepreneurship Lab. Jessica Singleton, Digital Director at Office of New York City was scheduled to participate, but was called away.
Panelists spoke about the changes that New York City Mayor Bill DeBlasio had recently announced in a press conference regarding his technology initiatives. They also discussed whether or not New York City’s tech community had reached an inflection point of growth. New York’s tech ecosystem has been compared to Silicon Valley for yearsand is often referred to as Silicon Alley. The question has been whether this comparison was appropriate or accurate.
Bachenheimer began the evening with a slide presentation of the notable inflection points that have occurred in New York City’s history. He included the 1929 Crash, the City’s virtual bankruptcy in the 1970’s, and the financial crash in 2008. The financial crash directly and adversely impacted the City’s economy which led to changes initiated by the Bloomberg administration. A new course was set to make the City less dependent on the financial industry which the panel felt contributed to the accelerated growth of the City’s tech startup community.
“After the financial crisis, there has been a greater emphasis on non-financial businesses in the City. Also, technology which was previously limited in scope to technology businesses, now runs across almost all business sectors at one time,” said Bachenheimer. As a result technology is being disruptive on a much wider scale in the New York City economy and fostering broader startup formation.
Angel investor Rose noted that New York City’s now has more startups than Boston which is a strong indicator that New York City may be moving closer to the scale and vibrancy of Silicon Valley. Rose has a take on this because of his web site, Gust, which registers startups across the U.S. and New York City.
“Additionally, large companies on the east coast are mimmicking the small work environments of the west coast,” noted Bachenheimer. Entrepreneur Mee agreed that a shift to a more entrepreneurial culture in large businesses is another indicator that the City’s tech ecosystem is becoming more similar to Silicon Valley.
Bachenheimer’s slide presentation listed the important elements necessary to spawn high growth ventures. The top three listed were a trained workforce, formal and informal diverse networks, and education in entrepreneurship. All areas that the panel “NYC Social Infrastructure and Tech Ecosystem” felt New York City has shown depth.
Said Rose, “To watch what has happened in New York City over the decades is really amazing. The city’s tech industry is now growing faster than any place else.”
