The world is coming to my party …
In LA, the pitch to entrepreneurs is based on the size of the market and the opportunities it presents. In San Francisco, the pitch is on being the capital for tech and where entrepreneurs are changing the world. In New York, the pitch is based on being the world’s capital for hyphen tech. Fin-tech, fashion-tech, food-tech, real-tech, etc. It was no other than David Rose, founder of Gust and the New York City Angel Investor, who gave it to us. Described by some as the patriarch of Silicon Alley, David has been in the New York tech scene from the start. He’s a founder, an investor, and has authored two New York Times bestsellers on Angel Investing and Entrepreneurship.
New York is an iconic world city. So much so, that for many New Yorker’s, it is the World’s capital. It is the home to the United Nations and most Fortune 500 businesses are head quartered here. It is the advertising, finance, and fashion capital, and with tech now being applied to every business sector, New York is rapidly becoming a tech capital too. Whislt San Francisco is the undisputed centre for tech talent and capital, the New York tech innovation and entrepreneurial eco-system has been steadily growing.
There are over two dozen active angel investor groups in NYC with over 500 active angel investors. On the VC front there are 75 active funds. In addition to this, there are equity crowd-funding platforms as well as city, state and federal funds to support seed stage investments. 2014 was a breakout year for NY in terms of funding with over a billion dollars deployed each quarter (53% increase YoY). Deal numbers have also grown strongly.
In NYC, valuations tend to be less frothy than in California, and there is a very strong numbers focus on the business. Being post-seed funded with customers, revenue and in some cases making a small profit to break even Australian businesses are attractive to East Coast investors. Not everyone here will be expecting you to be the next Uber, but will want to know if you can at least be Lyft. Meaning you don’t have to be changing the world but you do need to be a good business.
The City of New York has also taken steps to support and develop the entrepreneurial eco-system here with a deliberate aim to create and attract early stage companies. The focus in NY has been on helping the start-up community to help itself. The reason for this is that most founders when starting out don’t know how to raise funding, how to find mentors, how to turn an idea into a business. NYC created digital.nyc, a public private partnership to be the connective tissue for the start-up community. The single point to locate events, news, jobs, incubators, accelerators, investors, blogs, etc. The NY Tech Meetup is also the largest of its kind with 50,000 members. In 2015 NY was rated the top city globally by CITIE for its work in developing policy to support innovation and entrepreneurship.
For the enterprise tech founder considering NYC as the place to be, you will have access to more Fortune 500 companies here than any other eco-system, you will find funding for good businesses not just world changers, and you will find a city that is working hard to support innovation and entrepreneurship. In New York, the world could truly be your oyster.
10.00am - 11.00am: Presentation | Insights into the NY Startup ecosystem. Led by David Rose, Founder & CEO, Gust.
11.00am - 12.00pm: Australia vs the US: Founder Presentation | Elizabeth Scott, CEO & Co-Founder, nRapt; Industry Advisor & Principal, DUNCH
12.30pm - 1.30pm: Setting Up a Business in the US: Led by Charles McCormick, Partner McCormick & O'Brien Law
1.30pm - 2.30pm: Presentation | Stragetic Planning, Capacity Planning, Performance Tunning. Led by Luke Tuddenham, VP of the Americas, CTP Global