Watch out, Silicon Valley. Thanks to Google, Foursquare, and others, the Big Apple is fast becoming home to some top Internet talent.
New York’s tech cred is on the rise: Manhattan-based Foursquare’s geolocation service is the envy of Silicon Valley. Facebook bought out two New York startups, and Google just purchased the huge Chelsea building where it employs nearly a tenth of its global workforce. Now incubators are sprouting downtown, venture capital firms are opening New York offices, and prominent angel investors are spending more time with the scores of developers who crowd into shared workspaces across the city. “New
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Watch out, Silicon Valley. Thanks to Google, Foursquare, and others, the Big Apple is fast becoming home to some top Internet talent.
New York’s tech cred is on the rise: Manhattan-based Foursquare’s geolocation service is the envy of Silicon Valley. Facebook bought out two New York startups, and Google just purchased the huge Chelsea building where it employs nearly a tenth of its global workforce. Now incubators are sprouting downtown, venture capital firms are opening New York offices, and prominent angel investors are spending more time with the scores of developers who crowd into shared workspaces across the city. “New York was 5% of our portfolio just two years ago, and now it is 20% and climbing,” says investor Ron Conway, who today spends 10 days each quarter in the city.
Cheerleaders have long tried to position New York as tech city, but the numbers never held up. In 2005, Internet-content companies in New York received million, while Silicon Valley firms raked in 9 million. Fast-forward to 2010: In the first nine months of this year, venture firms invested 8 million in New York companies, while the Valley’s Net players received 5 million, down from 4 million a year ago.
Why New York, and why now? For many of today’s Internet companies, the competitive advantage lies in the innovative nature of their products, not necessarily their technological prowess. Thanks to Internet-based services such as EC2 from Amazon (AMZN), startups can essentially rent the supercomputing power they need and can launch — and thrive — with fewer than two dozen employees. And while Manhattan has always been home to digital-sales executives, engineers (actual techies) now are moving East. Google (GOOG) has more than 1,000 engineers in New York, some of whom may stick around to start their own ventures. “Not all of them are willing to take risks,” says Fred Wilson of Union Square Ventures, “but many of them could be convinced.”
Indeed, an entrepreneurial ecosystem is springing up in Silicon Alley. Betaworks in the trendy Meatpacking District has funded and supported a healthy portfolio. TechStars, a national program that lets entrepreneurs compete to win seed investment and mentoring, is accepting applications for its first round of New York companies.
New York’s tech aptitude has not gone unnoticed by Silicon Valley. Facebook recently purchased local web service companies Hot Potato and Drop.io. The founders moved to Palo Alto, but many employees stayed in New York. “I’m psyched to be in New York,” says Steve Greenwood, who was Drop.io’s head of business development until November. “This is the epicenter of the next Internet revolution!” These days there’s good reason to believe he might be right.
NYC, Startups, Clippings & Musings
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The post 2005: Funding for NY companies:$61M, Silicon Valley:$209M – 2010: NY:$138M, SV:$205M appeared first on NY French Geek.
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“What are you seeing in general?”
“What’s the breakdown of Alley vs Valley deals you’ve been contacted on?”
“What themes and patterns are developing?”
These are the typical questions we get from the VC’s, Angels, Founders, and Executives with whom we work.
The questions seem to be coming much more frequently these days.
Daversa Partners is a leading executive search firm focused on building teams for venture backed, emerging growth companies. We have 40 people in the firm and offices on both coasts.
Until mid-2009 Silicon Valley had dominated our attention and dwarfed
The post IT’S TRUE: Top Tech Talent Is Now Leaving Silicon Valley For New York City appeared first on NY French Geek.
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“What are you seeing in general?”
“What’s the breakdown of Alley vs Valley deals you’ve been contacted on?”
“What themes and patterns are developing?”
These are the typical questions we get from the VC’s, Angels, Founders, and Executives with whom we work.
The questions seem to be coming much more frequently these days.
Daversa Partners is a leading executive search firm focused on building teams for venture backed, emerging growth companies. We have 40 people in the firm and offices on both coasts.
Until mid-2009 Silicon Valley had dominated our attention and dwarfed the sheer number of companies we have recruited talent for by a 4-1 ratio, driven by breakaway consumer internet businesses as well as the emergence of the cloud based offerings. The big location question used to be San Jose or San Francisco, the valley or the city.
With our good fortune of being able to work with great venture firms and great entrepreneurs, we are often one of the first calls when people need to build leadership teams — thus we become an interesting barometer for the ebbs and flows of industry trends. The most glaring observation over the last year has been that, for the first time in my 20 years of search, the deal flow and investment lines have begun to blur as NY has become a hot-bed for building great tech companies and leadership talent is migrating to New York.
Silicon Valley will maintain its undisputed grip on engineering talent, overall thought leadership and sheer volume of innovation. There is no arguing that point. The depth of the talent pool in the Bay, especially in product and engineering seems almost unfathomable.
But here’s is what has changed: more than any time in recent history I am seeing a migration of talented engineering and operating executives leaving the Bay area and other parts of the country to lead NY companies. As a matter of fact, it seemed commonplace to hear “NFW” when talking to Valley execs as recently as 18 months ago when called about a NY opportunity.
Now we expect the receptivity! There is no doubt that the burst of NY’s momentum is being fueled by signs of life from Madison Avenue and large brands that dominate the East Coast. There is also a newfound energy that is serving as the shot in the arm of vitamin B to Silicon Alley investors and start-up…a signal that Silicon Valley’s birthright and mecca of professions is being threatened (or least facing some viable competition).
Here’s the most telling statistic for us; at least 50 percent of all the projects we do–and we get our share of the plum projects–are coming out of New York. The challenge used to be that NY was viewed as a one hit wonder…if a candidate moved to NY then they knew they would have to consider moving again for that next job. And, even if the candidate did really think about the move, the idea of having to build his/her team was a major issue.
Some of our recent projects have included multiple senior hires for Zynga (CA), CFO of Twitter(CA), CEO of Recycle Bank (NY), CFO of Gilt.com (NY), CEO of Mozilla (CA), CEO of Buywithme.com (NY), SVP of Rockyou (CA), CTO of AOL (NY), VP Engineering Boxee (NY), CEO of Grockit (CA), President of Drop.io (NY), President of Knewton (NY) and CTO of Renttherunway.com (NY), and CMO of The Ladders.com (NY).
What is telling about the NY projects is the infusion of Silicon Valley executives as well as other executives from other locations that often flock to the bay. Gilt’s CFO and President of Stores, Buywithme.com’s CEO and CTO, and Renttherunway’s CTO were either West Coast recruits or from other locations in the country.
In a recent Daversa Speaker Series (a fireside chat we have monthly with industry leaders and innovators), Ron Conway of SV Angels and legendary Angel investor disclosed that 25 percent of his current portfolio of investments are now in NY — up from 5 percent just two years ago. NY has regained some of its swagger thanks to companies like Gilt.com that picked up where Doubleclick left off, setting in motion an ecosystem being developed around the 5th Avenue and Madison Avenue beachheads of advertisers, brands and buyers.
The big question remains: can NY create 2nd and 3rd generation legacy much like executives at Google, eBay and Paypal that have been a part of the Web 3.0 emergence? The theory would go that, as NY companies continue to scale, those companies will create the next generation of innovators. As Gilt, Foursquare, TheLadders, Etsy or Boxee (or whomever the winners will be) grow, employees from these companies will branch out to form new ventures. No longer does great talent have to think of NY as a one hit wonder. The talent pool will grow exponentially over the next 3-5 years. And NY will find itself as the definitive “other” market where great US tech companies are born.
The prevailing theme is that the Valley vs. Alley dogfight is in its early stages and given that there is a flurry of high quality start-ups germinating at a frenzied pace on both coasts, we are already seeing the stepped up and accelerated decision making being made to lock down talent. So, the recruiting won’t get any easier, but the once scoffed at idea of moving to NY to run tech companies will be replaced by the idea that any good exec will have to have NY on their radars.
See Also: Check Out The Silicon Alley 100: The Coolest People In New York Tech
NYC, Startups, Clippings & Musings
Some young couples who are facing different health problem, these individuals can buy remedies from the Web without any problem. Unconditionally, one of the wonderful place where buyers can purchase medicines is Internet. One of the best treatment for inability to get or keep an erection is Viagra. Today sundry articles were published about viagra substitute. You may have heard about “where to buy viagra“. Various companies describe it as “how to get viagra“. Sure, for a lot of guys, bringing up the problem in the first place is the toughest step. The most common perhaps serious side effects of such medications like Viagra is headache. Contact your doctor if you have any dangerous side effect that does not go away. The extremely great point make sure that when you buy medicines like Viagra online, you get real preparation. Some of the web-sites offer really hazardous fakes.
The post IT’S TRUE: Top Tech Talent Is Now Leaving Silicon Valley For New York City appeared first on NY French Geek.
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