Week 1 – Insights of Entrepreneurship in Global City:NYC

New York City is a unique place,where you will literally see diversity with people from all parts of the world and gel together to create a unique community within itself,which I think is very hard to replicate in any parts of the world.For example 38.4% of people are foreign born or 49% of people speak languages(170) other than English at home.In this blog I would like to share some of my key take aways and how can we apply that to India or Budapest.

Culture

New York City wasn’t known for its entrepreneurship culture.It has always been the Wall Street of the Country,where majority of people are working for financial people,which still is but there has been a new rage of startups,with help of many incubators such as Varick Street Incubators or NYU Leslie Entrepreneurship lab.It wasn’t something which was there but the Culture was created by the people who realized the potential and spent their time.So It is that culture could be changed,which clears shows that culture can be changed and its the people who change it even if they are from India or Hungary or Venezuela.It could be possible that in some places it might take lot more time but is quite possible.

Resources

One of the biggest resources in Entrepreneurship is the people.It is their energy,passion which is the most important resource and the skills they bring.For Example Andras Blank,Co founder and CEO of Caliber or Antonio Evans,CEO of FriendsEAT or Socialdraft all had the desire to start something of their own.I can see that most of the entrepreneurs or startup are tech based.If I compare the people here with Budapest or Bangalore,It would be foolish to say that we don’t have the human Capital to support it.The question is how do we connect those dots.

Community

One of the best thing,which I found among all the speakers which were coming from different incubators or places like GA.If its a co-incidence or power of community but definitely there is a strong community of entrepreneurs.It is not just helping theming with space or generating funds but find the right team,which is very important for a startups b’coz you go through many ups and downs for which you need a strong team.Most of the time you have brilliant Idea but not a good team.Example Antonio Evans had to change the team.

Overall I feel that these things came naturally to NYC because it had the support of Mayor Blomberg and many more,but I feel that all these things can be replicated in Bangalore or Budapest.

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