Being in the Center of World Business: New York. Feedback of Week 1

When I joined the EMBA class in CEU Business School one of the most interesting opportunities what was offered was the New York Module which is initiated by Bala Mulloth and Mel Horwitch. Since I am graduating in June 2015, the timing for the New York Module 2015 was just perfect. Having learned all the necessary topics and being ready to explore the world most exciting Business Capital.

When I arrived first to the city the energy of the city amazed me from the first second. The dynamism and the never ending flow of people captured me. It gave me the feeling of ‘New York is THE place to live’.

And we started on 18th May afternoon with the session of Ziv Navoth. His story was very original. After the army he travelled to India to discover himself what to do in his life and has seen there how people can manage their life in a totally different way than in the states. He started his career with creating CD vendors, Comic Books and continued with a Institute for Technology & Enterprises. The Online Internet Magazine he established has beaten the big Internet Magazines published on paper. This was the sign of power of Internet Marketing. After that he had several successful start-up’s kozma, sixdegrees, webvan, bebo, paragraph. Finally ziv shared also the 10 rules for entrepreneurship like: Just do it, coming up with many ideas which need landing pages  – prognosis – make it – ship it – repeat, Uber Method, build something people want, finish and ship the product, convince yourself, hug a customer everyday, trust your instinct when you feel it’s not right, work out, get over about the feeling that you are crazy.

Second and third day until noon we had the sessions with Acceleration Group presented by Alejandro  Crawford, Brian Gurski and Sujatha Sebastian. For me the biggest hit was even with the first question: ‘what would you like to solve, what would you like to work differently in your country and what would you do to remove obstacles to innovation in a global city’. The questions were concentrating on the most important parts of entrepreneuship: Correct subject, Change and solving obstacles. The main focus of the sessions were on New York City Innovation and Entrepreneurship trends. In the recent decade New York was moving from a Wall Street dominated ecpnpmy to emerging global innovation center. Main drivers for this shift are Fintech, Wave of start-up’s (fashion and technology). The city is a real spotlight on Technology: 7000 tech companies, 100k high tech jobs, 250k tech related jobs in other fields, Ventire capital firm concentration 2nd after silicon valley. The city is a real diverse city spread in 5 boroughs (Manhattan, Bronx, Queens, Brooklyn, Staten Island), 38% of residents are foreign born, overall 170 languages are spoken.

The 2008 recession forced the city to create Ecosystems. Navigating these systems is the real challenge where strong collaboration and harmony is needed between entrepreneurs, start-up’s, companies, social ventures, CBOs and governments. NYC is also the home of FDIs mainly focused on  Software & IT, Business Services, and Financial Services. NYC is also the global international trade leader: home to the 3rd highest number of global corporate headquarters, 2nd highest GDP on the world as a city. The economy in NYC is mainly based on Services (56%), Trade (12%), Finance/Insurance (11%) and Government (13%). Manufacturing (2%) and Construction (3%) is not really major part of the business. NYC has also a historical strength in Fashion (800 fashion design and merchandising companies have their HQs in NYC). Financial sector with 310k direct and 1Mio indirect employees is one of the biggest economic driver. Financial sector is on the other hand a fragile sector as well (since 1990 jobs in financial sector decreased by 23%). The innovative FinTech cluster became of the main economic driver in NYC with the fastes growing rate in the US. NYC has a target of becoming the home of world’s most talented workforce and Cornell Technion Campus is an example for it.

Ecosystem in NYC is the most developed on the world which can be grouped in 4 main segments Innovator, Partners, Supporters, Context. The CAPTURE method of Ecosystem Elements is summarizing the whole system in practical way: Cash and Capital requisite, Access to customers and key channels, Prototypes, Team, Users for providing feedback, Regulatory and non-market stakeholders, Economics for monetizing the venture.

2nd Day afternoon we have visited the NYU Center for Urban Science and Progress. We learned how a city can profit from the big data and overall data which is created daily but so far couldn’t be used in a efficient way. The task of this department is combining ‘Urban Studies, Planning, Political Science, and Architecture’ with ‘ Engineering, Computer Science, Mathematics’. With the analyze of data several solutions can be created for the cities like pollution, noise, traffic and energy efficiency.

3rd Day afternoon we visited the NYU Incubators Center which brought together from many different countries entrepreneurs and start-up’s. The environment they created in the center is amazing. Many start-up’s gathered here to realize their ideas. Since all groups are from different fields there is a chance of collaboration as well instead of pure competition. These incubator senters makes NYC the global attraction center for entrepreneurs.

4th Day the NYU Leslie Lab was another interesting field trip to an collaborator/incubator lab. They were supporting the teams to make them successful by consulting them.

4th Day Friedman Kaplan Seiler & Adelman law Firm visiti especially important and proving that the studies in CEU Business Scholl is at world class level. What we learned in Integrity Classes in CEU by Noemi Alexia and Davide Torsello are the main topics for the existing economy, industry and companies. The field trip emphasized the importance of integrity in a global way and was very informative and US level.

5th Day morning session run by Antonia Evans from Socialdraft and It was critical to see a gap even in the highly developd social media market and to come with a solution like Socialdraft did. One of the most important lesson he ave was: If you are not failing, you are not trying hard enough.

5th Day morning session we closed with Pixable: Which was like the previous session focusing on opportunities how to create use in social media with a new solution. They analyzed that people are using facebook more than 20% to look at the pictures. They created a solution how to make it easier. Andres Blank was interesting since he was dealing with sreatind start-up’s since he was in the university and showed us how to have a life full with entrepreneurial spirit.

5th Day afternoon we were in General Assembly. They combined the spirit of Start-up’s with a training center. They defined seeral development areas for companies and created training and solution for that. They have 800 student with 8-12 weeks training programs and adding value to the start-up and innovation culture in NYC.

After all these days I started to feel that it will hard to leave NYC…

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