This week in New York showed us how an effective crisis management strategy looks like on a city scale.
New York’s main industry, finance was hit hard by the events of 2008 the city had to reinvent itself to recover economically. The leaders of the town consciously chosen to invest the entrepreneurial ecosystems, this proved to be a good choice.
The access to early stage, no equity capital seems to be an exceptional catalyzation in terms of companies and jobs created.
I really liked the approach of NYU Incubators who – instead of shooting for over 10x returns – aims for long-term value creation and profitability. With this approach, they are able to maintain over 80% success rate what is unmatched in the regular spaces. I would argue that these type of programs are better for the community on the long run, just imagine how many companies who could have been a long term profit making entity with just a few thousands “this type of dollars” invested, but went down the road to death with the grow “10x in a year” money. It’s a thought lesson for entrepreneurs to be conscious about the type of money they are taking.
My other favourite place was NYU Mark and Debra Leslie Entrepreneurs Lab what is a really nice example of how local ecosystems can be enhanced by a university what is taking an active role as hub, by facilitating interdisciplinary interactions. This model should be adapted instead of the regular tech transfer model for academic institutions all over the world, although I understand that without a booming ecosystem like the one in New York it’s much harder to pull it out this successfully.
The city is full of interesting events I’ve attended few of them as an extracurricular activity:
- CMX Summit, a premier event for community managers
- 500 Startups Mixer, where I could have a sneak peek into the startup scene in NYC it was at District Cowork, what is the most beautiful interior design of all the co-working spaces I’ve seen
- Product Hunt NYC, to meet with fellow “hunters”
- New York Festivals World’s Best Advertising, I could only go there for an hour, but that was pretty neat
- Startup your Tech Career: Breaking into New York Tech organized by DevBootCamp
Business wise things started out a bit slow, but I’m hopeful.
So, this week was pretty intense, looking forward to the upcoming ones!