Have you ever talked to a friend or family member who has an idea for a new app?
Oh man. I have. I can’t tell you how many times someone has said, “You know what? I need some VC money.”
Yeah, you and me both.
If you are like everyone else and think that VC money is like government stimulus money — free and available to powerful white men — you are right! (Sorta.) You should read an E&Y report called Global VC Insights and Trends Report 2013.
I learned that, as of January 2013, $167.9b was invested in 8,288 companies and is still heavily weighted towards Silicon Valley.
(That is a ton of money. I want some.)
Since 2000, the money raised in the Bay Area ($62.2b) exceeds the total raised in all other US VC hotbeds combined.
But I also read a report from Center for an Urban Future called New Tech City that claims that New York City is the number two tech city in the country. It’s poised for bigger things, too. More VC money is headed into the NYC tech community right now than in any other area of America.
Just so you know, some VCs are pulling back from start-ups and investing in companies who have a product or service in later stages of development. This does not bode well for your crazy idea for a new app; however, if you manage to get something rolling, it pays to think about where you are located.
And New York City is not a bad place to be, right now.
In my job, I see a ton of innovation coming from the New York City technology scene. Human resources technology continues to grow and expand in cool ways, too, which is why InfluenceHR is featuring a panel of NYC-based entrepreneurs who are making the market shake up and down. The panel features entrepreneurs from Apploi, BountyJobs, Jibe, Sherpaa and Workfolio who take a very different and unique approach to sales and marketing.
Go ahead and meet some new people who prove that New York City is the new black.