When Doug Imbruce wanted to start an interactive video company in 2009, he had no luck finding investors in New York. So he moved to Silicon Valley - where venture capitalists were receptive to his pitch - and founded Qwiki. But in February, he decided that being so far away from the nation's big media companies was stifling his startup's growth. So he moved back to New York, bringing the company with him. Qwiki, with 15 employees, now operates out of a SoHo loft space. "We went to Silicon Valley because they understood how big we wanted to get," Imbruce said, "and we moved back to fulfill that promise." The recent burgeoning of New York's Internet industry has forced some entrepreneurs - who, just a few years ago, might have felt they had little choice but to head west to pursue their dreams - to make a difficult choice. New York is now enough of an attractive alternative that a few West Coast-born startups are even packing up and moving east. Much of this change has to do with the way that the technology industry has shifted toward creating consumer products and applications, rather than building the basic framework of computing and the Internet. Many new startups benefit from proximity to the media, advertising and fashion industries, New York's strengths. And as the city's industry grows, entrepreneurs say, it is offsetting some of the traditional disadvantages of being outside Silicon Valley. There is little talk of New York overtaking the Bay Area as the hub of the country's technology industry. And the concept of New York as a real rival to Silicon Valley can make some Californian eyes start rolling. "You can definitely build great companies elsewhere, but I have not seen anyplace in the world that builds true global franchises - technology-based franchises - like this place does," said John O'Farrell, a partner at the venture capital firm Andreessen Horowitz, based in Menlo Park, Calif. Though the firm has invested in several New York-based startups, Farrell said, it sets the bar higher for them, largely because it believes they are less likely to succeed. A lack of venture capital financing outside of Silicon Valley has traditionally been a prohibitive barrier for startup founders who might have wanted to put down roots elsewhere. But that is changing. Almost 500 startups in New York received venture financing from 2007 to 2011, according to a recent report from the Center for an Urban Future, a New York-based public policy organization.
GMT 12:31 2017 Sunday ,24 December
SpaceX launches 10 more satellites for IridiumGMT 18:48 2017 Tuesday ,12 December
Bitcoin makes muted stock exchange debut at $15,000GMT 18:19 2017 Saturday ,09 December
France to allow trading of securities via blockchainGMT 07:39 2017 Thursday ,16 November
Cygnus cargo ship arrives at space stationGMT 17:49 2017 Sunday ,12 November
Aircraft overhead forces Orbital to cancel cargo launchGMT 19:18 2017 Wednesday ,01 November
Sony revives robot pet dogGMT 10:31 2017 Saturday ,28 October
Saudi Arabia Becomes First Country to Grant Citizenship to RobotGMT 17:46 2017 Saturday ,21 October
Spacewalkers fix robotic arm in time to grab next cargo ship
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor