We’ve enthusiastically spoken about the momentum in NYC and our support for the ecosystem. This morning we had a couple of good events transpire.
First was the announcement of the World Economic Forum’s 2011 Technology Pioneers. Thirty-one companies received awards out of a global pool, thirteen specifically in the areas of Information Technology/New Media (where we focus). Of the thirteen, three companies are from NYC (Knewton, SecondMarket, and foursquare), two are from the FirstMark portfolio (Knewton, SecondMarket)! The Wall Street Journal had nice coverage here. Each company represents a distinct sector – financial services, education, and new media – where NYC has specific depth and expertise.
Second was the announcement that TechStars is coming to NYC. TechStars is the second accelerator program to launch in the Big Apple, and we believe this is a continuing sign of the growing depth of the NYC market. We are enthusiastic supporters (and investors), and look forward to working closely with the inaugural class.
Both events underscore what we have been advocating for a long time. NYC is an incredible place to start a company and one of the most exciting venture markets. As technology investing has shifted from infrastructure buildout to leveraging the Web as a platform, so value creation has shifted from plumbing to “Internet-optimized” businesses combing the best of technology 2.0 with deep vertical expertise/talent to disrupt large incumbents. We expect this to be a major trend for the next 5 – 10 years and NYC to benefit disproportionately from it.