What NYC needs is a few local cash-outs for entrepreneurs (without them having to move to SV to do so). And then those entrepreneurs to reinvest in local startups. That's the positive reinforcement loop that takes place in SV, and I think that it's required for lift-off to be achieved.
As an aside, the UK suffers the same problem : There's a ton of money in London (similar to NYC) chasing financial opportunities, but those opportunities distract people from the high risk / high return technology bets that are commonplace on the West Coast. That was one bright feature of HP buying Autonomy in the UK, except for the questionmarks now hanging over HP...
Not sure why the comment underneath this one was killed, but there's been a lot of large exits in the advertising space, and the people have gone on to invest in additional startups.
A case in point: I worked for Right Media, and then left after its acquisition by Yahoo to found a company that took angel money from (among others) the former CEOs of Quigo and TACODA.
HN just has a curious blind spot when it comes to advertising technology, which is something NYC does quite well.
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What NYC needs is a few local cash-outs for entrepreneurs (without them having to move to SV to do so). And then those entrepreneurs to reinvest in local startups. That's the positive reinforcement loop that takes place in SV, and I think that it's required for lift-off to be achieved.
As an aside, the UK suffers the same problem : There's a ton of money in London (similar to NYC) chasing financial opportunities, but those opportunities distract people from the high risk / high return technology bets that are commonplace on the West Coast. That was one bright feature of HP buying Autonomy in the UK, except for the questionmarks now hanging over HP...
Not sure why the comment underneath this one was killed, but there's been a lot of large exits in the advertising space, and the people have gone on to invest in additional startups.
A case in point: I worked for Right Media, and then left after its acquisition by Yahoo to found a company that took angel money from (among others) the former CEOs of Quigo and TACODA.
HN just has a curious blind spot when it comes to advertising technology, which is something NYC does quite well.