Future of New York tech
We get asked a lot about the New York startup scene.
In particular, people want to know what will happen to startups when investors close their checkbooks.
Based on everything we’ve seen, here’s what we think will happen.
What’s been happening to startups
According to a study by Gridley & Company, more than 200 New York digital startups have been founded in the past few years.
The 200 startups are attracting much-needed talent to the tri-state area. But, instead of joining high-potential startups, engineers are founding mediocre companies.
There are a lot of small teams building small ideas. The companies won’t amount to anything; they’re able to exist because investors have been giving them cash.
Facebook cofounder Dustin Moskovitz said that if Facebook was founded today, it wouldn’t survive. It would struggle to attract talent because it is no longer cool to join someone else’s startup. Everyone wants one of their own.