It was a magical week away from the daily hubbub of technology, social media and the Internet. I am rejuvenated (though immensely tired) after my trip to the Faroe Islands. Yesterday was one of those days, spent exclusively in bed (except for a walk to my favorite cafe, for a much needed espresso), recovering from a jet lag.
I have about a 1000+ photos to sort through, and about 40-50 that need to be post processed in the LightRoom. I will share my photos and learnings from this trip later, but for now, just wanted to let you know, I am back from my break. So come back every day for new updates, new links and hopefully very soon, a brand new design!
Earlier this evening, my partner and co-founder of True Ventures, Jon Callaghan, gave a keynote speech as the outgoing chairman of the National Venture Capital Association (NVCA), highlighting the virtues of the venture capital industry and its role in the larger economic well being of society. Too often, technology and venture capital have been defined … Continue reading Capital with a purpose
I was in New York last week, for what was essentially a blink of an eye. The reason for my visit — a dinner hosted by our firm, True Ventures, for a growing number of portfolio companies in the city that will always remain the center of my universe. It was amazing to see 60-odd people at the event, all mingling with each other, sharing their stories and outlining their ambitions and challenges.
Our dinner gathering was an apt reflection of New York’s growing presence in the global technology landscape. According to data collected by research firm CB Insights, the New York region pulled in about $1.94 billion in venture funding during the first three months of 2016 — second only to Silicon Valley, and the highest in any quarter during past five years.
The New York Times, in an article today pointed out that while there have been many startups hits from New York, there is yet to be a successful company out of New York that is as big as Google or Facebook or even Salesforce.
I would argue that New York’s biggest success is Kickstarter – that has created a brand new way of creating and measuring demand, enabling creativity and shown the way for a new economic model. It might not be as large in terms of revenues or shareholder value, but when it comes to creating human capital, Kickstarter stands side by side with the giants on the Mount Olympus of technology.
Still, I understand the need for such big gargantuan companies — after all, they provide great marketing for a region and investors, and can provide a lot of economic boost. However, I feel that any region needs to think not in terms of size of their hits, but the impact of the ecosystem. A thriving startup ecosystem should provide economic growth and employment. They should not be measured by their relative size, but by their impact on the region, its founders and its community at large.
I am more excited about the growing diversity of New York’s startup ecosystem. Name a sector and you have a startup represented in New York. After spending an evening with the creators of change from True family, I know they will be the ones who will keep New York on the map for a long time to come.