If you ask VCs, it’s okay if it’s crowded. Despite the never ending claims that an apocalyptic bubble is at hand, the ‘low barriers of entry’ of the NY tech scene is a blessing. This is the gist of a new article from Xconmoy which sought to explain the current environment. Apparently, the relative youth of the tech scene is a boon, as there’s a lot of space to grow in. Retail and dining (food in particular) in particular are two industries that would be done good by innovation these days.
One of the lessons gleaned from a close reading is the me-tooism syndrome. That is, copycats who want to tread on the same ground as established names (uh, Foursquare?).To avoid the curse of “me-tooism” however, it might be necessary to try pushing the boundaries of the social media trend, which is the foundation of the startup community at the moment.
Also, at its current state, NY tech can’t seem to budge out of apps and exclusive social communities. This of course places it at a disadvantage from Silicon Valley, the land where tech giants dwell. This means when it comes to hardware, NY is pretty deficient. Allowing for a moment’s aside, perhaps MakerBot are the only guys who’ve succeeded at building real hardware within the confines of NY tech.