NY Times Article: The Growing NY Tech Industry

NY Tech MeetupIf you haven’t seen it already, here’s a NY Times article on the NY tech scene that’s been causing some buzz in the community:
http://dealbook.blogs.nytimes.com/2010/03/07/new-york-isnt-silicon-valley-thats-why-they-like-it/.

It’s a short and sweet read that features many NY tech leaders including Fred Wilson, Charlie O’Donnell, Owen Davis, and Kevin Ryan. Whether the 2010 numbers will reflect the growing tech industry here is still to be seen, but I’m hopeful. As a baseline, here are some hard numbers on the VC industry from PE Hub showing some *early* positive signs for 2010 pickup:

“Last decade, the New York region accounted for approximately 8.3% of all U.S. venture capital investment. This ranked third, well behind New England (12.5%) and barely in front of the Southeast (8%). For context, Silicon Valley snagged around 34 percent. The percentages for number of companies funded — as opposed to dollars invested — were fairly similar.

Last year, New York accounted for 8.1% of all venture dollars invested in U.S. companies. New England again ranked second (12.4%) and the Southeast came in fourth (5.5%). Again, the number of companies was fairly similar (New York companies comprised 8.6% of the total).

Finally, let’s look at the first 66 days of 2010. This is where things get a bit interesting. New York still ranks third, but is fairly close to New England in terms of percentage of dollars invested (13.8% vs. 14.3%). On the other hand, it’s back to its traditional level in terms of number of companies funded (8.4% for New York vs. 18.7% for New England).”

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