Planting Seeds for Technology at New York’s Internet Week
Last week was the first ever Internet Week in New York (and maybe anywhere?). Everyday had a slew of events from EconAds to the Applied Cryptography and Network Security Conference. It was a celebration of the Internet for the New York tech community in a sort of open-source, create-your-own-events format.
This event made it clear that New York is serious about becoming the “global technology hub” that mayor Bloomberg suggests. In fact, in a press conference to kick off Internet Week, Bloomberg announced NYC Seed, a $2 million fund for early stage technology companies. Granted, that’s not a lot of money, especially with the cost of operating a business in New York, but it’s a start and companies also receive advice and guidance from the fund’s members as they build their company. Any buy-in from the city is a good thing, and if that $2 million goes to good use, NYC Seed would definitely see a re-up in the near future.
Taking a seed-funding approach is appropriate for the state of the New York tech industry since many of the companies based here seem to be in much earlier stages than their counterparts on the West Coast. Also, I’d imagine that quite a few talented developers and less-experienced entrepreneurs may not have the relationships with wealthy individuals and VCs to raise a first round of funding they need to get their businesses off the ground. NYC Seed should give them easier and less relationship-based access to that kind of money and knowledge.
Overall it was a great week of events, and even culminated in an Internet Week “old media vs. new media” feud that made it onto Page Six! I guess Amy Winehouse took the week off.
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HellaFrank » Planting Seeds for Technology at New York’s Internet Week
Posted on June 10th, 2008 at 10:14 am.
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