Disruptive Technologists hosted a panel, “NYC Social Infrastructure & Tech Ecosystem: Are we at an inflection point?” at the NY Institute of Technology on October 27, 2014. Panelists talked about how society has shifted from discouraging entrepreneurs to embracing them and what still needs to change to support this type of economy.
There are now more than 15,000 startups in NYC, making it the #1 ecosystem for entrepreneurs, said David Rose, CEO of Gust. With countless resources, a receptive city and a mix of enthusiastic entrepreneurs, it’s a good time to create a startup in New York.
Gone are the days when smart professionals dreamt of being Wall Street bankers, said moderator Bruce Bachenheimer, Director of Pace’s Entrepreneurship Lab. Hustling to start your own company is the new “sexy.” People want The Social Network-type success rather than Bonfire of the Vanities excess.
The city has a cross-pollination of ideas, free events, webinars, incubators, accelerators, encouragement from the government, and more students than the population of Boston, said Rose. These factors make starting a business here more desirable than joining one.
Rose has seen the landscape change firsthand. Having started NY Angels, one of the longest running angel groups, he remembers when people wanted to work at traditional Fortune 500 companies. Only 47 companies that made the original Fortune list have remained. Today, firms less than four years old and smaller than 100 employees have taken the others’ spots.
This is partly because large businesses that succeeded in the 20th century aren’t cut out for the 21st century, said Rose. They need to reinvent themselves. The airline industry is one example – several airlines have gone bankrupt in the past decade.
With entrepreneurs’ eager to disrupt, some industries have reason to worry. Uber is taking on ubiquitous yellow taxis. AirBnB is making a go at the multi-billion-dollar hotel industry by empowering regular people to dictate the market.
Read the rest at Office Lease Center’s blog: http://bit.ly/1rBqgeo.