Tech and the City: The Making of New York's Startup Community

Over 1,000 New York-based technology startups are currently hiring. This may come as a surprise to many who thought of New York as the capital of traditional industries such as financial services, media, advertising and fashion, but not necessarily as a high-tech hub. Yet, it is true: over the past several years the level of startup activity in the city of New York has increased at an exponential rate, reaching and surpassing Boston in number of tech companies formed and money invested. It is good news for the Bloomberg administration that has made the creation of a high-tech industry a strategic priority after the financial collapse of 2008. It is also good news for the many investors in the city (both "angels" and venture capitalists) who have seen the number of opportunities created increase at a fast rate. And it is good news for the entrepreneurs who can finally benefit from a working ecosystem and from an influx of capital not seen since the internet bubble of the late '90s. "Tech and the City" is the first book telling the story of how and why this is happening: from the birth of Silicon Alley in the '90s to today's level of activity and important milestones, such as the building of the Cornell NYC Tech campus. Based on over 50 interviews with entrepreneurs, angel investors, venture capitalists, university professors, members of the Bloomberg administration and other stakeholders, this book's objective is to inform and inspire the current generation of entrepreneurs. Fred Wilson, the best known venture capitalists in New York and one of the most important in the US, wrote in his foreword: "I hope this book will be an inspiration to New Yorkers to embrace the technology revolution that has taken hold in our city. I also hope it will be an inspiration to other cities, countries, and cultures who may have missed out on the initial wave of the technology revolution." "Tech and the City" takes us on a historical and geographical tour of New York, while addressing the hot themes for entrepreneurs and investors. It is also a guide to help navigate the NYC community: how to network and become part of the community; what to read to understand and keep informed; where to raise capital; what help is available for any professional, entrepreneur, student, researcher seeking to settle in the city. And this is just the basis for an ongoing conversation, which we hope will continue on our blog, http: //www.tech-and-the-city.com The authors, Alessandro Piol and Maria Teresa Cometto, know the story and the industry well. Alessandro has been a New Yorker for 35 years and a venture capitalist for 20, during which he has seen firsthand the evolution of the New York entrepreneurial ecosystem. He has a deep knowledge of the tech industry and a passionate involvement in the NYC community, where he invests in, and mentors, a number of young entrepreneurs. Maria Teresa Cometto is a journalist and award-winning author based in New York since 2000, covering business and high-tech for the largest Italian daily, Corriere della Sera, and for other important publications.Author BiographyMaria Teresa Cometto is an Italian journalist with more than 25 years in the media industry. Since 2000 she has been based in New York, covering business, financial markets and high-tech, and writing for some of the most important Italian papers such as Corriere della Sera, which is the daily with the largest circulation in Italy, and Il Mondo, the most authoritative Italian business magazine. She is well known for her articles on the US technology industry and for her many interviews with leading economists, including 14 Nobel Laureates. Maria is also the author of several books, among which Figli & Soldi ("Kids & Money," 2008). Twitter: @mtcometto Alessandro Piol is a New York-based venture capitalist and angel investor with over 30 years of experience in the technology industry. Alessandro is a Partner and co-founder of Vedanta Capital. Previously he was a General Partner of Invesco Private Capital where he headed the technology practice. Prior to joining Invesco, Alessandro spent 10 years with AT&T where he co-founded AT&T Ventures, the venture capital arm of AT&T where he focused on early-stage new media investments, as well as Pixel Machines, an AT&T-backed startup in the graphics super-computing business. Alessandro is President of the New York chapter of TiE, a global organization fostering entrepreneurship; he serves on the Entrepreneurial Advisory Board and the Board of Visitors of the Fu Foundation School of Engineering at Columbia University; and he is a mentor, advisor or board member of various private companies. He received an BS and MS in Computer Science from Columbia University and an MBA from the Harvard Business School. Twitter: @ilmago