New York is walking tall in technology once again, it was evident, in a trip to New York last month.
This year the city secured its latest banner transaction, with micro-blogging website Tumblr, selling to US-based search engine Yahoo for $990m. Rich Nelson, of Nielsen, said: “The Yahoo acquisition of Tumblr reinvigorated both the entrepreneurial community as well as the investment community, with both realising that New York City has the capability to create large successful companies that can rival companies founded anywhere else.”
The feeling in the investment community is the innovation hub is roaring back to life. Kay Koplovitz, founder of USA Network and Koplovitz & Co, said: “In the late 1990s and until 2001, Silicon Alley [an area of the city analogous to California’s Silicon Valley] was the centre of innovation, technology, the internet is everything. Nine-eleven changed all that. It was a number of years before this innovation hub bounced back, and several changes have occurred that are contributing to the accelerating rate of startup companies.”
Go to our October issue PDF to read the rest of this article.