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Tech Committee to Review Ways to Boost Small Business Tech Sector

UPDATE:  Testimonies and other Hearing Documents are now online at the following link.

Technology Committee to Review Ways to Boost NYC Small Business Tech Sector

Who:   Council Committee on Technology in Government, Council Committee on Economic Development, Technology Community, Entrepreneurs, and Developers

When: Wednesday, December 16, 2009 at 10 AM

What:  Public Hearing on Tech start-ups, their benefits to NYC, and methods to encourage digital entrepreneurship

Where: Council Chambers, City Hall

(The Hearing will be webcasted through www.livestream.com/nycctechcomm and tweeted on www.twitter.com/nycctechcomm. More details below.)

New York, NY – On Wednesday, December 16, 2009 at 10 AM in the Council Chambers of City Hall, the New York City Council Committees on Technology in Government and Economic Development will hold a joint public hearing to examine how small technology start-ups are surviving in this tough economy.  This hearing will help the Council understand the dynamics behind successful firms as well as what options are available to the City in aiding these important businesses in their struggle to remain competitive and viable in a global environment.  More information is available here.

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  1. December 12, 2009 at 10:32 pm

    NYC has an active VC community but their investments are going out of New York State with only a faction being invested in local NYC companies.

    ” The NYC-area venture capital community is one of the most active in the country…
    There are 47 active VC firms with a presence (either HQ or Satellite office) in the NY Tri-State area. These firms made 146 investment deals worth more than $ 2 billion (approx. 20% of all H1 VC funding). But where is the venture capital money flowing? California was the dominant destination, attracting approximately 30% of funds. Healthcare was the most popular sector, accounting for 50% of total funds. What about investment in New York State based startups? NY State based startups took 11% of NYC-Area based VC funds. Startups with NYC HQs took the lion’s share of the $223M. 55% of the local funding went to Internet companies. ”

    reference: http://nyew.org/wp-content/uploads/2009/09/NY-State-Venture-Capital-Landscape-ChubbyBrain-1st-Half-2009.pdf

  2. December 12, 2009 at 10:40 pm

    Web Video from NY Entrepreneur Week.
    see: http://www.ustream.tv/recorded/2601813

    NYC Entrepreneurs reflecting on their tech business start-up phases. Drop.io, Overstock.com, Blackplanet.com open up as the panel.

    Relevant to the Tech Committee to hear directly from founders.

    These are exceptions since the panel includes only people who had some success. These experiences do not reflect the large majority of startups that struggle under tough circumstances in this economy.

  3. December 12, 2009 at 10:53 pm

    Study by Baruch College and Babson College finds NY entrepreneurship lagging nation with NY at #45 with 1 being the highest.

    see: “http://www.crainsnewyork.com/apps/pbcs.dll/article?AID=/20091118/SMALLBIZ/911189990/1046″

    ” At fault for the state’s lagging entrepreneurship are high tax rates and the generally exorbitant cost of doing business here, according to the report. New York state ranks 45th or lower—with 1 being the most favorable rating—for business taxes, personal income taxes, capital gains taxes, property taxes, gasoline and diesel taxes and Social Security wage caps, according to the report.

    The allegations echo findings from a September report conducted by the Center for an Urban Future, a Manhattan-based think tank. That report argued that the city produces far fewer entrepreneurial ventures than tech hubs like Silicon Valley and Washington, D.C., despite having access to at least as many educational institutions and research dollars. “

  4. December 12, 2009 at 11:03 pm

    Q3 2009 VC analysis report by geography and sector

    see: http://images.fastcompany.com/getting-funded/ChubbyBrain-Q3-VC-Activity-Report.pdf

    Last page shows NYC in the top 10 cities with 8 of the cities listed in CA and Cambridge MA on the list as well.

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