Wednesday, November 10, 2021

g-f(2)645 THE BIG PICTURE OF THE DIGITAL AGE (11/9/2021), Forbes, ‘Every Firm Is Talking About It’: Venture Capital Is Having Its New York Moment

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"g-f" fishing of golden knowledge (GK) of the fabulous treasure of the digital ageDigital transformation, Venture Capital (11/10/2021)  g-f(2)426 


Venture Capital Is Having Its New York Moment 

      • Everywhere you turn in New York startup circles, you’ll find investors who have either moved in recent months or been hired by West Coast firms looking to plant a flag.
      • Make no mistake: New York still has a long way to go to rival Silicon Valley. As of September 30, investors had poured $38.9 billion into area startups, 154% the city’s previous record, according to PitchBook; over the same period, Bay Area-based startups raked in $88.4 billion, itself up 133% from previous highs. And firms have declared themselves in the city before — Haber helped launch Spark Capital’s office a decade ago.

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      Lessons learned, Forbes 

          • Historically West Coast-based firms including Andreessen Horowitz, Craft Ventures, Greylock, Lightspeed Venture Partners, Redpoint and Threshold Ventures now have check-writing investors living in New York. Others are rumored to be looking – or at least looking the other way, as younger employees stay there for long stretches unofficially.
          • “I think every firm will have a New York office in the next 18 months,” one partner at a prominent Sand Hill Road firm without such a presence confided (anonymously) in the Midas Touch newsletter this past weekend. “Every single firm is talking about it.”

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          Lessons learned, Forbes 

              • Planting the flag
                • For Threshold, formerly known as DFJ Venture, planting roots in New York was a business decision, cofounder Emily Melton says. Six of the firm’s most recent investments were based in New York, while nearly 40% of its Fund III companies maintained an East Coast-based founder, says partner Chirag Chotalia, who raised his hand and moved to Manhattan’s SoHo neighborhood in recent months. The firm also hired Megan Kelly, previously of First Round, Thrive Global and J.P. Morgan, as a principal.
                • Anchoring A16Z’s venture fund presence in New York is David Haber, who joined the firm in June from Goldman Sachs. 
                • The recent success of tech companies going public in New York from ad tech to ecommerce and infrastructure has helped prove that New York must be taken seriously as a significant tech hub, Haber says. “The city feels really great. It’s not surprising to me that people are moving here,” he adds. “Venture is still a relationship business.”
              • Fintech frenzy
                • It’s no coincidence that Haber, Lightspeed’s New York-based partner Justin Overdorff and Greylock principal Seth Rosenberg all specialize in fintech. One of tech’s hottest areas by funding, fintech startups raised $39.2 billion for the year as of September 30, according to PitchBook, compared to $20.4 billion last year. And while Stripe and other fintech leaders historically grouped in Silicon Valley — in Plaid’s case, moving there from New York — a new generation of breakouts like Ramp is remaining in town.

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              • Category 2: The Big Picture of the Digital Age
              • [genioux fact deduced or extracted from Forbes]
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              • Type of essential knowledge of this “genioux fact”: Essential Analyzed Knowledge (EAK).
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                • Inherited from sources + Supported by the knowledge of one or more experts + Supported by research.


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