1. Presence of serial entrepreneurs in NYC who are willing to invest their time and capital in startups.
2. Many top engineering and technology students graduating from schools in NY region prefer to stay in NYC rather than moving to Silicon Valley.
3. With bonuses down and salaries of Wall Street employees under scanner, technology offers an alternative career path to finance jobs in NYC.
4. A positive change towards entrepreneurial activities, most recently observed by Mayor Bloomberg's initiative to establish NYC as world capital of tech startups.
5. Hypothesis that there are quite a few entrepreneurially minded MBA students at Stern.
What will this course teach?
1. How to identify and evaluate the right technology ideas for commercialization
2. The right approaches to commercialize those ideas
3. How to work with investors and scientists to develop a feasible business plan
4. Convert a business opportunity in tech space into a profitable venture
The logistics of this course - Who, What and When?
1. It will be offered Monday evening during Spring Semester
2. Professor Ari Ginsberg, course designer and instructor, Kurt Becker, Associate Provost for Research & Technology Initiatives and Professor of Applied Physics at Polytech will serve in a consulting role for this project.
3. Students will be able to assess the commercial viability of startups from over 150 universities and research institutes in the US as well as access to local NYC resources at NYU polytechnic, CUNY, etc.
Read the full story at The Stern Opportunity here.
So, that brings us to the question why Silicon Valley has more startups than New York City?
1. Silicon Valley has more plentiful access to engineering talent (not just because of the universities but also the weather!)
2. Better access to tech related Venture Capital in the Valley
3. It's less expensive to set up in the Valley than NYC
4. They also like to stay far away from people in suits and hierarchies.
5. NYC is already a hub for Finance, Media, Fashion and Advertising. Why to "create" when you can make more money through "trading"?
Having said that, NYC is still second only to Silicon Valley in terms of new and upcoming startups with probably Boston, LA, Austin and Chicago rounding up the next major cities for startups in the US. With the new initiatives, we hope the Valley gets some competition.
Hail to Technology! Hail to NYC!
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