Tech Success in NYC

As Sam Natapoff recently explained in an article in Salon, “Fifteen years ago, New York City was a tech afterthought.” A lot has changed though over the last decade and a half with it being ranked as “the second highest performing startup ecosystem in the world after Silicon Valley.” Statistics show that New York City features:

  • More than 280,000 tech jobs in the city
  • More than 128,000 tech jobs in the state
  • A 57% increase in tech employment between 2010-16
  • 7 meter square feet of Manhattan office space occupied by tech tenants in 2016
  • 7,500 New York based tech companies (23% increase since 2010)

And even more than that, New York is actually beating Silicon Valley in some sub-industries.

New York has successfully resuscitated its economy resulting in the recruitment of human capital and the promotion of technology and VC financing.  What’s also impressive is that New York has done this without having “a strong engineering base;” rather, it utilized “the natural strengths of its existing economy, its diverse industry base, its human capital diversity, and its desirability as a place to live.”

New York has always had a good business background.  According to an article by Gerrit De Vynck and Julie Verhage earlier this year part of the city’s success can be attributed to diversity vis-à-vis gender and race as well as “the metropolis’s centuries-old status as a center of global commerce. New York provides a contrast to Silicon Valley, which has been criticized for tunnel vision, being insular, out of touch with the rest of the country and overly homogeneous–both company employees and the people for whom they create products.”

Can You Afford to Live in NYC?

A recent report from SmartAsset showed that those living in a 2 bedroom New York apartment need to make $164,614 per annum.  Median Manhattan rentals are $3,450 and the median cost of buying is $1,315,700.  While that figure has dropped 1.0 percent in the last year it is estimated that it will increase 2.5% within the following year.

So it’s not cheap to live in New York.  However, jobs in the city are generally high paying.  Indeed, according to recent analysis from Ladders, New York has the second highest number of six figure jobs.  As well, companies around the world offer high salaries to people who will work for them and live in New York.

So can someone like 32 year old Alicia Kennedy — a freelancer NYC food blogger — make it in NYC?  Three years ago when she first went freelance (having left a steady copy editor position at New York Magazine), the $5,000 tax bill was quite a surprise.  She’d miscalculated at $3,000.  Anyway this is how she makes it.  She spends:

  1. $1,000 on rent
  2. $1,000 on food (don’t forget she’s a food blogger)
  3. $250 monthly student loan repayments
  4. $150 on phone
  5. $15 on gym
  6. $150 in a monthly savings account.
  7. $200 miscellaneous (incl. transportation, charitable donations, credit card, leisure).

So Alicia is successfully living in NYC even though she’s far from a six figure salary!

Brooklyn Business Bolstering

“Brooklyn where small businesses are getting a facelift to help attract more customers.” 5 businesses revealed what they are doing to turn things around for themselves. Here, NYC’s Local Initiatives Support Corporation (LISC) partnered with Citi Community Development and the NYC Department of Small Business Services (SBS) to get the scoop.

Networking, Networking, Networking

In a recent Forbes article, seven Forbes New York Business Council members put out their recommendations for New York annual events they find useful:

  1. Philip Smith of PJP Marketing Inc. recommends the Affiliate Summit East for digital marketing
  2. Henry Croft of Henry’s recommends the annual Raw Wine fair for networking in the industry.
  3. Yana Zaidiner of Token Payments Inc. says New York has too many wonderful opportunities to just recommend one and that it really is industry dependent.
  4. Steven Libman of Integrity Holdings Group, LLC recommends his annual joint chamber event on the beach attended by local chambers of commerce for networking and fun.
  5. Peter Renzulli of Bookkeepers To Go Inc., likes the Casino Night for Garden of Dreams event.
  6. Sergio Mannio of Sergio Mannio Studio believes the NYCxDESIGN provides a wonderful way for designers to see what others are doing locally and globally.
  7. Yasir Ali of Rivews recommends industry-based events such as those on Facebook, Meetup and Eventbrite.

New York City and Disability Infrastructure

New York City’s disabled are fighting for better wheelchair access on the streets. As such, they will participate in the third annual Disability Pride Parade. Problematic issues include: the subway (only 25% of 472 stations are wheelchair accessible); elevators in general (fix problematic ones, maintain existing ones and build new ones, while updating info on new app); fix and improve Access-A-Ride (which enables disabled users to get rides without making reservations/shared rides and is cheaper); continue to improve on cab-wheelchair accessibility (which is due to be halved in the next 2 ½ years) and more.

However, it’s not all doom and gloom.  According to the recently published Performing Disability. Dance. Artistry report, found that:

“the dance makers found New York City newly brimming with opportunity for disability arts, spurred in part by a growing advocacy movement, engaged government leadership, an expanding pool of interested funders, and effective promotion and program development furthered by Dance/NYC and partners such as Disability/Arts/NYC Task Force.”

However, there is still much work to be done since the report also found that:

“participants experienced significant barriers to successful performances, from inaccessible facilities and transportation options to extreme financial demands placed on disabled touring artists and subtleties of audience engagement.”

Female Powerhouses: New York

There are many women in New York making a difference in the world, holding senior positions, researching into new medical areas, or making their mark in the traditionally  male-dominated business world.  Here we look at three: radiology dynamite Hedvig Hricak, educational maven Kathryn Wylde and political powerhouse Melissa DeRosa.

In 2010, Hedvig Hricak was appointed president of the Radiological Society of North America.  Of this appointment, Elias Zerhouni, Director of the National Institutes of Health (NIH) said:

“It is hard to find an individual with a more extraordinary character or career in our field, despite the richness and diversity of our profession and its many remarkable leaders.”

Hricak is chair of the Department of Radiology at Memorial Sloan-Kettering Cancer Center (MSKCC),  a professor of radiology at Cornell University’s Weill Medical College (New York, NY), and has spent many years researching the roles of MRI in genitourinary malignancies.

Kathryn Wylde began her career as a housing organizer in Brooklyn.  Today she is President and CEO of The Partnership for New York City, Inc. and the Chamber of Commerce Inc.  She has been instrumental in the establishment and supervision of affordable housing and economic development programs, with the development of many pioneering programs in this vein.  To get to where she is today she held various roles in educational and economic industries including being Urban Affairs Officer with Anchor Savings Banks and Deputy Chairperson of the Federal Reserve Bank. Today she is known around the world for her expertise in economic development, housing and urban policy.

Politically-speaking one cannot find a more senior unelected role in the New York State government than Melissa de Rosa’s one.  As the first female Secretary to Governor Andrew Cuomo (appointed at age 34), she holds a tremendous amount of power.  Having been raised in a political home, breakfast discussions centered around local budgetary issues and de Rosa spoke her opinion on these from age 9.  At 16 she was an intern for the New York State A.F.L.-C.I.O’s political director.  Other political positions she held before arriving in Cuomo’s office include: Obama’s national political action organization, working with Eric T. Schneiderman. Of her expertise, Governor Bill Murrow said:

“She’s very savvy on the intersection of policy and politics. And she has a real granular feel for how to execute things.”

Schneiderman echoed this sentiment by referring to de Rosa a “quadruple threat.”

 

 

When Cheesecake Becomes “Everything”

If you’re looking for the best of the best in your New York cheesecake, apparently these days if you find yourself in NYC, then there is no place better than Manhattan’s Madison Avenue’s Eleven Madison Park.

At first,  it appears that you’ve ordered something not particularly out of the ordinary; simply a slice of classic NY cheesecake.  But forget the sweet; this is something entirely different as you will find as you first dig in. Which was perhaps what made the EMP (the name given to the restaurant by those “in the know”) its fine dining reputation.

Remember the firs time we indulged in the “everything” bagel?  How did we feel?  Well, take that to the next level and you may have the stirrings of understanding of the cheesecake from EMP.  Simply put, it is described here as:

“cream cheese contains pureed white asparagus, which renders it both complex and delicate. Atop the cheesecake are thinly sliced layers of smoked sturgeon – a mainstay in New York delicatessens – and a heaping of caviar. Then there are the condiments: pickled daikon radish and pickled white asparagus, each served in ornamental caviar tins. A mussel-and-sturgeon sauce offsets the richness of the course with a light saltiness.”

So it’s perhaps not surprising that when you Google it you’ll just find 4.5 star ratings from Trip Advisor and ExploreTock and that it has earned the Number 1 spot on the World’s 50th Best Restaurants!

M&A’s in New York

Lots of business movement in New York.  Here we look at AppNexus and Health Plus Management.

Having earned a reputation as “one of the hottest names in the ad tech industry” following its 2014 $1.2 billion VC valuation, it was hardly surprising that it was going to go to the next level of being sucked up by a major corporation or going public.  In this case it is AT&T which reaps the benefit in its alleged purchase deal worth approximately $1.6 billion.    The idea behind this purchase is AT&Ts bringing AppNexus into its newly created advertising and analytics business.  The move is also indicative of AT&Ts recognition of the importance of voluminous customer data to more effectively sell adds in various formats.

Moving to a completely different industry we learn of the recent plans by Health Plus Management LLC to purchase Advanced PMR Management.  According to CEO and founder of Health Plus, Stuart Blumberg:

“Advanced PMR epitomizes stellar services and consummate patient care. We are thrilled to take on management and support of APMR and we expect tremendous success in working together to develop APMR into a strong, multi-specialty, platform for best in class rehab care in NJ.”

This move will create the environment for Health Plus’s development of a presence in New Jersey, in a way that it has done since its establishment almost two-and-a-half decades ago.