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I can only guess this is an attempt to make NYC startup scene more competitive. I think this is a really cool thing for a city to do, maybe more cities need to
by brandonkm 18y ago
I can only guess this is an attempt to make NYC startup scene more competitive. I think this is a really cool thing for a city to do, maybe more cities need to take note?
- j2d2 18y agoAs a New Yorker, I'm psyched for this. I had a lengthy discussion with a coworker about how NYC is far less likely to breed the mind of an inventor. I showed him PG's recent article (http://www.paulgraham.com/cities.html http://www.paulgraham.com/cities.html). I hope this brings the entrepreneurial spirit to NYC. There's LOTS of creative people here but many get blinded by the dollar signs of some fairly mundane industries. I'd love to see some dollars backing innovative ventures too.
- eugenejen 18y agoI am also in NYC, but I feel this fund will not work out. The problem is for East Coast VCs and Government funds, they are too timid to make themselves like fools. Unfortunately things are just like what PG said in his video that showed up yesterday in HN. "In technology venture funding, if you are too careful, you lose." Unfortunately, only few VCs such as Fred Wilson in East Coast have the courage to make themselves like fool once in a while but reap big rewards. Of course, if this fund is run by Fred Wilson, then I will have more confidence, but it is not.
- j2d2 18y agoHmm... I am curious. I don't have much experience in this regard, but I have a tendency to think the people of NYC would rather invest in financial instruments which a) they know very well and b) have astronomical returns without requiring everything involved in a start-up.