Setting the trends: Fashion designers and VCs
You may think it a stretch, but our VC community and fashionistas are cut from the same cloth. This theory became perfectly clear to me once again at the NYSIA VC briefing held on Tuesday, October 16 at the lovely traditional offices of Dorsey & Whitney.
One of the main reasons why NYSIA organized this breakfast to announce the NYSIA Index, which is produced in conjunction with Venture Wire and will track IT and software development in New York and compare/contrast it to development nationally and in other leading tech cities like Boston and Silicon Valley. As NYSIA president Bruce Bernstein stated, "obviously the volume is down in investments 60 - 80% and the government has to help stimulate New York if it is to recover economically."
NYSIA will also lobby the government at state and federal levels to earmark funds for rebuilding New York to the technology sector. As he stated, "NYSIA wants to nurture Silicon Alley.... New York was clobbered on September 11th and if you weren't clobbered physically or emotionally, which all New Yorkers were to some extent, companies are still suffering because they have clients that were affected, projects were put on hold and clients were displaced and dispersed. There is a lot of money aimed at IT rebuilding and [he] will be figuring out how to get that to Silicon Alley."
Finally, giving a tip of the hat to the investment opportunities in Silicon Alley, he stated that in the wake of the downturn, "there's a lot of seaweed on the beach," which is a good thing. Bruce invited RRE Ventures' Stuart Ellman, Lazard Technology Partners' Gene Lowe and Commonwealth Associates' Michael Ritchitelli to speak on VC investing during this slow time because they are the most active and yet below the radar screen. As you'll see from their comments, they have a seasoned perspective and positive outlook on the steady course for the future.
After an hour of discussion one of the reporters present asked whether these firms were opening satellite offices to focus on biotech. Since the focus of the morning was on IT and software in Silicon Alley, the mood turned a bit defensive and one VC shot back that "as a reporter you can do that - follow the trends, but VCs need to be 12 - 18 months ahead. Hence my fashion analogy; the fashion world is already working on Autumn 2003!
One of the main reasons why NYSIA organized this breakfast to announce the NYSIA Index, which is produced in conjunction with Venture Wire and will track IT and software development in New York and compare/contrast it to development nationally and in other leading tech cities like Boston and Silicon Valley. As NYSIA president Bruce Bernstein stated, "obviously the volume is down in investments 60 - 80% and the government has to help stimulate New York if it is to recover economically."
NYSIA will also lobby the government at state and federal levels to earmark funds for rebuilding New York to the technology sector. As he stated, "NYSIA wants to nurture Silicon Alley.... New York was clobbered on September 11th and if you weren't clobbered physically or emotionally, which all New Yorkers were to some extent, companies are still suffering because they have clients that were affected, projects were put on hold and clients were displaced and dispersed. There is a lot of money aimed at IT rebuilding and [he] will be figuring out how to get that to Silicon Alley."
Finally, giving a tip of the hat to the investment opportunities in Silicon Alley, he stated that in the wake of the downturn, "there's a lot of seaweed on the beach," which is a good thing. Bruce invited RRE Ventures' Stuart Ellman, Lazard Technology Partners' Gene Lowe and Commonwealth Associates' Michael Ritchitelli to speak on VC investing during this slow time because they are the most active and yet below the radar screen. As you'll see from their comments, they have a seasoned perspective and positive outlook on the steady course for the future.
After an hour of discussion one of the reporters present asked whether these firms were opening satellite offices to focus on biotech. Since the focus of the morning was on IT and software in Silicon Alley, the mood turned a bit defensive and one VC shot back that "as a reporter you can do that - follow the trends, but VCs need to be 12 - 18 months ahead. Hence my fashion analogy; the fashion world is already working on Autumn 2003!
posted by Courtney Pulitzer at 4:28 PM
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