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Tuesday September 2, 2014

Wall Street: Beneficial to NY Tech Scene?

Wall Street Sign. Author: Ramy Majouji

Image via Wikipedia

Business Insider‘s Pascal-Emmanuel Gobry is taking a stab at the complaint that Wall Street is harmful to NY’s tech startup scene.  Gobry claims many, including Hunch co-founder and angel investor Chris Dixon, argue that Wall Street takes top engineers away from startups by offering them unmatchable salaries.  However, Gobry observed a flaw in this reasoning:  the large salaries allow people from Wall Street to invest in startups or accumulate enough money to leave their positions and found their own.

In addition, Gobry said the tech scene should be grateful that Wall Street is attracting thousands of hard-working engineers from all over the country and world to NY.  He said, “If Wall Street attracts ten thousand engineers to New York and a thousand of these go to work for startups after a few years, that’s a net gain from the tech scene.”

Business Insider

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