Will New York’s tech boom be able to sustain itself? This question has been raised by many industry experts, most recently by Paul Graham, founder of the Silicon Valley-based incubator Y Combinator. In an special Y Combinator event that took place in NY earlier this week, Graham spoke about the sustainability of New York as a hotbed of technology innovation and whether the city could ever grow to rival Silicon Valley.
“The truth is that I don’t know what’s going to happen,” Mr. Graham said at a event in downtown Manhattan. “Hubs tend to stay hubs.” According to Bits, he mentioned several elements that are vital for young startups, stating that “places aren’t sprayed with start-upcide.”
He mentioned that NY and the Valley have have a large amount of people with the right skills working in similar industries, which was essential for an innovative start-up to flourish; the difference, however, is that “the Valley is a magnet for nerdy visionaries,” he said. “New York is for rapacious deal makers.”
Furthering his list of factors that detract from New York’s sustainability, distractions of city life and other, lucrative industries, like Wall Street, Mr Graham said that NY was suitable for disrupting “legacy industries,” like fashion, advertising and finance. But whether or not New York could potentially birth a large-scale technology company such as Google and Facebook, remains uncertain to Graham.
Graham also dispelled any rumors that he might be setting up a NY version of Y Combinator, saying that he has no plans to bring his incubator to the city.