Monday June 17, 2019

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Why Wall Street’s Loss Is NY Tech’s Gain

English: Wall Street sign on Wall Street

Image via Wikipedia

Dinesh Moorjani, the founder and CEO of Hatch Labs, recently wrote an editorial in the Huffington Post about how the NY tech sector is flourishing in large part because of Wall Street’s struggles. Moorjani explained that in the past, America’s brightest minds looked to use their skills on Wall Street but are now focusing their thoughts on technology. “Now the great minds of America are bypassing dreams for Wall Street and thinking about how to create new businesses that can have global impact in everything from green technology to social media to retail,” Moorjani says.

In the third quarter of 2011 NY firms received $891 million in funding, according to a MoneyTree report. Moorjani explains that was the largest amount of funding received since the first quarter of 2001.

Moorjani believes that the culture of NY’s technology hub is continuing to grow and that startups now have the confidence to push forward. Foursquare is the best example of NY’s startup potential and other companies like Tumblr, Buddy Media and Zoc Doc have all boosted Silicon Alley’s reputation.

The Huffington Post