The NY tech sector is surging, but some view the future with alarm. As more and more companies go public, there isn’t enough upper level management to guide startups into prosperity. Knowing Ruby on Rails doesn’t turn anyone into management material.
John Barrett, managing director at Cook Associates Executive Search, told the New York Post, “There is simply not the bench strength in New York City.” In the dot-com era of the late 1990s, startups filled the leadership gap with Fortune 500 executives. They failed miserably, he said, and so did the vast majority of companies. Investors need to start grooming the next generations of CEOs, but most of them aren’t used to doing this. He told the Post, “It will take a profound change in thinking.”